Lubricant Packaging Market Is Booming Worldwide by 2024 | Glenroy, Greif, Martin Operating Partnership, Mauser Group, Milford Barrel, BWAY, Universal Lubricants and Scholle IPN

Global lubricant packaging market is projected to witness monumental growth in the near future, with increasing application in automotive, oil & gas, chemical, and power generation sectors. Lubricant packaging solutions are primarily used for maintaining the desired properties of lubricants during handling, transportation, and storage for longer period. Different types of lubricants are widely used across automotive, oil & gas, and power generation sectors to ensure optimum functioning, reduce wear and tear, and keep temperature in check.

Ongoing developments in the automotive space and the growing need for reliable and uninterrupted power supply across the globe are fueling the consumption of lubricants, creating a substantial demand for sustainable packaging solutions. Following are some of the key factors augmenting the product demand.

Exploration activities in the U.S.

North America has witnessed a gradual expansion of offshore drilling activities to keep up with the future demand of energy and lubricants. Higher number of oil exploration activities leads to improved supply of raw materials for lubricants, indicating a high demand for packaging of products like engine oils, process oils, general industrial oils, metalworking fluids, and transmission & hydraulic fluids.

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Most packaging materials are traditionally produced from fossil fuel. Plastics including polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and polyvinyl chloride (PVC), and metals such as steel, aluminum, and are among the commonly used lubricant packaging materials. Plastic products are likely to experience a robust demand in the upcoming years. However, manufacturers are also focusing on designing sustainable lubricant packaging solutions.

Established automakers in America

The presence of some of the world’s most renowned automakers in developed regions are expected to create favorable prospects for regional lubricant packaging manufacturers. North America is home to carmakers like Ford Motor Company, General Motors, and Fiat Chrysler Automobiles, also known as the big three auto manufacturers. BMW, Daimler, Volkswagen, and Renault are among the notable automakers in Europe but have a notable presence in the U.S. as well.

These companies are constantly focusing on designing lightweight, fuel and energy efficient, and cost-effective auto models to address the growing demand for passenger and commercial vehicles worldwide. Since lubricants play an important role in ensuring optimal performance, efficiency and functioning of a vehicle and its components, their demand is anticipated to rise considerably in the forthcoming years.

Electric vehicle boom in Europe

In the automotive industry, a variety of lubricants are utilized to ensure smooth and optimal operation of engine and its components. Lubricant packaging products including drums & kegs, bottles & cans, and bulk containers are generally used to store lubricating oils and fluids. Bottles & cans are expected to witness a notable demand in the future, with growing preference in the auto industry. Electric vehicles and motors have created a new market for lubricant producers.

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With mounting concerns regarding global warming and climate change, it is no surprise that future automotive trends will revolve around development of energy-efficient electric vehicles. The electric mobility trend has already garnered momentum across numerous developed countries, as more and more consumers are switching to electric cars. Countries like Germany, Norway and the U.K. have a good volume of electric vehicles on roads and the number is expected to rise significantly over the next few years.

European efforts to develop renewables

The power generation sector is another major end-user of lubricant products. Different kinds of lubricating fluids and oils are used in power generation systems and components including compressors, electrostatic rotors, turbines, engines, and other mechanical parts for reliable and efficient functioning. They also help keep the temperature in check and prevent related accidents.

The demand for lubricants is likely to grow notably in the future, with renewable energy deployment projects across developed countries. With stricter environmental regulations, European nations are consistently trying to lead innovation in the renewable energy space. European Union countries had generated more than 3,249 TWh of power in 2018, of which nearly one-third was generated via renewable sources.

Rising electricity demand in Asia Pacific

With a growing urban population and robust industrial development, power consumption in Asia Pacific economies has escalated rapidly over the past decade. It is estimated that the region needs to invest more than US$500 billion to meet the regional electricity demand. Respective governments have been actively investing in expansion of the power generation sector.

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International energy companies are looking to expand their presence in the emerging Asia Pacific lubricant packaging market. For instance, a Spanish energy company had set up a power generation facility in India. General oils and numerous other types of lubricating fluids are widely used in the energy sector, especially in gas turbine-based power plants. Large-scale infrastructure development and growing private investments in the energy sector will further fuel the regional lubricant consumption.

Lubricant packaging product manufacturers are constantly experimenting with new materials and technologies to bring novel, innovative, and more sustainable solutions to the market. Factors such as rapid auto production activities, large-scale infrastructure development and expansion projects, and the constant need for reliable and continuous power supply will positively impact lubricant packaging market trends over the next few years.

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