Indian Industrial Lubricants Market - Forecast(2022 - 2027)

A report released by the India Brand Equity Foundation (IBEF) on automotive industry states that there is an increase in sales of vehicles by 9.5% year-on-year, which translates to 4.02 million units excluding two-wheelers in 2017. Also, the domestic automobile production showed significant growth with compound annual growth rate (CAGR) of 7.08% during FY13-18 with 29.7 million vehicles manufactured in the country in the year 2018[1].  The increasing sales of vehicles and rising demand for lightweight as well as heavy-duty vehicles is creating a major demand for automotive lubricants. The demand for lubricants from different sectors is creating numerous opportunities in the Indian industrial lubricants market which had a market size of around 4.68 billion as of 2018. Furthermore, the demand for Indian industrial lubricants will observe a healthy CAGR of around 4.6% during the forecast period of 2019 to 2025. 

Lubricants are an important part in industrial applications to provide the machine and tools a longer life. It is important as it helps to reduce the friction and imbues an effective heat transfer. Lubricants are consist of 10% additives and 90% base oils. Synthetic liquids or vegetable oils such as silicones, hydrogenated polyolefins, esters, and fluorocarbons can be used as the base oils. India is a developing nation and industrialization in the country is growing at a high pace. With the shift in dependency for oil and gas from other nations, to domestic oil and gas production, there is an increased investment to develop the offshore oil and gas fields is one of the major growth contributors. Furthermore, the acceleration in economic growth is primarily increasing the number of on-road vehicles. The demand for vehicle maintenance is boosting lubricant demand. The application of Indian industrial lubricants in the automotive and oil & gas sector is the key application which will grow with a CAGR of around 7% through to 2025. 

• The Rise in the Disposable Personal Income

Majorly, the growing middle-class incomes and the subsequent increase in demand for two-wheeler and four-wheeler vehicles is increasing the production and sales of new vehicles, which is the major reason driving the Indian lubricants market. Increasing demand for vehicle oils is also resulting in high prices of the fuel in the market; however, with lubricants, the efficiency and longevity of the vehicles can be improved and therefore, a greater return of investment can be garnered. 

• Marine Lubricants

Growth in seaborne trade in the country along with increasing tourism activities with cursing and recreational sports will drive the growth of marine lubricants in the market. Furthermore, the development in the offshore drilling activities to meet increased demand and requirement for crude and petroleum-based products from chemical and refineries industry will support the growth of marine lubricants in the market. 

• Demand from the Growing Wind Energy Sector

The installation of wind turbines in the country is increasing continuously each year. Gear oils are used for the lubrication of the gear motor, gearbox, and other components. The processes of power generation with wind turbines are stringent and involves load weights, corrosion and oxidation, high temperature, and bearing wear. The enhanced properties of gear oils are required to improve the efficiency of the wind turbine; hence there is an increasing demand for synthetic gear oils in wind turbines. Power generation from wind energy is rising at a swift speed that is also demanding for installation of wind turbines. Wind turbines are fueling the demand for gear oils that are driving the Indian industrial lubricants market. 

• Power Generation Helping the Market

The power generation sector is the major contributor to the growth of the country’s economy. Advancements in manufacturing technologies and setting up of different power plants require lubricants for the smooth working of the engine. The different sources of power generation including wind, solar, thermal, and hydro turbines are widely used, which in turn are increasing the demand for lubricants that is creating a myriad of opportunities in the Indian industrial lubricants market.  

• The launch of Make in India initiative by the current government and investments in smart cities are strengthening the industrial sector which is driving the demand for lubricants. The government is concentrating on infrastructure, mining, and road development which will witness recovery with increased demand for lubricants.
• Favorable government schemes for the adoption of bio-based lubricants will witness high demand owing to their low emission rates, stable viscosity, and enhanced safety measures. The major concern of the government is reducing pollution and greenhouse emission, and use of bio-lubricants can reduce pollution in stormwater, and it will chiefly contribute to improving water quality for aquatic life and human. 

Under strict rules and laws by the government to improve the fuel economy and emission outputs, various OEMs are working to bring down the emissions and the use of efficient filters and advanced engine management systems. The drive to reduce the CO2 level is leading to thinner oils. Thinner oils are impacting the friction level, especially in the heavy vehicles. The idea of improvements of lubricants can be executed using viscosity modifiers and dispersant technologies that is helping the engineers and OEMs to overcome the challenge without effecting the Indian industrial lubricants market growth.

The key players crusading for Indian lubricants market are Gulf Oil Lubricants India., Indian Oil Corporation Ltd., Castrol (BP Plc)., Hindustan Petroleum Corporation Limited., and Veedol.

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Indian industrial lubricants market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Indian industrial lubricants, and its segmentation on the basis of type that includes gear, compressor, hydraulic, turbine, and metalworking lubricants. 

The report analyses the product demands by the Indian industrial lubricants market on the basis of an application that includes automotive, marine, power generation, chemicals, food processing, and textiles. 

 

The Indian industrial lubricants Market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:

• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia

Is the market demand for Indian industrial lubricants growing? How long will it continue to grow and at what rate? 

Which type of Indian industrial lubricants presents the major growth opportunities? 

Is there a possibility for change in the market structure over time? 

Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands? 

Do the key vendors look for partnerships to expand their businesses with respect to geography or product? 

What are the short-term, long-term, and medium-term growth drivers for the market? 

What are the short-term, medium-term, and long-term challenges for the market? 

What are the short-term, medium-term, and long-term opportunities for the market 

Who are the top players/companies of the market? 

What are the recent innovations in the market? 

How many patents have been filed by the leading players? 

What are the types of patents filed by the leading players? 

What is our Vision 2030 for Indian industrial lubricants market?

• Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
• Provide an overview of the product portfolio, including product planning, development, and positioning
• Discuss the role of technology companies in partnerships
• Explore the regional sales activities
• Analyze the market size and giving the forecast for current and future of the Indian industrial lubricants market during the forecast 2019–2025
• Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures