Improving trade norms between various European countries with the rest of the world have resulted in increasing manufacturing of various industrial products in Europe.
This will augment the demand for lubricants which are being used in a wide range of industrial processes and operations. Increasing electricity demand in the region will also propel the lubricant packaging market. Developed economies are trying to increase the share of renewable sources in power generation due to rising environmental concerns. In 2018, European Union countries generated around 3,249 TWh of electricity of which almost one third was generated through renewables. Lubricants are used in various power generation products to keep their temperature maintained and make them proper function. All these trends are expected to prevail throughout the forecast timeframe and will drive the market.
The industry is divided into metals and plastics on the basis of materials and metals are further segmented into steel, aluminum, tin. The plastics are categorized into polyethylene, polyvinyl chloride, polyethylene terephthalate, polypropylene and others. Lubricant packaging market based on packaging types is categorized into intermediate bulk containers, pails, bottles & cans, drums & kegs, etc. Among these cans & bottles holds the majority share in the overall market.
The various lubricants for which these packaging is used includes transmission & engine oils, process oils, engine oils, general industrial oils, metal working fluids, etc. These lubricants have applications in various end use industries that comprises of power generation, chemical industry, oil and gas, automobile, metal fabrication and others. Automobile sector holds a considerable share as these are one of the major industries in Europe.
The major market participants are Martin Operating Partnership L.P., Mauser, Scholle IPN, SCHÜTZ GmbH & Co, Duplas Al Sharq, etc.