Segments - Lubricants Market by Product Types (Process Oil, Engine Oil, Grease, Transmission & Hydraulic Fluid, Gear Oil, Metal Working Fluid, and Other Types), End-user Industry (Agriculture, Automotive, Industrial, and Others), and Country (India)–India Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031
The India lubricants market size was USD 256.89 Billion in 2022 and is likely to reach USD 406.79 Billion by 2031, expanding at a CAGR of 5.24% during 2023–2031.Growth of the market is attributed to rapid urbanization, increasing overall efficiency & productivity for enterprises, and increasing production of two-wheeler vehicles.
During the mutual contact of surface for reducing the friction the substance that used is known as lubricant. When the surface moves from one place to another major amount of heat is generated, to reduce heat the lubricants is used.
Cooling & heating the surfaces, transmitting forces, and transporting foreign particles are other functions of the lubricants. The term lubricity means the property of reducing friction. In cooking and industrial applications, the lubricants are used.
The Covid-19 pandemic affected the demand and supply of India lubricants market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Increasing usages of high-performance synthetic lubricants is projected to boost the market.
Rapid innovations in lubricants technologies are the major factor fueling the market.
Lack of awareness about the lubricants is projected to restrict the market expansion during the forecast period.
High price of product is anticipated to hamper the market growth in the coming years.
R&D investment and technological advancement in lubricants market is projected to offer lucrative opportunities for the market players
The report on the India lubricants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
India Lubricants Market–Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016-2021 |
Forecast Period |
2023-2031 |
Segmentation |
Product Types (Process Oil, Engine Oil, Grease, Transmission & Hydraulic Fluid, Gear Oil, Metal Working Fluid, and Other Types), End-user Industry (Agriculture, Automotive, Industrial, and Others) |
Country Scope |
India |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players covered in the Report |
Valvoline Inc.; Tide Water Oil Co. (India) Ltd.; Indian Oil Corp. Ltd.; Gulf Oil Lubricants India Ltd.; Castrol Ltd.; Petromin; Veedol International Ltd.; HPCL; Bharat Petroleum Corp. Ltd.; Exxon Mobil Corp.; Total; and Shell India Markets Pvt. Ltd. |
On the basis of product types, the India lubricants market is fragmented into process oil, engine oil, grease, transmission & hydraulic fluid, gear oil, metal working fluid, and other types. The engine oil segment accounts for a key share of the market. Growth of the market is attributed to rising industrialization and increasing research & development activities in lubricants. However, the transmission & hydraulic fluid segment is anticipated to expand at a rapid pace during the forecast period due to increasing per capita income, rapid advancement in aerospace sector, and increasing number of electronic vehicles.
Based on technologies, the market is divided into agriculture, automotive, industrial, and others. The automotive segment accounts for a significant share of the market. Growth of the market is attributed to improved properties of lubricants, increased service life of lubricants, and rising awareness among people. The industrial segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising investment by private sectors, rising need for wind power, rapidly growing population, and rising prominence bio-lubricants.
The India lubricants market is anticipated to expand at a high CAGR during the forecast period due to rising need for high engine performance and increasing use of lubricants in marine & aircraft sector. Growth of the market is attributed to introduction of technological & novel advanced product and rapid development in transportation infrastructure.
Presence of major market players in India and rapid innovation in lubricants technology due to rising demand for high service life of equipment’s is the major factor fueling the market during the forecast period. However, reduction in the production of vehicles and lack of awareness about lubricants is estimated to hinder the market expansion in the coming years.
The India lubricants market has been segmented on the basis of
India
Key players competing in the India lubricants market include Valvoline Inc.; Tide Water Oil Co. (India) Ltd.; Indian Oil Corp. Ltd.; Gulf Oil Lubricants India Ltd.; Castrol Ltd.; Petromin; Veedol International Ltd.; HPCL; Bharat Petroleum Corp. Ltd.; Exxon Mobil Corp.; Total; and Shell India Markets Pvt. Ltd.
Some of these players are using several market strategies such as product launches, capacity expansion, merger, acquisitions, collaborations, and partnerships to enhance their market shares, generate revenue and raise their production line of the business in the coming years.