Lubricant Packaging Market Trend, Revenue & Regional Analysis 2018-2024 By Top Players - Greif, Inc., Mauser, BWAY Corporation, Balmer Lawrie & Co. Ltd., Scholle IPN, Glenroy, Inc. and Nye Lubricants
North America followed Asia Pacific in terms of growth expected by 2024 for lubricant packaging market and had a noticeable business share in 2016. Shale oil/gas reserves refining sites and advancing automobile industry are two major end-users in the U.S., which are likely to fuel product demand in this region. Latin America shall witness growth, close to 2%, by 2024.
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Lubricant Packaging Market size is forecast to exceed USD 15 billion by 2024. Lubricant packaging is widely used across all major industries as lubricants are an essential part of many applications. Exponentially growing automobile industry shall positively impact lubricant packaging market size for the forecast duration.
Lubricant Packaging market by packaging type
o Kegs & drums
o Cans & bottles
o Intermediate bulk packaging (IBC)
Lubricant Packaging market by lubricant
o Engine oils
o Transmission & hydraulic fluids
o Process oils
o Metalworking fluids
o General industrial oils
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In 2016, plastic held major share in global lubricant packaging market due to its easy availability, durability and cost effectiveness. Polyethylene held close to 40% of global lubricant packaging market share in the same year. In metal segment, aluminum had the major market share in 2016. It is cost completive and lightweight compared to steel and tin.
In 2016, cans & bottles segment held a major share of global lubricant packaging market. The industry share shall increase in the coming years owing to its widespread usage among end-users for storing and handling lubricants. Kegs & drums also had a prominent market share in 2016. Pails is poised to expand at CAGR, near to 3%, on account of increasing demand for small sized lubricant containers for retail outlets.
In 2016, engine oils led the overall lubricant packaging market. Engine oil is used for I.C engines in trucks, cars, lawnmowers and generators. The increase in automobile sales and after sales service support has substantially influenced engine oils sales in recent times, which is a positive growth indicator for product demand. In end-user segment, for the year 2016, automobile accounted for the largest market share and shall grow at more than 3% CAGR in the forecast timeframe.
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In 2016, The lubricant packaging market was consolidated. Major product manufacturers including Balmer & Lawrie, Glenroy, Grief Inc., Time Technoplast, Mauser Group B.V, Milford Barrel, SCHÜTZ GmbH & Co., KGaA and BWAY Corporation accounted for more than 50% of industry share.
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