The growing oil & gas activities in the region coupled with the augmenting demand for automobile shall subsequently drive the market during the assessment period.
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North America is home to the “big three” automobile manufacturers namely General Motors, Ford Motor Company and Fiat Chrysler Automobiles. The presence of these companies in the region along with growing technological innovations in the field of automobiles shall act as a major driving factor during the forecast period. Furthermore, the shale gas exploration projects are likely to propel lubricant packaging market size growth during the review period.
Power generation is another major end user industry attributing to the growth of the North American lubricant packaging market. Lubricants are extensively used in compressors, turbines, electrostatic rotors, engines and various other mechanical components that require periodic smoothing for efficient functioning. Moreover, the growing demand for electricity has resulted in the surge in demand for process and general industrial oils, which in turn shall positively influence the market over the forecast timeframe. However, the fluctuating prices of raw materials coupled with the presence of stringent regulations regarding the use of plastic based packaging may pose a major downside to the market growth during the review period.
The North America lubricant packaging market is segregated based on material, packaging type, lubricant and end user. On the basis of materials, plastic was by far the largest segment in 2018 and shall exhibit the same trend throughout the assessment period. Polyethylene, polypropylene, and polyethylene terephthalate are some of the most commonly used polymers as packaging materials.