The overall demand for automotive lubricants in India is surging on account of the increasing awareness about a need for timely maintenance and service among consumers are some of the key factors projected to propel the demand for automotive lubricants in the country. Moreover, rising levels of awareness regarding highly efficient engine oils and other lubricants is spurring the growth of synthetic base oil in the country.
According to the MarkNtel Advisors’ report titled “India Automotive Lubricants Market Analysis, 2020”, the market is expected to grow with CAGR of around 2% during 2020-25. The new manufacturing plants in plants and the escalating installation capacity of existing plants is projected to act as an opportunity for the market. Furthermore, with the escalating foreign direct investment in the country and relaxation on the imports and exports in the country, the demand for automotive lubricants is expected to rise during the forecast period.
The application areas of automotive lubricants comprise of two-wheelers, three-wheelers, passenger cars, and commercial vehicles. Commercial vehicles engine oils have seen considerable traction in the coming years, indicated by an increase in diesel engine vehicle demand which improved since 2014-15.
Surging Demand for Lubricants in Rural Areas
The rapid urbanization in the country is leading to a growth of the commercial vehicle in these areas, which in turn, is actively supporting the oil lubricants market to grow further. Moreover, strong demand has been witnessed in the construction and agricultural activities, resulting in a rising demand for off-the-road (OTR) vehicles and heavy commercial vehicles. Hence, a rise in agricultural activities leading to an amplified agricultural production and the ongoing shift to mechanized farm machinery is also leading to a growth in the lubricant sales.
India’s lubricant segment is projected to see numerous advantages in the construction sector as the Union Government continues to capitalize on numerous road improvements and other infrastructure projects. The augmented spending by the government in various infrastructure projects like road projects under the Ministry of Transport (NHAI) is boosting the demand for OTR vehicles and commercial vehicles, thereby amplifying the demand for automotive lubricants.
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, and Tata Oil, among others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR of Global Automotive Lubricants Market during 2020-25?
A. The market size of Global Automotive Lubricants Market during 2020-25 is forecast to be around 5%.
Q. Who are the key competitors or players operating in Global Automotive Lubricants Market?
A. Exxon Mobil, Royal Dutch Shell, British Petroleum, Total SA, Chevron Corp., Fuchs Group, Petronas Lubricants International Sdn, Amsoil Inc. are few of the leading players in the Global Automotive Lubricants Market.
Q. Does the report scope cover Global Automotive Lubricants type and region wise market statistics also?
A. Yes, the scope of the report encompass detailed Global Automotive Lubricants type and region wise statistics such as market size, market segmentation based on various subcategories.
Q. Which oil type segment would emerge as an opportunity area for players in Global Automotive Lubricants Market?
A. Mineral oil segment continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Automotive Lubricants Market.
