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Lubricant Packaging Market Competitive Dynamics and Global Industry Outlook 2024

Author : Ravi Chawat | Published Date : 2020-09-22 

Global lubricant packaging market  size is anticipated to cross USD 15 billion in value by 2024. Rise in purchasing power among people has steered the demand for automobiles worldwide. The Canadian automobile manufacturing sector contributes nearly USD 19 billion towards GDP, employing over 125,000 people.

Widespread use of engine oils in the automobile sector with an aim to maintain the condition of a vehicle is a pivotal factor positively influencing global lubricant packaging industry outlook. Engine oils help in reducing the overall rate of vehicle emissions, improving fuel efficiency, enhancing performance and facilitating longer life of the components.

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Lubricant, as a product, forms an integral part of several industrial and commercial applications. Various advantages of the product such as corrosion and rust inhibition, antioxidants, antifoaming and emulsifying agents are positively influencing global lubricant packaging market share.

In terms of material, the packaging for lubricants are segmented into plastic and metal. Plastic finds widespread application as a packaging material in different industries such as food and beverage, automobiles, pharmaceuticals and cosmetics. Strong, durability, cost-effectiveness, sustainability and versatility are some of the integral benefits associated with the use of plastics as a packaging material.

Lubricants are a key product utilized across oil and gas exploration activities. In the year 2018, the total production of shale gas in the U.S. was estimated at close to 20.95 trillion cubic feet, equal to almost 69% of the total dry natural gas production in the region. Significant amount of shale oil and gas production across the U.S. is fueling higher lubricant consumption.

Continuous use of cans and bottles as packaging items

Globally, lubricant packaging market share can be classified into cans and bottles, kegs and drums, IBC and pails. Cans and bottles are considered as an ideal packaging material as they provide protective and convenient packaging. Additionally, they render an excellent barrier against light, oxygen and water protecting the product from any type of contamination or spoilage. They can also easily be reused, saving in cost of disposal.

Plastic bottles, on the other hand, are lightweight as compared to its metal counterparts. They are highly durable and can be moved from one place to another without breaking. Today, plastic bottles also carry the ability to be easily recycled into polyester fleece or carpeting making them preferable and sustainable packaging material. 

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Burgeoning demand for electricity worldwide          

Improving standards of living coupled with the need for advanced residential and non-residential spaces is driving the demand for power generation globally. In the year 2017, the total electricity generation in the Europe was approximately 3.1 million GWh. Increasing industrialization primarily in developing nations owing to FDIs from foreign entities is intensifying the establishment of manufacturing units and offices in regions like APAC and Latin America.

Reportedly, in 2019, the total foreign direct investment in Brazil grew by approximately 26% with resources witnessing a rise from USD 60 billion in 2018 to USD 75 billion in 2019. Heavy machines and equipment are used in the process of power generation, industrial operations and oil production. Lubricants assist in reducing friction and wear which results in reduced usage of electricity, lower cost of operations, more profits and enhanced life of machines, driving lubricant packaging market trends.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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