Global lubricant packaging market is projected to register a moderate growth during the forecast period 2017 to 2025, according to a new report by Future Market Insights (FMI). Global sales of lubricant packaging will account for 10,529 Mn units by 2017; by 2025 this number is estimated to reach nearly 15,000 Mn units. Differentiation strategy adopted by Lubricant packaging suppliers is expected to result into introduction of sustainable lubricant packaging products at competitive prices. This will further lead toward increasing applications of lubricant packaging, particularly in power generation and automotive sectors.
Stand-up Pouches will continue to be Sought-after Packaging Type in the Market
In terms of volume, stand-up pouches will continue to be sought-after in the market based on packaging type, with sales estimated to reach 3,579 Mn units by 2017. Furthermore, sales of stand-up pouches will surpass 5,000 Mn units by 2025-end. In addition, bag-in-box packaging is projected to register highest CAGR in the Market, in terms of volume. In contrast, volume sales of tubes and drums will exhibit sluggish expansion by 2025.
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Engine oil is expected to remain the most lucrative lubricant in the market, expanding at 4.8% CAGR through 2025. Engine oil accounted for 3,847 Mn units of lubricant packaging by 2017. In addition, sales of lubricant packaging of industrial oil is expected to exhibit second-highest CAGR through 2025. On the contrary, adoption of lubricant packaging for Greases will remain sluggish during the forecast period.
Plastic will remain preferred material for lubricant packaging globally. Sales of plastic for lubricant packaging is expected to exhibit 4.4% CAGR, to surpass 10,000 Mn units by 2025-end. Polyethylene sub-segment of plastic material will account for sales of 2,747 Mn units, expanding at similar CAGR as that of its parent segment through 2025. In addition, demand for metal in the global lubricant packaging market will remain relatively lower than plastic.
Automotive Sector to Remain Largest End-User of Lubricant Packaging
Automotive sector will remain the largest end-user of lubricant packaging across the globe. Demand for lubricant packaging in this sector is expected to reach nearly 6,000 Mn units, registering highest CAGR in the market through 2025. In contrast, FMI’s report projects sluggish expansion in demand for lubricant packaging in chemicals sector.
Asia Pacific (APAC) is estimated to remain the largest market for lubricant packaging, followed by North America. In addition, APAC will exhibit highest CAGR in the market, followed by Middle East & Africa (MEA). MEA is projected to register 4.1% CAGR in the global lubricant packaging market through 2025. Sales of lubricant packaging in APAC is anticipated to surpass 6,000 Mn Units by 2025-end. Although North America will remain a lucrative region in the market, sales of lubricant packaging in this region will register a comparatively low CAGR through 2025.
Increasing Demand for Luxury Cars in Developing Economies to Sustain Market Growth
Demand for luxury cars in developing economies has been witnessing a surge on the back of rising per capita income, leading toward increased sales of passenger vehicles- particularly SUV cars. This will result in robust production of automobiles, which in turn will sustain demand for lubricant packaging products including intermediate bulk containers and pails. In addition, robust adoption of automotive vehicles in emerging economies of BRICS region will further maintain growth of the global lubricant packaging market.
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However, increasing competitiveness in the market owing to rise in raw material prices, and marketing expenditures is resulting into declining margins of manufacturers, which in turn is impacting sales of lubricant packaging. In addition, factors such as improved engine technology, better oil quality, and saturation in vehicle population in developed economies has led to slower adoption rate of lubricants, and thereby their packaging. This has resulted into drop in aftersales services of vehicles, which in turn is expected to impede market growth in these regions.
Key players identified in FMI’s report include Balmer Lawrie & Co. Ltd., Mold Tek Pakaging Ltd, Time Technoplast Ltd., Glenroy, Inc., Duplas Al Sharq LLC, Greif, Inc., Mauser Group B.V., Scholle IPN, CYL Corporation Berhad, Martin Operating Partnership L.P., Universal Lubricants, A PetroChoice Co., Neelkamal Plastic Factory LLC, Niagara Lubricant Co Inc, Takween Advanced Industries, Packman Industries, Suzhou Fansheng Plastic Manufacture Co., Ltd., Xinxiang Gangyu Packing Material Co., Ltd., Honglan Packaging Co., Ltd., Zhongtian Petrochemical Co., Ltd., Dongying Longhai Petrochemical Co., Ltd.