Lubricant Packaging Market Value to Reach US$ 8,800 Mn by 2025
Verfasser: ShashiiPawar on Tuesday, 18 July 2017Global sales of lubricant packaging is estimated to be valued at nearly US$ 6,200 Mn in 2017 and is expected to reach nearly US$ 8,800 Mn by the end of 2025, exhibiting a CAGR of 4.5% over the forecast period. The global sales revenue of the lubricant packaging market is expected to grow 1.4X over the forecast period. Several factors are responsible for this growth. A few of them are outlined below.
Increasing need for lubricants for after sales services in the automobile industry
The changing demography and rising per capita income has fuelled the demand for luxury cars in emerging economies across the world, which is estimated to increase the sales of passenger vehicles, especially SUV cars. The automotive sector accounts for a share of 54% in the total lubricants market across the globe. Increasing automobile production boosts the need for lubricants on a large scale. Consumption of lubricants in either solid, semi-liquid, or liquid form is directly linked to demand from the automobile industry. This boosts the sales of packaging products such as pails and intermediate bulk containers to store lubricants including engine oil, process oil, gear oil, and grease, which are used for the production and daily operation of automobiles.
Rising automotive sales in BRICS countries creating demand for lubricants