Car Lube Container Market Outlook (2022-2032)
The global car lube container market was valued at US$ 5.3 Million in 2021, and is expected to reach US$ 7.6 Million by 2032. As of 2022, the market is slated to reach US$ 5.5 Million, following a year-over-year growth trajectory of 3.7%. During the forecast period ranging from 2022 to 2032, the market is forecast to register a CAGR of 3.3%.
Market Value of Car Lube Containers in 2021
US$ 5.3 Million
Anticipated Market Value of Car Lube Containers in 2022
US$ 5.5 Million
Projected Market Value for Car Lube Containers in 2032
US$ 7.6 Million
Expected Growth Rate (2022-2032)
Increasing Demand for Car Lube Containers from Automobile Industry to Play a Crucial Role in the Growth of Car Lube Container Market
With the advent of modernization, the development of the automobile industry has become significant at a global level. The automobile industry plays a crucial role in the overall business cycle development of industrial growth. Lubricant packaging is becoming a vital constituent of the automobile industry. One such form of lubricant packaging which is predominantly used to suffice the demand of lubes are containers which are commonly known as cans.
Future Market Insights recent study suggests that the global Car Lube Container market is witnessing a steady year on year growth of more than 5%, warranting the need for a smart and efficient form of packaging. In addition to this, the FMI report further indicated that the demand for Car Lube Containers is driven by advancements which are technological in nature and are related to development and innovation.
The consumers in today's world believe in improving the standards of living. They are increasingly becoming interested in purchasing vehicles owing to the rise in the per capita income. This rapid inclination is helping in the growth of the car lube containers market. As the sales of automobiles rise, consumption of liquid or semi-solid lubricants increase.
Research shows great potential of Car Lube Container that provide all the features such as-
- Higher durability
- Cost- efficiency
- Versatility and Long life span
- High quality storage of lubricants
- Solid and liquid applications
- Customer experience
- Revenue and profit growth
- Easy to use designs
- Business model innovation
To reach potential outcomes, organizations are investing in intelligent and innovative packaging solutions such as Car Lube Containers. Moreover, companies in the market are adopting new technology and launching new products.
Furthermore, the market is increasingly witnessing the development of high-end machinery and equipment for industrial applications. For instance, in May 2021, Shell developed stainless steel cans for lubricant packaging. In France, the company has introduced this modern two-piece can for trial in a closed-loop reusable shopping platform.
Car Lube Container Market
The automobile industry plays a crucial role in the overall business cycle development of industrial growth. The automobile industry to some extent is highly correlated with the supply of lubricant. Of it, one such form of lubricant packaging which is predominantly used to suffice the demand of lubes are containers which are commonly known as cans.
Traditionally metal cans were mostly used as a form of packaging which over the last decade have been replaced by plastic, containers, pails, drums, totes, etc. As lubricant market is witnessing a steady year on year growth of more than 5%, the need for a smart and efficient form of packaging is warranted. Also, advancements which are technological in nature are related to development and innovation and have led to change in design to make it more cost effective for plastic packaging of car lube container.
HDPE and PET are primarily used for car lube containers owing to higher durability and cost- efficiency as compared to other plastic materials. With the rising purchasing power capacity of middle-income household, the number of new car purchased have increased which has directly pushed the demand of lubricant, subsequently the need for lubricant packaging.
In terms of consumption, the car lube container market in Asia- Pacific excluding Japan region is projected to register a comparatively higher volume than the other regions, while in terms of production North America and Western Europe market are expected to dominant the global car lube container market over the forecast period.
Car Lube Container - Market Dynamics
Companies such as RPC Promens, Industrial Plenmeller and other leading car lube manufacturers have enhanced the convenience of its lube container by adding a flexible spout that is used as a dispensing mechanism. This has created a mass awareness among the car lube container manufacturer, who are able to provide ease to the user, driving product penetration into the untapped market.
Some of the factors expected to fuel the demand for car lube container markets include growing demand in the steel industry which is an important component for automobile industry. Secondly, technological advancement in production of automobile industry results in cost- efficiency, ultimately triggering a high demand for lubricant packaging products.
The emerging economies such as India, China, Saudi Arabia, Brazil, and Argentina are anticipated to be the key contributing region in car lube container packaging. Apart from this the factors which are expected to hamper the production of car lube container are stringent legislative regulation with regards to the use of plastic material for packaging.
Developing regions such as Asia Pacific and the Middle East are expected to witness a higher CAGR compared to other regions across the globe. Countries such as India, China, U.A.E., and Saudi Arabia are the key contributions for car lube container.
On the other hand region of North America are among the leading regions for consumption of car lube container. Moreover, the demand for car lube packaging are anticipated to witness a strong growth in all seven regions, over the forecast period.
Global Car Lube Container Market - key Players
Some of the players operating in the global car lube container market include Balmier Lawrie & Co. Ltd., Mold Tek Packaging, RPS Promens, Komal Packaging, and Bright Containers.
The report offers an accurate evaluation of the market through detailed qualitative insights and verifiable projections about market size. The projections presented in the report have been derived using proven research methodologies and assumptions.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil and Rest of Latin America)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg and Rest of Western Europe)
- Eastern Europe (Poland, Russia and Rest of Eastern Europe)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, and Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies
Car Lube Container Market - Market Segmentation
Global Car Lube Container market is segmented on the basis of material type and lubricant type.
On the basis of material type, the global car lube container market is segmented into,
- polyethylene terephthalate (PET)
- high-density polyethylene (HDPE)
- polyvinylchloride (PVC)
- polypropylene (PP)
- polystyrene (PS).
On the basis of lubricant type, the global car lube container market is segmented into
- process oils
- transmission & hydraulic fluids
- general industrial oil
- gear oil
Car Lube Container Market - Regional Outlook:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)