According to a recent business intelligent report by IndustryARC, it is estimated that the India lubricant market will return handsome returns over the course of the forecast period of 2018 to 2023. The report is titled “Indian Industrial Lubricants Market: By Type (Gear, Compressor, Hydraulic, Turbine, Metal Working Lubricants & Others), By Application (Automotive, Marine, Power Generation, Chemicals, Food Processing, Textiles & Others) & By Geography - Forecast(2018 - 2023).”
Lubricants are majorly used in the industrial sector for the proper functioning of machine. Lubricants are available in various forms such as liquid, semi-fluid, paste, and solid state with various characteristics including high viscosity index, high level of thermal stability, and produces high friction between surfaces of machine parts with operational efficiency.
Majorly, growing middle-class incomes and thereby increasing demands of two wheelers and four wheelers is increasing the production and sales of new vehicles, which is the major reason driving the Indian lubricants market. Increasing demand for vehicle oils is also resulting in high prices of the fuel in the market, however, with lubricants, the efficiency and longevity of the vehicles can be improved and therefore greater return of investment.
That being said, industrial lubricants is the largest market segment in the Indian lubricants market, with more than 54% of the total demand coming as of 2018. Power generation, chemicals, automotive and other manufacturing, railways, marine, and metals are the other leading end-user industries, accounting for nearly 80 percent of industrial lubricant consumption. Industrial oils include hydraulic oils, heavy engine distillate oils, gearbox, air compressor, turbine, turbocharger oils, greases, seal oil, chain oil, cutting oil, and circulating oil. Due to continuous equipment operations, heavy consumption of lubricants is driving the market.
Browse 53 Market Tables, 176 Figures spread through 132 slides and an in-depth TOC on “Indian Industrial Lubricants Market (2018 - 2023)”
Indian Industrial Lubricants Market: Disruptive Trends
Poor air quality is imposing Indian government to stiffen emission limits and improve fuel quality.
Increasing demand for lubricants is also forcing global majors to shift to local manufacturing instead of imports, a global leader in silicon-based technology and innovation, recently launched manufactured lubricants Molykote. This will provide various lubricants for manufacturing and processing applications include sugar, textiles, automotive, oil and gas, cement, and aviation.
Launch of Make in India initiative by the current government and investments on smart cities are strengthening the industrial sector, driving the demand for lubricants. NDA government is focusing on infrastructure, mining and road development will witness recovery with increased demand for lubricants.
The major factors driving the growth of the India lubricants market are increasing vehicle production along with the growing industrial sector. Automotive is the leading segment for consumptions of lubricants. Due to poor air quality government are taking several measures to improve fuel quality.
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Synthetic Lubricants Market: By Base Oil (PAO, Esters, Group III, PAG and Others); By Application (Engine Oils, Metalworking Fluids, Industrial Oils and Others); By Geography - Forecast(2018 - 2023)
Automotive Lubricants Market: By Base Oil (Mineral, Synthetic, Bio-Based); By Type (Engine, Transmission, Others); By Grade (Single Grade, Multi Grade); By Form, By Vehicle Type (Passenger, Commercial, Specialty, Others); By Geography - Forecast(2018 - 2023)
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