Robust growth in the
infrastructural development and mining operations in India is creating
opportunities for the Indian industrial lubricant market. Rising requirement
for advanced lubricants coupled
with an increase in the focus of the Industrial manufacturers to
expand their production capacities are expected to propel the market growth. Owing
to this, as of 2018, the Indian industrial
lubricants market size stood at $4.68 billion in 2018 and the demand for the industrial
lubricant is expected to grow at a CAGR of 4.60% during the forecast period
2019-2025.
The Indian automotive industry size is projected to reach
between $251.4 and $282.8 billion by 2026. By the
end of 2019, the Indian automotive market is expected to register the sales
of domestic automobiles by 26.27 million units. The growing
demand for such a large number of domestic vehicles is observed due to rise in the disposable income and a large share
of millennial population, which is supporting the Indian industrial lubricant market
revenue growth. Furthermore, over the decades, the domestic and foreign
investment in the construction sector has increased. Additionally, the
government of India in the 2019 budget has announced to invest $61 billion to
improve the infrastructure facilities across the country, fuelling the growth
of the Indian industrial lubricant market. Various synthetic lubricants such as
Indian Industrial
Lubricant Market: Leading Segments
India is amongst the
fastest emerging economies in the world. Investments in
the Indian manufacturing sector is growing rapidly and the Gross Fixed Capital
Formation grew to 10.44% in 2018. The “Make in
India” initiative by the Indian government has also influenced the growth of
manufacturing industry in the country to make India a global manufacturing hub.
Thus, the growing manufacturing industry of the country is expected to propel
the Indian industrial lubricant market revenue generation in the future.
On the other hand, the automotive
and oil and gas industries are the key applications in the market. Gear oils lead to reduced gear wear, which improves the performance of the vehicles. The
automotive and oil & gas sectors are experiencing robust growth and the major
players are investing in the growth and development of silicone
industrial lubricants. Silicone industrial lubricant is used widely in the oil
and gas and automotive industries. Moreover, the demand for industrial lubricants
in India is expected to grow at a CAGR of 7% during the forecast period.
Indian Industrial
Lubricants Market: Market Trends and Growth Drivers
· Increasing
Seaports and Airports
The Indian government is projecting to create seaport capacity of 3,200 MMT by
2020. Under National Maritime Development Programme with an estimation of $11.8
billion the Indian government is planning to increase the number of seaports
and airports. This will increase the demand for industrial lubricants in
the manufacturing of aircraft and ships.
· Rising
Construction and Mining Sector
The construction
industry stood at $25.05 billion market size and mining industry stood at
$14.65 billion as of 2018. The construction and mining sectors are increasing
in India, which will boost the demand for heavy machinery. Heavy equipment
dominates the demand for industrial lubricants in the industry. The growing
mining activities and construction have increased the usage of heavy equipment
in the country, and mining equipment require to be maintain with lubrication. This will support the growth of the Indian industrial
lubricants market.
· Adoption
of BS-VI Engine in India
Shell Lubricants, a
global leader in producing industrial lubricants, is constantly working towards
upgrading its product range for lubricants. Lubricant up-gradation significantly
contributes to the reduction of air pollution and supports the smooth
functioning of the BS-VI engine. The
lubricants used by BS-VI engines are energy-efficient and provides high-performance. Hence, this is increasing the demand for lubricants in the
automotive industry, thereby positively influencing the growth of the Indian
industrial lubricant market.
· Make
in India Initiative by the Government
Make in India
initiative by the Indian government has strengthened the industrial sector of
the country that is boosting the demand for lubricants. The government is
concentrating more on the manufacturing, construction, automotive, and mining
industry development which will witness the increased demand for lubricants.
· Green Urban Transport Scheme
The Indian government is planning to introduce Green Urban
Transport Scheme with a spending budget of $3.75 billion. This will eventually boost
the urban transportation. The increasing demand for vehicles amongst the urban
population has started to attract heavy investments from various industries
such as industrial lubricants for the manufacturing of vehicles. This growth is
poised to increment the demand for the industrial lubricants in India.
Indian Industrial
Lubricants Market: Competitive Landscape
Some of the key
companies identified in the report that are currently holding the majority of
shares in the Indian industrial lubricants market are Indian Oil Corporation
Ltd., Castrol (BP Plc), Gulf Oil Lubricants India, Hindustan Petroleum
Corporation Limited, and Veedol.
· In 2018, State-owned
Oil & Natural Gas bought 51.11% stake in oil refiner Hindustan Petroleum
Corporation Ltd for $369.5 billion. This acquisition is done with an objective
to provide opportunities to various central public enterprises to take higher
investment decisions, avail economies of scale, to give capacity to bear higher
risks, and create additional value for the stakeholders. Because of this
acquisition the ONCE is anticipated to become India’s first oil major company
in the Indian polyolefins industry. The acquisition will create opportunities
for the growth of Indian industrial lubricant market.
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Related Reports:
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https://www.industryarc.com/Report/11709/lubricants-market-analysis.html
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https://www.industryarc.com/Report/15901/industrial-lubricants-market.html
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