Increasing usage of lubricants for maintaining and controlling friction in machine elements is expected to accelerate the lubricant packaging market, registering a CAGR of 3.9% from 2022 to 2030.
According to the report published by Global Market Insights, the global lubricant packaging market was estimated at $5.6 million in 2021 and is expected to reach above $7.5 million in revenue by 2030.
Lubricants have applications in various end uses, such as automobiles, metal fabrication, and heavy machinery and equipment. Increased use of lubricants has bolstered market growth. The expanding power generation sector that involves heavy-duty equipment has also contributed positively to business growth, the report said.
Process oils, i.e., raw stock fluids that are a refined fraction of petroleum mixed with other additives, are employed to manufacture thermal oils, greases, hydraulic fluid, metal working fluids, and other end products. In addition, they are used as anti-dust or anti-clumping agents in various applications, mainly to manufacture polymer products used in automotive, consumer goods, medical, and other sectors. These oils have high saturation and low stability, volatility, and purity, which would promote product utilisation in the automotive industry. Propelled by these factors, the process oils lubricant segment is speculated to depict around 4.5% CAGR through the study timeframe, Global Market Insights noted.
Some of the major firms functioning in the global lubricant packaging industry include Perusahaan Jaya Plastik (M) Sdn Bhd, Greif, Inc., Duplas Al Sharq L.L.C., Martin Operating Partnership L.P., Mold Tek Packaging, Ltd., and Mauser Group B.V.
Plastics
With respect to material, the plastic segment is primed to progress at a CAGR of nearly 4% between 2022 and 2030. Plastics are primarily used in packaging items as they are cost-effective, high strength, lightweight, durable, and resistant to pressure, which is foreseen to augment segmental growth.
Auto Segment To Retain Dominance
Based on end-user, the automotive segment is foreseen to capture a sizable share in the market by the end of the forecast period owing to escalating sales of automobiles. Lubricants like penetration lubricants, transmission oils, gear & engine oils, chassis grease, and others are utilised in automobiles. These lubricants offer longer vehicle life, improved performance, and lower repair costs. Recently, the burgeoning automotive industry in emerging countries has enhanced the adoption of packaging materials for storing these lubricants, which is likely to drive segmental progress.
Latin America
Global Market Insights said that in the regional landscape, the Latin America lubricant packaging market is anticipated to expand at a CAGR of approximately 3.5% through the estimated timeline backed by mounting construction expenditure. Prevalent industrialisation has impelled the use of lubricant packaging in domestic construction and infrastructure sectors to support hydraulic oil, bearings, engine oil, and wire rope applications. In addition, the rise in drilling and exploration activities has fueled the demand for oilfield chemicals, which is set to foster the market outlook in LATAM, the report added.
Some of the major firms functioning in the global lubricant packaging industry include Perusahaan Jaya Plastik (M) Sdn Bhd, Greif, Inc., Duplas Al Sharq L.L.C., Martin Operating Partnership L.P., Mold Tek Packaging, Ltd., and Mauser Group B.V.
Courtesy: Global Market Insights. Photo is representational; courtesy: Mauser Group B.V.