Rapid development in power generation sector is one of the chief factors driving Asia Pacific lubricant packaging market. Lubricants are widely used in power generation sector in turbines, compressors, engines, electrostatic rotors, etc. for efficient working.
Asia Pacific region needs an investment of over USD 500 billion to meet the regional energy demand. Governments of emerging economies in Asia Pacific region are heavily investing in energy projects, to increase power generation capacity and economic development. For instance, Respal, a Spanish energy company has established its facility in India. Furthermore, private investments in energy sector, rapid development in industrial infrastructure, etc. will also boost the power generation in Asia Pacific region, which will prosper the regional demand for lubricant packaging.
Asia Pacific lubricant packaging market has been segregated based on material, packaging, lubricant, end-use industries and region. Material category includes metal and plastic which are further categorized into aluminum, tin & steel and PE, PP, PET & PVC respectively. Plastic material type will dominate the market owing to availability, variants and cost-effectiveness. Cans & bottles packaging type will have over 45% share throughout the forecast timeframe owing to recyclability and low disposable cost associated with it. Engine oil lubrication will have over 30% share in the Asia Pacific lubricant packaging market throughout the forecast timeframe due to rising demand for engine oils such as system oils, cylinder oils, etc. Automobile end-use segment will have over 45% market share throughout the forecast timeframe due to increasing automotive production across the world. China will have the largest share of the market due to increasing demand for power generation and rising automotive production in the country.
Some major players in the Asia Pacific lubricant packaging market are Balmer Lawrie & Co, Glenroy, Inc., Martin Operating Partnership L.P., Ltd., Neelkamal Plastics, SCHÜTZ GmbH & Co., KGaA, and many more.