Blueweave
India Industrial Lubricant Market

India Industrial Lubricant Market, By Product Type (Engine Oil, Transmission and Hydraulic Fluid, Metal Working Fluid, General Industrial Oil, Gear Oil, Grease, Process Oil, Other Product Types), By End-User (Automotive, Industrial, Agriculture, Other End-user Industries) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: November 2021
  • Report ID: BWC21186
  • Available Format: PDF
  • Page: 118

Report Overview

The growth of the India industrial lubricant market can be ascribed to rapid industrialization in the country. Furthermore, the market is being driven by significant growth in other sectors, such as automotive, agriculture, construction, mining etc.

India Industrial Lubricant Market- Industry Trends & Forecast Report 2027

The India industrial lubricant market was worth USD 1.4 billion in 2020 and is further projected to reach USD 1.8 billion by the year 2027, growing at a CAGR of 3.8% during the forecast period (2021-27). The rapid industrialization in the country and significant growth in the manufacturing sector, such as automotive, textiles, machines, etc., is propelling the demand for industrial lubricant in India. Additionally, low-cost synthetic lubricants are expected to drive India's industrial lubricant market in the forecast period.

India Industrial Lubricant Market

 

Source: BlueWeave Consulting

India Industrial Lubricant Market- Overview

Industrial lubricants are oil, fluids, greases and other components used for reducing friction between two surfaces or machine components. The reduction of friction contributes to preventing wear and tear on tangible assets, such as machinery, and extends their lifetime. The frequent use of industrial lubricants reduces downtime, decreases maintenance costs, and improves the efficiency of the overall process. Some of the most common lubricants used in the industries are multifunctional oils, rock drill oil, chain lubes, paper machine oils, etc.

India Industrial Lubricant Market Forecast and Trends

Growth Drivers

Flourishing Manufacturing Sector in India

The manufacturing industry in India is emerging as one of the fastest-growing sectors, and is emerging as the second most sought-after manufacturing destination. This is anticipated to drive the demand for industrial lubricants during the forecast period. Automobile and consumer electronic products are flourishing at a high rate across India. Moreover, the growing production of electric and hydrogen vehicles and the establishment of new plants to expand production capacities are projected to boost the India industrial lubricants market during the forecast period.

Launch of a Wide Range of Products

With significant growth potential in industrial lubricants, market players are increasingly launching a wide range of products at competitive prices. They are also extending their services beyond the sales of goods to cater to the needs of their customers. For instance, Shell Lubricants India recently announced its new Product PLUS Service portfolio, including extended maintenance intervals, reduced maintenance, etc. Thus, the availability of a wide range of products is anticipated to drive the Indian industrial lubricants market during the forecast period.

Restraints

Availability of Fake Lubricants

India's industrial lubricant market is flooded with fake lubricants that are too good to be distinguished from original products. Fake lubricants branded as the originals are available on the market at lower prices. As a price-sensitive market, India is drawn to these products. Hence, the availability of such fake products sabotages the market and acts as a restraining factor for its growth. Although the government authorities are taking strict measures against fake lubricants, the penetration of the products remains high.

Impact of COVID-19 on India Industrial Lubricant Market

The growth of the India industrial lubricant market was negatively halted by the sudden outbreak of the COVID-19 pandemic. As the number of COVID-19 cases grew in India, a lockdown was implemented to control the spread of the virus. Consequently, industrial operations were halted, which led to a sharp decline in the demand for industrial lubricants. While the government gave exemptions on the operation of essential services and goods, such as medical supplies, food, and pharmaceuticals, including masks and sanitizers, the market remained buoyant during this slowdown period.

India Industrial Lubricant Market - By Product Type

Based on product types, the India industrial lubricant market is categorized into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. Among these, the engine oil segment holds the largest market share because of its expanding demand in the automotive sector. Oils of this type are also widely used to improve the life and performance of machinery in the manufacturing industry. On the other hand, grease also holds a significant market share due to its wide range of applications, such as food processing, medical, etc.

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. Automobile manufacturing is highly machine intensive, and lubricants are used to enhance the efficiency of the machinery. On the other hand, the expanding industrial sector also covers a substantial share of the industrial lubricant market in India.

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 Limited, HPCL, Indian Oil Corporation Ltd, and other prominent players.

Major lubricant producers dominate the market with the largest market share. In order to satisfy the needs of different industries, the market players launch a variety of products. 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.

Recent Developments

  • In October 2021, Gulf Oil Lubricants India and Larsen & Toubro (L&T-CMB) announced their collaboration to launch a range of genuine oils to meet the expanding needs of the construction equipment sector.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Product Service/Segmentation

By Product Type, By End-User

Key Players

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 Limited, HPCL, Indian Oil Corporation Ltd, and other prominent players.

