The lubricants market share in India is expected to increase by 809.93 thousand tons, progressing at a CAGR of 5.58% during the forecast period. The increasing demand from end-user industries will offer immense growth opportunities to market vendors. The lubricants market in India is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “India Lubricants Market by Product and Application - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The lubricants market in India is segmented by product (mineral oil-based lubricants, synthetic lubricants, and bio-based lubricants) and application (automotive oils, industrial oils, process oils, metalworking fluids, and greases).
The growth of the lubricants market size in India by the mineral oil-based lubricants segment will be significant during the forecast period. Mineral oils are manufactured on a large scale during petroleum refining and, therefore, cost much less than synthetic and bio-based lubricants. These factors will drive segment growth during the forecast period.
The increasing demand from end-user industries will directly influence the sales of lubricants in India. In addition, the rising adoption of synthetic lubricants is one of the major lubricants market trends in India that will positively impact the market growth. However, factors such as fluctuations in crude oil prices will hamper the lubricants market growth in India.
The market is fragmented due to the presence of several players. Some of the major lubricants market in India vendors are Bharat Petroleum Corp. Ltd., BP Plc, Exxon Mobil Corp., Gulf Oil Lubricants India Ltd., Indian Oil Corp. Ltd., Oil, and Natural Gas Corp. Ltd., Royal Dutch Shell Plc, Tide Water Oil Co. Ltd., TOTAL SE, and Valvoline Inc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
Download the Free PDF sample report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.
Precise market size estimation during the forecast period 2022-2026.
CAGR of the lubricants market in India forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the lubricants market share in India.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the lubricants market in India.
Lubricants industry growth across India