Press release
GCC Lubricant Packaging Market Reporting and evaluation of recent industry developments
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According to TMR, the GCC market for lubricant packaging stood at US$162.7 mn in 2016 and shall rise to US$210.4 mn by 2024, expanding at a 3.30% CAGR between 2016 and 2024. On the basis of end user, the automotive sector is the clear winner and will continue to gain most opportunities of growth even in the future. However, the chemical industry will emerge as the most promising end user segment in the coming years, says TMR. On the basis of material, the demand for PET will rise, leaving behind PVC and PP. The HDPE segment will also witness promising growth in the near future on account of its multiple use across many consumer and industrial applications.
Engine Oil to Continue to Remain Most in Demand
On the basis of type of packaging, the market will be led by pail. Other packaging types that will witness demand is the flexible lubricant packaging such as stand-up pouch or bag-in-box. On the basis of lubricants, it is the engine oil that has been receiving most demand for lubricant packaging. The engine oil will continue to lead throughout the forecast period among the types of lubricant.
Obtain Report Details @ https://www.transparencymarketresearch.com/lubricant-packaging-market.html
Government Initiatives Behind Growth of Market
One of the key factors attributed for the growth of the GCC lubricant packaging market is the innovation in technology. The growing number of initiatives taken by government is also aiding the growth of this market, says TMR. The increased spending on non-oil industries will drive the growth of the market in the coming years. Government initiatives in the GCC nations have ensured that non-oil industries become significant sources of income and are behind the growth of the lubricant packaging market in the region. However, the stringent environmental rules and regulations may hamper the growth of the market in the coming years. .
The study presented here is based on a report by Transparency Market Research (TMR), titled “Lubricant Packaging Market (Packaging Type - Stand up pouches, Bottles, Drums, Pails, Cans, Tubes, Kegs, Bag-in-box, and Intermediate Bulk Containers; Lubricant Type - Engine Oils, Transmission & Hydraulic Fluids, Process Oils, Metalworking Fluids, General Industrial Oils, Gear Oils, and Greases; Material Type - Metal and Plastic; End User - Automotive, Metalworking, Oil & Gas, Power Generation, Machine Industry, and Chemicals) - GCC Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The GCC lubricant packaging market is segmented below:
By Packaging Type
Stand up pouches
Bottles
Drums
Pails
Cans
Tubes
Kegs
Bag-in-box
Intermediate Bulk Containers
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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