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Market Overview
The Indian automotive lubricants market is expected to register a CAGR over 2% during the forecast period, 2019-2024. Increasing adoption of high-performance lubricants is driving the Indian automotive lubricants market.
- Robust growth in the production of motor vehicles is expected to drive the demand for the market during the forecast period.
- Increasing drain intervals in the automotive sector is likely to hinder the market’s growth.
- New manufacturing plants and growing installation capacity of the existing plants are projected to act as an opportunity for the market in future.
Key Market Trends
Robust Growth in the Production of Motor Vehicles Lead to Rising Demand of Engine Oil
- The major driver for the Indian lubricant market is the boosting demand from the automotive industry.
- The sales of new motor vehicles in the country have been on a consistent rise, majorly owing to the growing middle class incomes.
- The automotive production in India has also been on a rising path, with yearly growth rates of over 8%, thus, increasing the demand for engine oils and other lubricants employed in the automotive industry.
- The total production of motor vehicles has been registered to over 5 million in 2018 in India.
- Though mineral oils hold the largest share among all the automotive lubricants used in the country, synthetic and semi-synthetic lubricants used as engine oil are expected to grow at a rapid pace during the forecast period.
Heavy-duty Vehicles a Potential Segment
- A great deal of demand growth for lubricants is expected from the construction, agriculture industries, and manufacturing activities. Heavy-duty vehicles are used to carry the materials from one place to another.
- Growing investments in the infrastructure sector and other strategic initiatives of the Government of India are expected to boost the construction sector in the country.
- The government initiatives, such as housing for all, smart cities, and major infrastructure projects are leading to usage of heavy-duty vehicles, and further consume larger quantity of lubricants.
- The heavy-duty vehicles include trucks, trailers, and other miscellaneous vehicles. These utilize huge amount of lubricants as engine oil and other fluids.
- This, in turn, is anticipated to boost the demand for the lubricants used in construction activities and other heavy duty vehicles and equipment in India.
Competitive Landscape
The Indian automotive lubricants market is partially consolidated. Key players in the Indian automotive lubricants market include Gulf Oil Lubricants India, Indian Oil Corporation Ltd., Castrol (BP PLC), Hindustan Petroleum Corporation Limited, and Bharat Petroleum Corporation.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The Indian automotive lubricants market is expected to register a CAGR over 2% during the forecast period, 2019-2024. Increasing adoption of high-performance lubricants is driving the Indian automotive lubricants market.
- Robust growth in the production of motor vehicles is expected to drive the demand for the market during the forecast period.
- Increasing drain intervals in the automotive sector is likely to hinder the market’s growth.
- New manufacturing plants and growing installation capacity of the existing plants are projected to act as an opportunity for the market in future.
Key Market Trends
Robust Growth in the Production of Motor Vehicles Lead to Rising Demand of Engine Oil
- The major driver for the Indian lubricant market is the boosting demand from the automotive industry.
- The sales of new motor vehicles in the country have been on a consistent rise, majorly owing to the growing middle class incomes.
- The automotive production in India has also been on a rising path, with yearly growth rates of over 8%, thus, increasing the demand for engine oils and other lubricants employed in the automotive industry.
- The total production of motor vehicles has been registered to over 5 million in 2018 in India.
- Though mineral oils hold the largest share among all the automotive lubricants used in the country, synthetic and semi-synthetic lubricants used as engine oil are expected to grow at a rapid pace during the forecast period.
Heavy-duty Vehicles a Potential Segment
- A great deal of demand growth for lubricants is expected from the construction, agriculture industries, and manufacturing activities. Heavy-duty vehicles are used to carry the materials from one place to another.
- Growing investments in the infrastructure sector and other strategic initiatives of the Government of India are expected to boost the construction sector in the country.
- The government initiatives, such as housing for all, smart cities, and major infrastructure projects are leading to usage of heavy-duty vehicles, and further consume larger quantity of lubricants.
- The heavy-duty vehicles include trucks, trailers, and other miscellaneous vehicles. These utilize huge amount of lubricants as engine oil and other fluids.
- This, in turn, is anticipated to boost the demand for the lubricants used in construction activities and other heavy duty vehicles and equipment in India.
Competitive Landscape
The Indian automotive lubricants market is partially consolidated. Key players in the Indian automotive lubricants market include Gulf Oil Lubricants India, Indian Oil Corporation Ltd., Castrol (BP PLC), Hindustan Petroleum Corporation Limited, and Bharat Petroleum Corporation.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
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