Asia Pacific Lubricant Packaging Market Size to Exceed $5.5bn by 2024
Wednesday, August 14, 2019
Press release from the issuing company
According to the Graphical Research new growth forecast report titled Asia Pacific Lubricant Packaging Market By Packaging (Kegs & drums, Cans & bottles, Pails, IBC), By End-user (Automobile, Metal Fabrication, Oil & Gas, Power Generation, Chemical), By Material (Plastic [PP, PET, PE, PVC], Metal [Aluminum, Tin, Steel]), By Lubricant (Engine Oils, Transmission & Hydraulic Fluids, Process Oils, Metalworking Fluids, General Industrial Oils), Industry Analysis Report, Regional Outlook (China, India, Japan, Australia, Indonesia, Malaysia, Thailand, South Korea) Estimated to hike at USD 5.5 billion by 2024.
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Rising automotive production is a major factor that will augment the growth of lubricant packaging market. The sale of passenger cars in Asia Pacific region witnessed a year-on-year growth of over 3% whereas the region has witnessed an annual growth of over 4% in the overall automotive sale in 2017. Rising automotive demand, increasing spending capacity of middle-class population, and overall economic development are few factors that will drive the automotive sector’s growth in the region. Lubricants are extensively used as engine oils in automobiles and further development in the industry will prosper lubricant packaging demand.
Among the material segment, metal will have substantial market share. Metals are widely used in the manufacturing of packaging products like cans, pails, kegs, etc. Aluminum is preferred for cans, tin is used for drums, pails, kegs, etc. and medium & large sized drums are made from steel. Aluminum will have the highest share in lubricant packaging industry during the forecast timespan owing to its easy availability, excellent pressure & temperature characteristics, lightweight and low costs.
Among the packaging type segment, pails are likely to have over 20% share in lubricant packaging industry during the forecast timespan. Structure of pails is similar to that of bucket and has a closing-lid at the top. Pails are used for low volume lubricant storage and handling applications in both industrial and commercial sectors.
Among the lubrication type, transmission & hydraulic fluids are likely to have over 15% share in of the industry during the forecast period. These fluids are extensively used in power transmission applications as a power transmitting medium in hydraulic systems. The growth of this segment will be driven by escalating demand for lubricant packing in backhoes & excavators, hydraulic brakes, garbage trucks, industrial machinery, elevators, etc.
Metal fabrication application will have substantial market share during the forecast period. Metal fabrication is widely used in manufacturing sector. Increasing demand for prefabricated construction owing to the investment in numerous infrastructure development projects will prosper the demand of metal fabrication segment. Other factors such as investments in metal processing & electric furnace, escalating demand for aircrafts, rising consumption of aluminum, etc. will also have positive impact on lubricant packaging demand.
Key Asia Pacific lubricant packaging market participants includes Perusahaan Jaya Plastik (M) Sdn Bhd, Duplas Al Sharq L.L.C., Greif, Inc., Mauser Group B.V., Milford Barrel, Time Technoplast Ltd, BWAY Corporation, Sicagen, Scholle IPN, etc.
Asia Pacific lubricant packaging market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units and revenue in USD million from 2013 to 2024, for the following segments:
Segments Covered in this Report:
Asia Pacific Lubricant Packaging Market Share, By Material
Kegs & drums
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