Sellbyville, DE -- (SBWire) -- 12/06/2018 --The qualitative research study conducted by Global Market Insights, Inc. titled "Lubricant Packaging Market" provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Lubricant Packaging Market.
Lubricant Packaging Market size is forecast to exceed USD 15 billion by 2024; according to a new research report by Global Market Insights, Inc. 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. Rising disposable income of consumers, especially in Asia Pacific and Latin America, is directly influencing sales of passenger vehicles, which is a positive sign to look out for lubricant packaging market growth in the forecast timespan. North America is also an active market for product manufacturers due to large number of ongoing shale oil/gas reserve exploration projects in the U.S. and technologically evolving automobile sector.
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The automotive sector is one of the most remunerative domains that utilizes lubricants on a mammoth scale, given that they are used to prevent wear and tear of automobile engine components such as shaft, piston, and connecting rods, in addition to reducing friction. Engine oils in fact, are used as lubricants in internal combustion engines of cars, trucks, and other lightweight and heavyweight vehicles, thereby augmenting lubricant packaging market share from the automobile sector.
The global production volume of motor vehicles surpassed 95,270,000 in 2016, and has been forecast to increase at a steady pace across myriad geographies. The rising automobile sales and post-purchase maintenance thus, necessitate the requirement of variety packaging on a large scale, making the automobile domain one of the most lucrative end-use spaces of lubricant packaging market. In fact, estimates claim automobile to have been the dominant segment of lubricant packaging industry in 2016, as experts forecast the segment to grow at a CAGR of more than 3% over 2017-2024.
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The predominance of automobiles over other end-use domains of lubricant packaging market such as metal fabrication, chemicals, and power generation is quite vividly coherent from the fact that a surplus proportion of product innovations are intended toward being deployed in the automotive zone. For instance, just recently, Lube-Tech, a renowned Golden Valley based company partaking in lubricant packaging industry share has announced the launch of an oil pouch for the C-TEC2 synthetic engine oil branded by Arctic Cat.
Apparently, the company believes this product to be the first of its kind that would penetrate the U.S. power sports industry. Having collaborated with Glenroy, Inc. to engineer and develop the stand-up pouch, Lube-Tech, in tandem with Arctic Cat, aimed to produce a durable package that would reinforce the environment friendly and high-performance features of the new engine and oil, be consumer-friendly, convenient, and provide high barrier protection characteristics for securing the integrity of the synthetic oil blend. In consequence, this stand-up pouch with superior waste reduction and shelf impact is anticipated to cause quite a storm in lubricant packaging market, enabling other players to follow suit.
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Toward the end of Q2 2017, one of the most acclaimed names in lubricant packaging industry, Scholle IPN, announced the accomplishment of a milestone for their packaging product. The company's patented flexible bag-in-box package for automotive oil, which debuted in 2008, apparently crossed a mammoth 25 million in production volume this year. This precedent affirms that the automotive sector would indeed continue to remain one of most profitable growth avenues for lubricant packaging market, as power generation nears a close second.
The profitability quotient of this business sphere is directly proportional to the expansion across its principal end-use sectors. Pertaining to the widespread deployment of lubricants such as process oils, general-purpose oils, and engine oils in major end-use domains such as oil & gas, automobile, power generation, and metal fabrication, the global demand for flexible, efficient, strong, and environment-friendly packaging for lubricants has been on a steady rise lately – which has had a substantial impact on the revenue graph of lubricant packaging market.
Furthermore, these sectors have also been demanding eco-friendly and sustainable packaging on a large scale, in accordance with the norms mandated by regulatory bodies for environmental safety, which has led to lubricant packaging industry players competing fiercely amidst one another to innovate a leading-edge portfolio of products. In effect, on the grounds of robust industrialization and the ill-effects of flimsy plastic packaging on the environment, lubricant packaging market size has been predicted to cross a valuation of USD 15 billion by 2024.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
