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 a CAGR of around 2% during 2020-25. The new manufacturing plants and the escalating installation capacity of existing plants are 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 include two-wheelers, three-wheelers, passenger cars, and commercial vehicles. Commercial vehicle engine oils are expected to have more demand in the coming years due to an increase in the diesel engine vehicle demand since 2015.
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 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 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 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.