 

By Product Type

  • Engine Oil
  • Transmission and Hydraulic Fluid
  • Metal Working Fluid
  • General Industrial Oil
  • Gear Oil
  • Grease
  • Process Oil
  • Other Product Types

By End-User

  • Automotive
  • Industrial
  • Agriculture
  • Other End-user Industries
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Key Market Segments
  2. Research Methodology
    1. Qualitative Research
    2. Methodology
    3. Regional Split of Primary & Secondary Research
    4. Secondary Research
    5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
    6. Market Size Estimation
    7. Assumptions for the Study
    8. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Industry Insight and Growth Strategy
    1. Value Chain Analysis
    2. DROC Analysis
      1. Market Drivers
        1. Flourishing Manufacturing Sector In India
        2. Launch Of Wide Range Of Products
      2. Market Restraints
        1. Presence Of Fake Lubricants In The Market
      3. Market Challenges
        1. Negative Influence of the COVID-19 Pandemic
      4. Market Opportunity
        1. Expanding Automotive Sector
        2. Increasing Construction Activities In India
    3. Recent Developments
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
  5. India Industrial Lubricant Market Overview
    1. Market Size & Forecast by Value, 2017-2027
    2. Market Size and Forecast, By Segment
      1. By Product Type
        1. Engine Oil
        2. Transmission and Hydraulic Fluid
        3. Metal Working Fluid
        4. General Industrial Oil
        5. Gear Oil
        6. Grease
        7. Process Oil
        8. Other Product Types
      2. By End-User
        1. Automotive
        2. Industrial
        3. Agriculture
        4. Other End-user Industries
  6. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2020)
    3. Competitive Benchmarking by Operating Parameters
  7. Impact of COVID-19 on India Industrial Lubricant Market
  8. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Bharat Petroleum Corporation Limited
    2. Valvoline Inc.
    3. Castrol Limited
    4. Total
    5. Exxon Mobil Corporation
    6. Tide Water Oil Co. Ltd
    7. Gulf Oil Lubricants India Ltd
    8. Shell India Markets Private Limited
    9. HPCL
    10. Indian Oil Corporation Ltd
    11. Other Prominent Players
  9. Key Strategic Recommendations

 

List of Figures

 

Figure 1: India Industrial Lubricant Market Segmentation

 

Figure 2: India Industrial Lubricant Market Value Chain Analysis,

 

Figure 3: Company Market Share Analysis, 2020

 

Figure 4: India Industrial Lubricant Market Size, By Value (USD Billion), 2017-2027

 

Figure 5: India Industrial Lubricant Market Share (%), By Product Type, By Value, 2017-2027

 

Figure 6: India Industrial Lubricant Market Share (%), By End User, By Value, 2017-2027

 

 

List of Tables

 

 

Table 1: India Industrial Lubricant Market Size, By Product Type, By Value, 2017-2027

Table 2: India Industrial Lubricant Market Size, By End User, By Value (USD Billion), 2017-2027

Table 3: Bharat Petroleum Corporation Limited Financial Analysis

Table 4: Bharat Petroleum Corporation Limited Business Overview

Table 5: Valvoline Inc. Financial Analysis

Table 6: Valvoline Inc. Business Overview

Table 7: Castrol Limited Financial Analysis

Table 8: Castrol Limited Business Overview

Table 9: Total Financial Analysis

Table 10: Total Business Overview

Table 11: Exxon Mobil Corporation Financial Analysis

Table 12: Exxon Mobil Corporation Business Overview

Table 13: Tide Water Oil Co. Ltd Financial Analysis

Table 14: Tide Water Oil Co. Ltd Business Overview

Table 15: Gulf Oil Lubricants India Ltd Financial Analysis

Table 16: Gulf Oil Lubricants India Ltd Business Overview

Table 17: Shell India Markets Private Limited Financial Analysis

Table 18: Shell India Markets Private Limited Business Overview

Table 19: HPCL Financial Analysis

Table 20: HPCL Business Overview

Table 21: Indian Oil Corporation Ltd Financial Analysis

Table 22: Indian Oil Corporation Ltd Business Overview

Market Segmentation

By Product Type

  • Engine Oil
  • Transmission and Hydraulic Fluid
  • Metal Working Fluid
  • General Industrial Oil
  • Gear Oil
  • Grease
  • Process Oil
  • Other Product Types

By End-User

  • Automotive
  • Industrial
  • Agriculture
  • Other End-user Industries
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Frequently Asked Questions:

Ans: India Industrial Lubricant market reached USD 1.4 billion in 2020.
Ans: The major factors driving the growth of the India Industrial Lubricant market are the flourishing manufacturing sector in India and launch of wide range of lubricants to cater to the needs of different end-users.
Ans: The key 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 Limited, HPCL, Indian Oil Corporation Ltd, and other prominent players.
Ans: The automotive segment accounted for the largest share in the India Industrial Lubricant market.
Ans: Presence of fake lubricants in the market may restricts the growth of the India industrial lubricant market.