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Lubricant Packaging Market - Engine Oil to Continue to Remain Most in Demand

11-23-2018 08:32 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Lubricant Packaging Market - Engine Oil to Continue to Remain

The GCC lubricant packaging market is characterized by the high preference for plastic packaging solutions for lubricants, such as engine oil, transmission and hydraulic fluid, process oil, metal-working fluids, general industrial oil, and greases. On account of the key traits of plastic, such as rigidity, strength, and chemical resistance, the demand for plastic material for the packaging of lubricants has increased substantially, impelling the GCC market for lubricant packaging.

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With the increasing government initiatives and spending on non-oil industries, the growth in this market is likely to rocket in the years to come. In 2016, the market stood at US$162.7 mn. Proliferating at a CAGR of 3.30% between 2016 and 2024, its value is likely to shoot up to US$210.4 mn by the end of 2024.

Stand-up pouches, bottles, drums, pails, cans, tubes, kegs, bag-in-box, and intermediate bulk containers are the main packaging types utilized for the packaging of lubricants in GCC countries. In terms of value, the pails segment has been leading the market is expected to retain its position over next few years. However, the demand for flexible lubricant packaging, such as bag-in-box and stand-up pouches, is also projected to gain momentum in the near future.

The key types of lubricants utilized in GCC market are engine oil, transmission and hydraulic fluids, process oil, metal-working fluid, general industrial oil, gear oil, and greases. Engine oil has been reporting the most prominent demand for lubricant packaging in GCC countries. Thanks to the high demand for engine oil in the automotive sector, it is likely to continue registering a strong demand for lubricant packaging in the years to come.

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On the basis of the type of material, the GCC market for lubricant packaging is classified into metal and plastics, of which metal is sub-segmented into steel and tin. The plastic segment is also sub-segmented into polyethylene terephthalate (PET), polyvinyl chloride (PVC), polyamide (PA), polypropylene (PP), polystyrene, and polyethylene. LDPE and HDPE are the main categories in the polyethylene segment. The demand for PET packaging is higher at present and is expected to witness a strong rise in its demand over the forthcoming years, thanks to the increasing preference for PET over PP and PVC materials. The demand for HDPE is also projected to rise considerably in the near future due to the growing knowledge about its multiple usages in various industrial and consumer applications.

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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