Lubricant Packaging Market to witness 3.5% CAGR during 2018 to 2024
Date: 2018-09-19   Author: Rahul Varpe  Category: #market

Lubricant Packaging Market to witness 3.5% CAGR during 2018 to 2024

Speaking of the numerous product innovations underlining lubricant packaging market, Fuchs, one of the many renowned lubricant manufacturers, in the beginning of Q3 2017, invested in new packaging machines, owing to the rise in the demand for its Lube Cube lubricants. The firm is also using smart alternative to rigid plastic bottles, which is entirely recyclable and easy to store. With this investment, it is expected that the commercialization scope of green products would soar greater heights, since they reduce disposal costs to quite an extent. Speaking of which, the competitive spectrum of lubricant packaging market is inclusive of renowned biggies such as Schultz Lubricants, Inc., Greif, Inc., Scholle IPN, Nye Lubricants, Time Technoplast Ltd., Mold-tek Packaging, Mauser, Balmer & Lawrie, Glenroy, and BWAY.

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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.

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The exponentially growing automotive domain is one of principal end-use sectors that would considerably influence the revenue graph of lubricant packaging industry, 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.

Unquestionably, to fulfill this substantially huge demand for lubricants, manufacturers have been increasingly installing lubricant packaging machines, which would help optimize the performance of handling processes such as filling, weighing, and sealing. In fact, considering 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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The 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. In consequence, 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, lubricant packaging market size has been forecast to surpass a valuation of USD 15 billion by 2024.

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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Global Market Insights, Inc.
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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. 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. ...

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