The GCC market for lubricant packaging is characterized by intense rivalry among key players, making the market very competitive. Players are adopting novel manufacturing technologies, thanks to the various research and development activities carried out in the field of lubricant packaging, states a research study by Transparency Market Research (TMR). The high scope for product innovation and product advancements are inspiring participants to increasingly participate in research and development. While the GCC lubricant packaging market is concentrated in the U.A.E and K.S.A, it is anticipated that players in the market will consider expanding to the neighboring regions of Africa and Europe, thanks to advancement in technology, resulting in a high production output.
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According to TMR, the GCC market for lubricant packaging stood at US$162.7 mn in 2016 and shall rise to US$210.4 mn by 2024, expanding at a 3.30% CAGR between 2016 and 2024. On the basis of end user, the automotive sector is the clear winner and will continue to gain most opportunities of growth even in the future. However, the chemical industry will emerge as the most promising end user segment in the coming years, says TMR. On the basis of material, the demand for PET will rise, leaving behind PVC and PP. The HDPE segment will also witness promising growth in the near future on account of its multiple use across many consumer and industrial applications.
Engine Oil to Continue to Remain Most in Demand
On the basis of type of packaging, the market will be led by pail. Other packaging types that will witness demand is the flexible lubricant packaging such as stand-up pouch or bag-in-box. On the basis of lubricants, it is the engine oil that has been receiving most demand for lubricant packaging. The engine oil will continue to lead throughout the forecast period among the types of lubricant.
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Government Initiatives Behind Growth of Market
One of the key factors attributed for the growth of the GCC lubricant packaging market is the innovation in technology. The growing number of initiatives taken by government is also aiding the growth of this market, says TMR. The increased spending on non-oil industries will drive the growth of the market in the coming years. Government initiatives in the GCC nations have ensured that non-oil industries become significant sources of income and are behind the growth of the lubricant packaging market in the region. However, the stringent environmental rules and regulations may hamper the growth of the market in the coming years.
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