The demand for automotive lubricants in India is surging with a constant growing replacement market and the increasing awareness about the need for timely maintenance and service among consumers is projected to propel the demand for automotive lubricants in the country. Also, 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 “India Automotive Lubricants Market Analysis, 2020”, the market is expected to grow with CAGR of around 2% during 2020-25. The continuous engineering 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.
Commercial vehicles engine oils have seen traction, indicated by an increase in the diesel engine vehicle demand which is improved since 2014-15 and is constituting around 20% growth in new commercial vehicle sales, which also includes more than 20% for M&HCV which is expected to surge the demand for automotive lubricants in the country.
Growing Strong Demand in Rural Areas
The rapid urbanization is the country is leading to the growth of the commercial vehicle which in turn supporting the oil lubricants market to grow. Moreover, strong demand has been witnessed in the construction and agricultural activities which are also inducing the demand for Off the road vehicles and heavy commercial vehicles. So, a rise in agricultural activities and amplified agricultural production and the ongoing shift to mechanized farm machinery is also enhancing lubricant sales.
India’s lubricant segment is projected to see strong 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, Tata Oil among others. Reflecting Indian Oil’s stable obligation to its customers in offering superior world-class products, the Corporation has launched two new high-performance grades of its engine oils. The new engine oils - SERVO SuperMile Plus and SERVO SuperMile were launched in June 2019.
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 India Automotive Lubricant Market during 2020-25?
A. The market size of India Automotive Lubricant Market during 2020-25 is forecast to be around 2%.
Q. Who are the key competitors or players operating in India Automotive Lubricant Market?
A. Gulf Oil Lubricants, Indian Oil, Castrol, Hindustan Petroleum, Bharat Petroleum, Tidewater Oil, Shell India, Valvoline Cummins, ExxonMobil, Tata Oil are few of the leading players in the India Automotive Lubricant Market.
Q. Does the report scope cover India Automotive Lubricants, vehicle type and region wise market statistics also?
A. Yes, the scope of the report encompass detailed India Automotive Lubricant vehicle type and region wise statistics such as market size, market segmentation based on various subcategories.
Q. Which base oil type segment would emerge as an opportunity area for players in Automotive Lubricant Market?
A. Synthetic based oil segment continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Automotive Lubricant Market.
