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Lubricant Packaging Market to register extensive growth from automobile applications by 2024

Author : Rahul Varpe | Published Date : 2019-08-22 

Exponentially growing automotive domain is one of principal end-use sectors that would considerably influence the revenue graph of lubricant packaging market, subject to the increasing deployment of lubricants for enhancing engine performance. According to CalRecycle, in 2010, the consumption of lubricants for internal combustion engine applications was 9.7%, while DOT/FHA reported that automobiles across California had accounted for 13.7% of the total U.S. gasoline consumption. Considering the surging adoption of automobiles, Global Market Insights, Inc., estimates that lubricant packaging industry would account for massive proceeds from automobile applications. The firm claims lubricant packaging industry size from automobile applications to grow at a rate of more than 3.5% over 2017-2024.

Seeing the surging adoption of automobiles, Global Market Insights, Inc., estimates that lubricant packaging market would account for massive proceeds from automobile applications. The firm claims lubricant packaging industry size from automobile applications to grow at a rate of more than 3.5% over 2017-2024.

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Rising awareness about the hazardous impact of industrial wastes on the environment has prompted most of the players in lubricant packaging industry to shift their focus on eco-friendly packaging. On these grounds, it has been observed that the latest trend proliferating this business space is that of lubricant pouches, that are designed to be rather eco-friendly, especially when compared to their plastic counterparts. Furthermore, these pouches generate less carbon emissions, produce commendably less landfill waste, and lead to a significantly high product-to-package ratio.

Major players in lubricant packaging market have been striving to manufacture newer pouches endowed with an even more appreciable range of environment-friendly benefits. Driven by a considerably strict regulatory landscape, in tandem with the numerous efforts undertaken by industry giants, the market size has been forecast to surpass a valuation of USD 15 billion by 2024.

Lubricant Packaging market by material

  • Metal
    • Aluminum
    • Tin
    • Steel
  • Plastic
    • Polyethylene (PE)
    • Polyethylene terephthalate (PET)
    • Poly vinyl chloride (PVC)
    • Polypropylene (PP)
    • Others

Lubricant Packaging market by end-user

  • Automobile
  • Metal fabrication
  • Oil & gas
  • Power generation
  • Chemical industry
  • Others

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The competitive hierarchy of lubricant packaging market in inclusive of renowned biggies that have been investing heavily in novel product developments to enhance the flexibility of packaging.  For instance, a leading manufacturer and provider of branded commercial, industrial, and automotive lubricants, Valvoline Inc., has revealed its latest innovation in lubricant packaging industry, titled ‘the Easy Pour Bottles’.

The design can apparently change the oil in much quicker a cleaner manner than its contemporaries, on the grounds of which Valvoline Inc., aims to quickly commercialize the product across lubricant packaging market. In a bid to accomplish the same, the company had actually developed the product alongside consumers. Valvoline’s initiative highlights the appreciable developments prevalent in lubricant packaging industry, prominent among them being, the efforts taken by companies to design products as per consumer requirements.

Moreover, lubricant manufacturers are also working continuously to incorporate barrier properties in the packaging materials to maintain the integrity of high-performance lubricants, engine oils, and fuel additives. Estimates claim that in 2016, lubricant packaging market size was pegged at a revenue of USD 11 billion.

Related News: https://www.marketwatch.com/press-release/2019---2024-steel-rebar-market-by-growth-statistics-and-regional-forecast-2019-08-22

About Global Market Insights:

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.

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Arun Hegde

Corporate Sales, USA

Global Market Insights, Inc.

Phone:1-302-846-7766

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Email: [email protected]

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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