A report by Marker Research Future (MRFR) estimates the global Lubricant Packaging Market 2020 to rise at a substantial CAGR during the projection period from 2018 to 2023. At this pace, the opportunities in the worldwide Lubricant Packaging market are estimated to swell up with a high valuation that will be happening by the year-end 2023.
Top Impacting Factors
Manufacturers of lubricant packaging industries have been moving towards flexible packaging format in recent time, owing to affordability and convenience this packaging offer. Flexible packaging formats such as stand-up pouches and bag-in-box are gaining more attention from lubricant packaging industries. Augmentin demand for small packs lubricant packaging has resulted in a paradigm shift towards flexible packaging set-up. It also marks in high product to packaging ratio, owing to its portability as compared to rigid plastic oil bottles or another rigid packaging format.
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The study also emphasizes that flexible packaging products are much lighter than rigid plastic bottles, and comparatively, it consumes 60% percent less plastic, thereby garnering significant traction in the lubricant packaging space. With this, quite a few end-use industries counting power generation, automotive, oil & gas, and chemical employ various mechanical components such as gearboxes, pumps, turbines, and compressors and more like these. These components require frequent lubrication for smooth functioning. Thus, the growing demand for lubricants from these end-use industries is likely to boost the market for lubricant packaging over the forecast period.
In the same line, the emergent power generation sector, coupled with escalating sales of commercial as well as passenger vehicles, is, in turn, likely to propel the market growth in the coming years. Furthermore, mounting investments, mainly in the oil & gas, chemical, and power generation sector, is also on the verge of anticipating considerable market growth over the forecast period.
Segmentation of Market: Lubricant Packaging
For further analysis of the global lubricant packaging market, segmentation is conducted over the material, packaging type, lubricant, and end-user.
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Geographically, the lubricant packaging market study is conducted over significant regions of Europe, Asia-Pacific, North America, and the rest of the world.
Asia-Pacific accounted for the largest market share back in 2017. The rapid growth in automobile sales is forceful to the growth of the market in Asia-Pacific in the current time. Moreover, the intensifying oil & gas and automobile sector is anticipated to fuel the market demand. Additionally, continuous investments in the oil & gas sector are also influencing market growth positively. Escalating demand for comfort and purchasing power of consumers will bolster the market growth.
This region is expected to develop at the highest CAGR during the forecast period in support of rapidly emergent industrialization. Countries like China, Japan, India, and Singapore are the major markets in the region. Growing demand for highly durable storage materials such as HDPE plastic is also likely to provide a lucrative opportunity to the active players for market growth.
In the rest of the world, the Middle East, one of the major oil exporters in the world, is likely to donate significantly during the forecast period owing to the existence of oil reserves in the region.
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Top Market Players
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.