The global sales revenue of the lubricant packaging market is expected to grow 1.4X over the forecast period. Several factors are responsible for this growth. A few of them are outlined below.
Albany, NY -- (SBWIRE) -- 09/05/2017 -- Global sales of lubricant packaging is estimated to be valued at nearly US$ 6,200 Mn in 2017 and is expected to reach nearly US$ 8,800 Mn by the end of 2025, exhibiting a CAGR of 4.5% over the forecast period. The global sales revenue of the lubricant packaging market is expected to grow 1.4X over the forecast period. Several factors are responsible for this growth. A few of them are outlined below.
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Increasing need for lubricants for after sales services in the automobile industry
The changing demography and rising per capita income has fuelled the demand for luxury cars in emerging economies across the world, which is estimated to increase the sales of passenger vehicles, especially SUV cars. The automotive sector accounts for a share of 54% in the total lubricants market across the globe. Increasing automobile production boosts the need for lubricants on a large scale. Consumption of lubricants in either solid, semi-liquid, or liquid form is directly linked to demand from the automobile industry. This boosts the sales of packaging products such as pails and intermediate bulk containers to store lubricants including engine oil, process oil, gear oil, and grease, which are used for the production and daily operation of automobiles.
Rising automotive sales in BRICS countries creating demand for lubricants
With a nominal GDP of US$ 16.6 trillion, BRICS countries are emerging economies wherein the market for lubricants is tremendously expanding, accounting for a share of 52.2% in 2016. Increasing disposable income in BRICS nations is correlated to rising automotive sales and this ongoing trend is anticipated to positively impact the demand for lubricants and thus its packaging. China alone accounts for almost 20% of the total vehicle production, while the rest of the BRICs nations account for approximately 20% of the total global market share of vehicles production.
Shrinking supply margins of lubricant manufacturers may hamper the lubricant packaging market
Increasing competition in the field of lubricant packaging due to various factors such as rising raw material costs and marketing expenditures are leading to declining margins of manufacturers, thus impacting sales. In developed countries, the market for automotive lubricants is developing at a slower rate of 1% per annum due to improved engine technology (which decreases the usage of lubricants on a large scale), better oil quality, and saturation in vehicle population. The increasing drain life for automobiles is also creating a negative impact on the market for lubricants. The after sales services of vehicles have witnessed a significant drop in recent years, which eventually challenges the lubricant packaging market.
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Global Lubricant Packaging Market Analysis by Packaging Type
In terms of value, the drums segment is estimated to account for 26.3% share of the global lubricant packaging market by the end of 2017. The cans segment is expected to dominate the global lubricant packaging market, with an increase of 80 BPS and having the highest growth over the forecast period. Market share of the pails segment is estimated to be around 11.6% in 2017 and is expected to reach 11.9% by the end of 2025. In terms of revenue, the drums and IBC segments are projected to create an incremental opportunity of US$ 515.5 Mn and US$ 609.3 Mn respectively during the forecast period. In terms of value, the bag-in-box segment is anticipated to register a high growth rate of 5.5% during the forecast period.
Lubricant packaging companies shifting from rigid to flexible packaging formats
A few companies are approaching the new concept of flexible packaging that requires comparatively less plastic usage than traditional rigid packaging, thereby achieving efficiency and innovation in both inbound as well as outbound logistics. South Atlantic Services and Star Packaging Corp have come up with innovative lubricant packaging solutions that incur limited transportation costs. This strategy has been gaining prominence and can be utilised by other lubricant packaging manufacturers. For instance, in December 2016, Martin Operating Partnership launched the CK-4/FA-4 product line-up. In 2014, Time Technoplast was accorded the 'Best Innovative Technology Supplier' award by TATA Motors.
Increasing consumption of lubricants by the automotive sector boosting the lubricant packaging market
In recent years the lubricant packaging market has witnessed an impressive growth due to the increasing consumption of lubricants for automobiles across the globe. The lubricant packaging market has seen steady growth in the North America and European markets, while Asia Pacific is expected to show substantial growth over the forecast period and witness 1.6X growth by value majorly driven by rising per capita disposable income and increasing automotive sales in the region. Lubricant oils and chemicals are packed in rigid containers. However, innovation from manufacturers has caused a shift to the alternative medium of bag-in-boxes, which is considered to be the most attractive packaging segment. On the basis of lubricant type, engine oil is expected to dominate the global lubricant packaging market over the forecast period."
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