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.
Lubricants Market Trends, Drivers, Restraints, and Opportunities
-
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
Scope of Lubricants Market Report
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. |
Lubricants Market Segment Insights
The engine oil segment accounts for key share of the market
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.
The automotive segment is anticipated to hold significant market share
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.
Lubricants Market Outlook
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Lubricants Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Lubricants Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Lubricants Market - Supply Chain
4.5. Global Lubricants Market Forecast
4.5.1. Lubricants Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Lubricants Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Lubricants Market Absolute $ Opportunity
5. Global Lubricants Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Lubricants Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Lubricants Demand Share Forecast, 2019-2026
6. North America Lubricants Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Lubricants Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Lubricants Demand Share Forecast, 2019-2026
7. Latin America Lubricants Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Lubricants Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Lubricants Demand Share Forecast, 2019-2026
8. Europe Lubricants Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Lubricants Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Lubricants Demand Share Forecast, 2019-2026
9. Asia Pacific Lubricants Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Lubricants Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Lubricants Demand Share Forecast, 2019-2026
10. Middle East & Africa Lubricants Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Lubricants Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Lubricants Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Lubricants Market: Market Share Analysis
11.2. Lubricants Distributors and Customers
11.3. Lubricants Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Valvoline Inc.
11.4.2. Tide Water Oil Co. (India) Ltd.
11.4.3. Indian Oil Corp. Ltd.
11.4.4. Gulf Oil Lubricants India Ltd.
11.4.5. Castrol Ltd.
11.4.6. Petromin