The lubricant packaging market is expected to reach US$ 11.4 Bn in 2022 , likely to surge at a vigorous 5.2% CAGR during the assessment period.
Increasing sales of heavy commercial vehicles are expected to boost the demand for lubricant packaging, states Future Market Insights (FMI). Demand for lubricant in bulk is increasing the sales of packaging product such as pails, cans, and bottles.
This increase in demand for local transport and logistic industry will propel the sales of new heavy vehicles and also increase the frequency of vehicle service. On account of this, the demand for lubricant packaging will burgeon.
Further, increase in supply of process oil, industrial oil and other lubricants and fuel will drive the lubricant packaging market. Demand is expected to surge with increase in intercontinental trade and trade across developed economies.
This is expected to create growth opportunity for the manufactures of bulk containers in lubricant packaging market.
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Key Takeaways
“With growing production of heavy duty commercial vehicles, the demand for lubricant from automotive industry is increasing. Installation of robotic equipment and automatic machine in manufacturing industries also are expected to create opportunity for lubricant packaging manufacturers,” says an FMI analyst.
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Asia Pacific to Hold Around 30% of the Global Market Share during the Forecast Period
China, India and Japan are the leading producers of automobile in the Asia Pacific as well as in the global market. China accounts for 1/4th of the global production of motor vehicles, as per the study.
These countries cumulatively accounts for approximately 2/3rd of the total worldwide automotive industry. Hence, expansion of automotive industry in Asia Pacific will create opportunity for lubricant packaging manufacturers.
Lubricants are extensively used as engine oil in automotive industry. This is resulting in surge of demand for the engine oil, which is impacting the Asia pacific lubricant packaging market positively.
Further, the overall economic development in the Asia Pacific is expected to boost the lubricant packaging market in the forecast period.
Lubricant Packaging Market by Category
By Product:
By Material:
By End Use Industry:
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