Lubricant Packaging Market to Grow USD 6978.4 Million by 2028 with a CAGR of 3.1% | Valuates Reports

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Oct 27, 2022, 11:00 ET

BANGALORE, India , Oct. 27, 2022 /PRNewswire/ -- Due to the COVID-19 pandemic, the global Lubricant Packaging market size is estimated to be worth USD 5823.3 Million in 2022 and is forecast to a readjusted size of USD 6978.4 Million by 2028 with a CAGR of 3.1% during the forecast period 2022-2028.

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Major factors driving the growth of the Lubricant Packaging market:

It is anticipated that the Lubricant Packaging market expansion in the upcoming years will be fueled by the expanding power generation industry as well as rising sales of both commercial and passenger vehicles. Additionally, it is projected that increased investments, particularly in the oil & gas, chemical, and power generating sectors, will fuel market expansion during the course of the projection period.

Over the projected period, factors such as rising lubricant demand, particularly from the automotive industry, along with increasing industrialization in numerous emerging economies, including China and India, among others, are anticipated to boost the Lubricant Packaging market.

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TRENDS INFLUENCING THE GROWTH OF LUBRICANT PACKAGING MARKET:

Governments must invest in energy projects if they want to grow their economies; as a result, the power generation industry will benefit considerably over the next several years, significantly increasing the demand for the product. During the anticipated period, the aforementioned trends will accelerate the growth of the lubricant packaging market.

Many end-use sectors require mechanical parts like pumps, gearboxes, turbines, and compressors, among others, including the automotive, power generation, oil & gas, and chemical industries. For smooth operation, these parts require frequent maintenance. Thus, during the course of the forecast period, increasing demand from these end-use industries is anticipated to fuel the Lubricant packaging market

Lubricants are frequently used by compressors, turbines, electrostatic rotors, engines, and many other mechanical parts in the energy sector to ensure smooth and uninterrupted functioning. Over the course of the projected period, the expansion of power generation projects as a result of considerable investments made by both private enterprises and governments would positively affect the need for lubricant packaging. This factor is expected to drive the growth of the Lubricant packaging market.

Lubricant packaging has unavoidably changed over time as costs have increased, materials availability has fluctuated, a variety of packaging components have become available, and more practical designs have been created. The Lubricant packaging market is predicted to see a significant trend toward recycling and sustainable packaging.

Because of its affordability and ease, flexible packaging is becoming more and more popular among packaging companies, which is expected to lead to Lubricant packaging market growth. Additionally, flexible packaging goods utilize 60% less plastic and are substantially lighter than rigid plastic bottles, which contributes to the market's overall growth.

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LUBRICANT PACKAGING MARKET SEGMENTATION

By Type

Stand-up Pouches
Bottles
Drums
Pails
Cans
Tubes
Kegs
Bag-in-box
IBC

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By Application

Automotive
Metal working
Oil & Gas
Power Generation
Machine
Industrial
Chemicals
Others.

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LUBRICANT PACKAGING MARKET SHARE:

Over the projection period, the Asia Pacific region is likely to dominate the global market. Over the projected period, factors such as the existence of many growing economies along with fast urbanization and industrialization in the area are anticipated to drive the demand for lubricants and consequently increase the demand for lubricant packaging.

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Key Companies:

Balmer Lawrie
Mold Tek
Time Technoplast
Glenroy
Duplas
Greif
Mauser
Scholle
CYL
Martin Operating
Universal Lubricants.

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SIMILAR REPORTS:

- Lubricant Additives market size is estimated to be worth USD 15670 Million in 2021 and is forecast to a readjusted size of USD 15670 Million by 2028 with a CAGR of 1.9% during the review period.

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- Pharmaceutical packaging market accounted for USD 88,880 Million in 2019 and is expected to reach USD 144,233 Million by 2027, registering a Compound Annual Growth Rate (CAGR) of 6.1% from 2020 to 2027.

- Liquid packaging market was valued at USD 331.8 Billion in 2019 and is projected to reach USD 463.2 Billion by 2027, registering a CAGR of 4.5% from 2020 to 2027.

- Industrial Packaging market size is projected to reach USD 66090 Million by 2026, from USD 49000 Million in 2019, at a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period 2021-2026.

- Aseptic packaging market size was valued at USD 15,408.8 Million in 2020, and is expected to reach USD 32,301.4 Million by 2028, registering a CAGR of 9.8% from 2021 to 2028.

- Metal Packaging market size is estimated to be worth USD 107830 Million in 2022 and is forecast to a readjusted size of USD 125050 Million by 2028 with a CAGR of 2.5% during the review period.

- Blister Packaging market size is projected to reach USD 23570 Million by 2027, from USD 17490 Million in 2020, at a CAGR of 5.1% during 2021-2027.

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