The stability in the crude oil prices is catering opportunities in the automotive lubricants market and has the potential to earn strong margins. Bourgeoning preference for vehicles for personal mobility and finance options is driving the sales of automobiles in India, thereby, mounting the demand for automotive lubricants. Moreover, the continuous rise in vehicle ownership levels and the rise in the personal income of individuals is driving the growth of the sales of the automotive industry thereby, driving the growth of the lubricants in India. Also, a large number of two-wheeler vehicles in the country especially motorcycles is contributing to the propelled demand for automotive lubricants.
According to the MarkNtel Advisors’ report “India Automotive Lubricants Market Analysis, 2020”, the market is expected to grow with a CAGR of around 2% during 2020-25. The demand is surging with increasing automotive production in the country. Moreover, increasing the government’s support is expected to aid the growth of the market.
Construction Industry and Agricultural Sector to Boost the Demand
India is projected to see robust gains in construction activity as the Indian government continues to invest in numerous road improvements and other infrastructure projects. As the heavy commercial vehicles and OTR Vehicles are used in the construction activity, they usually get damaged thereby, needing proper repair and oiling the machinery. The induced demand is witnessed in the lubricants industry with consistent use of more heavy vehicles. Augmented agricultural production and the ongoing shift to mechanized farm machinery will also boost lubricant sales.
Moreover, the demand for synthetic oil is gaining popularity as it is highly efficient. Moreover, the luxury premium vehicle owners are shifting to use synthetic base oil. Also, the North region grabbed the largest market share on account of having a large number of vehicles in the region coupled with the mounting number of inhabitants shifting from tier 2 and tier 3 cities to tier 1 cities, as revealed by MarkNtel Advisors’ in their research report, “India Automotive Lubricants Market Analysis, 2020”.
According to the MarkNtel Advisors the major leading players are Gulf Oil Lubricants, Indian Oil, Castrol, Hindustan Petroleum, Bharat Petroleum, Tidewater Oil, Shell India, Valvoline Cummins, ExxonMobil, Tata Oil among others. Companies are getting into strategic partnerships with other OEMs to stay competitive. For instance, Gulf Oil lubricants came into a long term partnership with Piaggio, an Italian automobile maker in 2019. The company plans to launch the oils for commercial vehicles. Another company, Shell lubricants launched two synthetic oils in India in May 2019 called the Rimula R5 LE 10W40 and R5 LE 10W30. The engine oils have been designed to be compatible with the current truck engines and the BSVI engines that will be introduced soon.
“India Automotive Lubricants Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for India Automotive Lubricants market providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler)
2. By Application (Engine Oil, Gear and Brake Oil, Transmission Fluids, Greases, Others)
3. By Base Oil (Synthetic, Semi-Synthetic, Mineral)
4. By Demand Category (OEM, OES, Independent Aftermarket (IA))
5. By Sales Channel (Authorized Dealers, Retailers, Workshops and Garage, Petrol Pumps)
6. By Region (North, south, West and East)
7. By Company (Gulf Oil Lubricants, Indian Oil, Castrol, Hindustan Petroleum, Bharat Petroleum, Tidewater Oil, Shell India, Vavoline Cummins, ExonnMobil, Tata Oil)
Key questions answered in the study:
1. What are the current and future trends of the automotive lubricants market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the automotive lubricants market industry?
6. What are the customer orientation, purchase behavior, and expectations from automotive lubricants suppliers across various regions?