The global market for GCC lubricant
packaging is experiencing an intense competition among its well
established players. Players in the market are using novel manufacturing
technology to make the market more competitive. Players in the market
are spending heavy amount behind research and development activities to
manufacture efficient market product, thus expanding the product
portfolio. Apart from these, players are focusing on product
advancements and product innovation which is likely to help them to
expand their customer base and product differentiation. Some of the
major players in the global GCC lubricant packaging market
are Saudi Can Manufacturing Company Ltd, Mold Tek Packaging Ltd, First
Press Plastic Moulders Ltd., Neelkamal Plastics Factory LLC., and Duplas
Al Sharq.
According to a recent study by
Transparency Market Research, the global GCC lubricant packaging market
is predicted to expand at a robust CAGR of 3.30% during the assessed
period 2016 – 2024. The market which was worth at US$162.7 mn in 2016 is
likely to be valued at US$210.4 mn by the end of the assessed period.
The market on the basis of end user is classified into chemicals,
machine industry, oil and gas, power generation, metal working,
automotive, and other manufacturing. Of these, the automotive sector
holds the majority of the share owing to significant rise in the
automotive sector. Booming automotive industry sector to provide
lucrative growth opportunity in the market. On the other hand, chemical
industry will exhibit a decent rise in the coming years. On the basis of
region, Asia Pacific is anticipated to held the majority share and is
predicted to dominate in the future owing to presence of major player
and increase in economic conditions of the nations in the region.
Stringent Environmental Rules and Regulation to Hamper Market Growth
One of the major reasons that is helping
the market to move in the forward direction is the several initiatives
undertaken by the government to promote non-oil industries. Government
of several countries are spending hefty amount behind non-oil industries
to help it become one of the potential source of income. This is likely
to help the population rely less oil industries which experiences
recurrent volatility in the crude oil prices. However, on the other hand
it has been noticed that the strict environmental rules and regulation
imposed by various governing bodies are predicted to deter market
growth.
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Booming Automotive Sector to Boosts Market Growth
Rise in disposable income and rapid
urbanization have significantly change people’s lifestyle. This has made
them prefer premium and luxurious product resulting in increase in
demand for vehicles. Rapid advancement in technology and extensive
research and development activities to meet the ongoing demand for
vehicles are indirectly helping the market. Rise in demand for vehicles
results in high demand for lubrications. Consumption of lubricant in
semi-liquid, liquid, or solid form is linked with the automobile
industry. Surge in demand for packaging products such as intermediate
bulk containers which store lubricant including process oil, grease,
gear oil, and engine oil which are used in daily operation of
automobiles is likely to foster market growth.
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