Positive growth indicators in automobile and power generation industry will be primarily driving lubricant packaging market during the forecast timeframe. The global automotive sales in 2005 was roughly 65 million units and reached 93 million units in 2016, this elevation in the automotive sales is poised to positively influence lubricant packaging market for the forecast duration. North America plays an important role in lubricant packaging market due to technological upgradations in automobile sector accompanied with numerous ongoing shale gas exploration in the U.S.
Strong growth indicators chemical and metal fabrication industry will drive product demand in the forecast timespan. Oscillating petrochemical price dynamics and land pollution from plastic packaging products lays challenge for future lubricant packaging market players. However, product manufacturers are acknowledging bio-based products usage for packaging, which contributes negligible amounts in global environmental pollution.
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Plastic held more than 70% of global lubricant packaging market share on account of its durability, easy availability and cost competitiveness in 2016. In plastic sub-segment, polyethylene held approximately 40% in 2016 of overall plastic lubricant packaging market. In metal sub-segment, aluminum accounted over 60% of industry chunk in 2016. Aluminum is cost effective, abundantly available in earth's crust and lightweight making it highly suitable for applications demanding minimum packaging weight.
In 2016, kegs & drums generated largest revenue in lubricant packaging market, followed by cans & bottles. Can & bottles shall experience surge in demand in the near future due to its extensive usage across all key end-users for handling, storing and transporting lubricants. Pails are anticipated to grow at around 3% CAGR during the forecast period owing to rising demand for compact and small lubricant vessels and containers.
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Process oils shall witness maximum growth in lubricant packaging market by 2024. Process oils play a key role in manufacturing polymer products, which are used in consumer goods, automotive, medical sector, etc. Process oil observes substantial demand from escalating rising automobile industry due to its ability to offer unique traits such as high saturation point, purity, stability and low volatility.
In 2016, Asia Pacific, led by China held largest share of global lubricants packaging market and shall hold its position in terms of volume during the forecast timespan. Asia Pacific is currently witnessing huge foreign direct investments from multi-national power generation and automobile players, which is anticipated to boost the industrial scenario in countries including India, Japan, china, Thailand, Malaysia, Indonesia, etc. This will boost lubricant packaging market in the region over the next few years.
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In 2016, Europe followed APAC in global lubricant packaging market volume. Prevalence of substantial automobile industry in Germany, the UK, and France are prime drivers for lubricant packaging market in the region. North America will witness significant growth rate after Asia Pacific by 2024 in lubricant packaging market owing massive lubricant demand across industries such as automotive, power generation and oil & gas.
Lubricant packaging market share was fairly consolidated in 2016 with major player holding 50% industry share. Key product manufacturers include BWAY Corporation, Balmer & Lawrie, Grief, Glenroy, Time Technoplast, Milford Barrel, Mauser Group, and SCHUTZ.
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