The GCC market for lubricant packaging is a highly competitive market, thanks to the intense rivalry between the leading players, states a research study by Transparency Market Research (TMR).
The increasing research and development activities in lubricant packaging is prompting key players to adopt novel manufacturing technologies. Product innovations and advancements in current offerings are also expected to attract the attention of these participants in the years to come, notes the research study. K.S.A and the U.A.E are the main regions where the GCC lubricant packaging market is concentrated. However, owing to the advancement in technology, influencing the production output, manufacturers are considering expansion in the neighboring regions of Europe and Africa.
In 2016, the market stood at US$162.7 mn. Proliferating at a CAGR of 3.30% between 2016 and 2024, its value is likely to shoot up to US$210.4 mn by the end of 2024. The automotive sector has surfaced as the key end user of lubricant packaging and is anticipated to gain maximum incremental opportunity in terms of market revenue over the next few years. However, the chemical industry is projected to offer the most promising growth opportunities to market players in the years to come.
Pails to Remain Most Preferred Lubricant Packaging Product in GCC
The report analyzes the GCC lubricant market on various parameters, such as the type of packaging, type of material, and the type of lubricants. In terms of the type of packaging, the demand pail is higher than others and the scenario is likely to remain so over the forthcoming years. Flexible lubricant packaging, such as bag-in-box and stand-up pouches, are also anticipated to witness a healthy rise in the near future. Among lubricants, engine oil has been registering a greater demand for lubricant packaging compared to others, thanks to its increasing demand in the automotive sector. Analysts expect this segment to remain on the top throughout the forecast period.
In terms of materials, PET packaging has been leading the global market since the past few years and is expected to remain doing so over the forecast period, thanks to the growing preference for PET over PP and PVC among consumers. HDPE packaging is also anticipated to experience a considerable rise in its demand over the next few years due to the growing awareness among consumers pertaining to its multiple usages in various industrial and consumer applications, states the research study.
Expansion in Non-oil Industries to Boost GCC Lubricant Packaging Market
“The innovation in technology has led to the growth of lubricant packaging market in the GCC,” says the author of this research study. The rising number of government initiatives and the increased spending on non-oil industries is propelling this market substantially. The initiatives taken by the governments in the GCC countries have made the non-oil industries a significant source of income, leading to a considerable expansion in this industry, which is likely to reflect positively on the lubricant packaging market in the GCC over the forecast period.
Although the market looks thriving at present, the increasing implementation of stringent environmental rules and regulations may hamper the growth of this market to some extent in the years to come, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Lubricant Packaging Market (Packaging Type - Stand up pouches, Bottles, Drums, Pails, Cans, Tubes, Kegs, Bag-in-box, and Intermediate Bulk Containers; Lubricant Type - Engine Oils, Transmission & Hydraulic Fluids, Process Oils, Metalworking Fluids, General Industrial Oils, Gear Oils, and Greases; Material Type - Metal and Plastic; End User - Automotive, Metalworking, Oil & Gas, Power Generation, Machine Industry, and Chemicals) - GCC Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The GCC lubricant packaging market is segmented below:
By Packaging Type
- Stand up pouches
- Intermediate Bulk Containers
By Lubricant Type
- Engine Oils
- Transmission & Hydraulic Fluids
- Process Oils
- Metalworking Fluids
- General Industrial Oils
- Gear Oils
By Material Type
- Polyethylene terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polyamide (PA)
- Polypropylene (PP)
- Polystyrene (PS)
By End User
- Oil & Gas
- Power Generation
- Machine Industry
- Other Manufacturing
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