March 05, 2020
As per the report titled ‘North America Lubricant Packaging Market Size By Lubricant, End-User, Packaging Type, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2024’, available with Market Study Report LLC, North America lubricant packaging market is projected to record substantial growth during 2019-2024.
The report estimates that North America lubricant packaging market will exceed USD 3 billion by the end of 2024. Increasing demand for lubricants across various industry verticals such as metal fabrication, automotive, power generation, oil & gas, and chemical is driving the growth of North America lubricant packaging market.
Elaborating on the lubricant type, North America lubricant packaging market has been categorized into metal working fluids, transmission & hydraulic fluids, general industrial oils, engine oils, process oils, and others. Engine oil segment held 36% share of North America lubricant packaging market in 2018 and is expected to grow considerably over the forecast timeline, owing to escalating demand for automobile industry across the region. On the other hand, general industry oil segment accounted for 18% market share in the same year.
Speaking of the end-user spectrum, automotive segment held 47% share of North America lubricant packaging market in 2018 and will gain decent traction in the forthcoming period. Likewise, power generation is also presumed to show sizeable growth owing to the application of lubricant packaging in gas turbine power plants along with ever-growing energy demand across North America.
Based on the packaging type, kegs & drums segment accounted for 44% share of North America lubricant packaging market in 2018 and will continue to see a positive growth trend in the coming years. The growth can be credited to escalating demand of drums and kegs in warehouses for storage purposes as they can be easily stacked.
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Milford Barrel, Greif, Inc., Glenroy, Inc., Mauser Group B.V., Universal Lubricants, Scholle IPN, BWAY Corporation, and Martin Operating Partnership L.P. are the major players of North America lubricant packaging market. These industry behemoths are focused on improving their renumerations by expanding their product portfolio.
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