India Industrial Lubricant Market Set to Witness Sustainable Growth: Projected to Grow at a CAGR of 3.8% by 2027
Published | 25 November 2021
Though the primary function of lubricants is to reduce friction, an industrial lubricant serves several purposes and is used across a range of industries. The India industrial lubricant market is growing at a high CAGR because of the thriving manufacturing sector in India, along with the launch of a wide range of lubricant products in the market….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India industrial lubricant market was worth USD 1.4 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 3.8%, earning revenue of around USD 1.8 billion by the end of 2027. India industrial lubricant market is growing at a high rate because of the growth in India’s manufacturing sector, along with the launch of a wide range of lubricant products in the market. Many companies, especially those in the automotive and construction sectors, invest significantly in expanding their production capacities by establishing new plants, which is expected to boost the demand for industrial lubricant during the forecast period. Furthermore, to meet the growing demand for lubricants in the market, Indian lubricant makers are also launching a wide range of products to cater to the needs of various industries at competitive prices. This is projected to drive market during the forecast period. However, the presence of fake lubricants may act as a major restraining factor for the growth of India industrial lubricant market.
Expanding Automotive Sector Boosting the Demand for Industrial Lubricants in India
Due to its low-cost labor supply and extensive research and development activities, the automobile manufacturing sector in India is growing rapidly. Several leading automobile companies, including Tata Motors, Ashok Leyland, Mahindra, etc., are making substantial investments in expanding their production capacities. This is anticipated to boost the demand for industrial lubricants in India. Furthermore, India is also emerging as a major region for automobile component production, which is anticipated to drive the India industrial lubricant market.
Increasing Construction Activities in India Projected to Drive the Market
As a developing nation, India is making significant investments in its infrastructure. The construction industry in India is the fastest-growing one due to the growing number of residential and commercial spaces for India's growing population. Lubricants are prominently used in heavy-duty construction machines to reduce friction and improve their efficiency and reliability that can enhance productivity and reduce the chances of breakdowns. Thus, the growth in construction activities is projected to drive the demand for industrial lubricants during the forecast period.
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India Industrial Lubricant Market - By End-User
Based on end-users, the India industrial lubricant market is segmented into automotive, industrial, agriculture, and other end-user industries. The automotive industry accounts for the largest share in the India industrial lubricant market. Lubricants, such as engine oils, are prominently used in automobiles to make engines smooth and rust-free. The use of lubricants also improves fuel efficiency and performance. Furthermore, the manufacturing of automobiles is highly machinery-intensive; therefore, lubricants are used to improve the functioning of the machinery as well. On the other hand, the expanding industrial sector also covers a substantial share of India industrial lubricant market.
Impact of COVID-19 on India Industrial Lubricant Market
The India industrial lubricant market was significantly halted by the sudden outbreak of the COVID-19 pandemic. The industrial sector in India was completely obstructed due to the nationwide lockdown and shortage of workforce because of social distancing measures. Due to this, the demand for industrial lubricants witnessed a sharp decline during this period. Despite this, the market demand for lubricants continued to grow due to the need for lubricants in the medical industry and manufacturing. However, the obstruction in supply chains hindered the growth of the India industrial lubricant market.
India Industrial Lubricant Market - Competitive Landscape
The leading players in the India industrial lubricant market are Bharat Petroleum Corporation Limited, Valvoline Inc., Castrol Limited, Total, Exxon Mobil Corporation, Tide Water Oil Co. Ltd., Gulf Oil Lubricants India Ltd., Shell India Markets Private Ltd., HPCL, Indian Oil Corporation Ltd., and other prominent players.
Market share is highly concentrated among the leading lubricant manufacturers. The companies launch a wide range of products to cater to the needs of different industries. They also invest significantly in research and development activities to improve their product offerings. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India industrial lubricant market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India industrial lubricant market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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