It is estimated that Europe lubricant packaging market size will exceed an annual valuation of more than US$3.2 billion by 2024. In most European countries, environmental norms have become stricter and renewables deployment is garnering momentum. Respective governments have undertaken several efforts to adopt renewable power generation technologies in residential, commercial, and industrial applications. European Union countries generated more than 3,249 TWh of electricity in 2018, of which nearly one-third was generated from renewable sources.
Lubricants are consistently used in power generation equipment and components to ensure optimum functioning, keep temperature in check, and reduce wear and tear. The need for reliable and continuous power supply in the region has created a significant demand for sustainable lubricant packaging solutions.
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Improved trade regulations among European countries and the rest of the world is likely to boost domestic manufacturing of numerous industrial products. With growing application of the product across automotive, chemical, oil and gas, and power generation sectors. Let’s take a look at some of the major factors driving the product demand.
- Plastic lubricant packaging to witness notable adoption
Plastics and metals are among the most commonly used materials in lubricant packaging. Plastic lubricant packaging solutions are expected to witness widespread adoption in the future owing to benefits such as high strength, robust durability, lightweight, cost-effectiveness, and the ability to be molded into various shapes and sizes as per the requirement. Polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PETE), and polyvinyl chloride (PVC) are commonly used as packaging materials.
The different types of lubricant packaging products include bottles and cans, intermediate bulk containers, drums and kegs, and pails. Bottles and cans are widely preferred in myriad applications and will experience a healthy demand in the coming years.
- Extensive lubricant application in automotive sector
In Europe, consumption of lubricant products is primarily driven by automotive, power generation, oil and gas, chemical, and metal fabrication sectors. The automotive sector is likely to be one of the leading lubricant consumers in the future, augmenting the need for sustainable packaging solutions.
The region is one of the largest automotive manufactures in the world. Approximately 19.2 million cars, vans, trucks, and buses are manufactured annually, accounting for nearly 11.2% of the jobs in the European Union. Lubricants are among the most important and widely used products in the automaking business which help ensure smooth functioning of engine components and maximize vehicle efficiency.
- Rising investments in various end-use industries
Engine oils, process oils, transmission and engine oils, metal working fluids, and general industrial oils are a few types of lubricants. These are prominently used in a range of end-use industries including power generation, oil and gas, chemical, automobile, and metal fabrication.
With the introduction of tighter environmental regulations, the European power generation sector is gradually shifting towards sustainable technologies. Consequently, the deployment of renewable energy infrastructure has gathered pace over the past few years.
Meanwhile, the sales of passenger as well as commercial vehicles are expected to surge rapidly in the near future. These trends along with rising investments in chemical and oil and gas sectors will complement Europe lubricant packaging market outlook.
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Martin Operating Partnership L.P., Mauser Group B.V., SCHÜTZ GmbH & Co, Duplas Al Sharq, Scholle IPN, and Glenroy, Inc. are some of the key lubricant packaging manufacturers in Europe. These companies are expected to witness promising opportunities in the near future, with increasing automotive production. They are constantly focusing on adoption of sustainable manufacturing approaches in order to lower their carbon footprint and minimize overall environmental impact.
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
- Lubricant Packaging Market scope & definitions
- Research methodology
Chapter 2. Executive Summary
Chapter 3. Industry Insights
- Industry segmentation
- Industry ecosystem analysis
- Industry impact forces
- Lubricant Packaging Market Growth drivers
- Lubricant Packaging Market Growth restraints
- Regulatory overview
- Porter’s analysis
- PESTEL analysis
- Competitive landscape, 2017
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