In-depth study of segments and sub-segments in the regional and Global Lubricant Packaging Market is provided in a recent market intelligence report published by Zion Market Research on the global Lubricant Packaging Market. The study also considers the impact of restraints, drivers, and macro factors on the regional and worldwide Lubricant Packaging Market in both the medium and long term. The global Lubricant Packaging Market is presented in detail, including forecasts, trends, and dollar figures. According to the report, the worldwide Lubricant Packaging Market is expected to grow at a respectable CAGR during the forecast period.
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Market Insights, Drivers, Restrictions, Opportunities, and Trends:
Market Forces
Changing demographics and rising per capita incomes have fueled demand for luxury cars in emerging nations around the world, with sales of passenger vehicles, particularly SUVs, expected to rise. The automotive industry accounts for 55 percent of the global lubricant market. As the number of cars on the road grows, so does the demand for lubricants.
Lubricant use, whether in solid, semi-liquid, or liquid form, is tied to demand from the vehicle sector. This promotes sales of packaging products like pails and intermediate bulk containers, which are used to store lubricants such as engine oil, process oil, gear oil, and grease, which are needed in the manufacturing and daily operation of automobiles.
Market Barriers
Manufacturers’ margins are shrinking as a result of increased competition in the sector of lubricant packaging, owing to factors such as rising raw material costs and marketing expenses.
Because of improved engine technology (which reduced lubricant usage on a broad scale), better oil quality, and saturation in the vehicle population, the market for automotive lubricants in developed countries is growing at a slower rate of 1.1 percent per year. The increased drain life of automobiles is having a detrimental influence on the lubricant market. Vehicle after-sales services have declined significantly in recent years, which has hindered the lubricant packaging business.
Opportunities
The spike in small and medium-sized steel and metal industries around the world is driving up demand for lubricants, which are needed in solid or semi-liquid state for industrial purposes such as cutting metal, sheets, and making auto auxiliary components. SME prefer to lease modest volumes of lubricants from reputable producers to save money and avoid waste. Manufacturers then take advantage of the chance to meet the consumer’s requirement by producing compact stand-up pouches, bottles, cans, or bag-in-boxes.
Trends
Several lubricant packaging firms have partnered with or purchased local and foreign plastic packaging companies, such as the partnership between Duplas Al Sharq LLC and Mauser Group B.V. Collaborations are a common strategy used by major companies to extend their packaging markets.
Few businesses are embracing the innovative concept of flexible packaging, which uses significantly less plastic than traditional rigid packaging, resulting in increased efficiency and creativity in both incoming and outbound transportation. South Atlantic Services and Star Packaging Corp have developed new lubricant packaging options with low transportation costs. This method is gaining popularity and can be used by other lubricant companies.
Covered Segment:
The global Lubricant Packaging Market is segmented by Product Type, Application, and Country in this market intelligence analysis.
Lubricant Packaging Market, By Type
• Automotive Oil
• Industrial Oil
• Process Oil
• Marine Oil
• Others
Lubricant Packaging Market, By Application
• Automotive
• Industrial
• Others
Major market player included in this report are:
● BWAY Corporation
● Greif
● SCHuTZ GmbH & Co KGaA
● Time Technoplast Ltd
● Balmer Lawrie
● Duplas Al Sharq L.L.C
● Nye Lubricants Inc
● Glenroy Inc
● Graham Packaging Company
● Mold-Tek
Highlights of the Report:
This Zion Market Research provides in-depth research of micro and macro factors, market trends, and demand projections. Furthermore, the study provides a clear picture of the factors driving and hindering market growth across all geographic regions. In addition, the research includes an IGR-Growth Matrix analysis to provide insight into investment opportunities that new or existing market players should consider. In order to offer a clear picture of the industry, this study utilises various analytical methodologies such as DRO analysis and Porter’s five forces analysis. The research focuses on current market trends and forecasts the market from 2022 to 2028. This analysis has highlighted emerging trends that will shape market demand in the coming years. A competitive study in each of the geographical sectors reveals the global companies’ market share.
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