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Robust growth in the infrastructural development and mining operations in India is creating opportunities for the Indian industrial lubricant market. Rising requirement for advanced lubricants coupled with an increase in the focus of the Industrial manufacturers to expand their production capacities are expected to propel the market growth. Owing to this, as of 2018, the Indian industrial lubricants market size stood at $4.68 billion in 2018 and the demand for the industrial lubricant is expected to grow at a CAGR of 4.60% during the forecast period 2019-2025.
The Indian automotive industry size is projected to reach between $251.4 and $282.8 billion by 2026. By the end of 2019, the Indian automotive market is expected to register the sales of domestic automobiles by 26.27 million units. The growing demand for such a large number of domestic vehicles is observed due to rise in the disposable income and a large share of millennial population, which is supporting the Indian industrial lubricant market revenue growth. Furthermore, over the decades, the domestic and foreign investment in the construction sector has increased. Additionally, the government of India in the 2019 budget has announced to invest $61 billion to improve the infrastructure facilities across the country, fuelling the growth of the Indian industrial lubricant market. Various synthetic lubricants such as
Indian Industrial Lubricant Market: Leading Segments
India is amongst the fastest emerging economies in the world. Investments in the Indian manufacturing sector is growing rapidly and the Gross Fixed Capital Formation grew to 10.44% in 2018. The “Make in India” initiative by the Indian government has also influenced the growth of manufacturing industry in the country to make India a global manufacturing hub. Thus, the growing manufacturing industry of the country is expected to propel the Indian industrial lubricant market revenue generation in the future.
On the other hand, the automotive and oil and gas industries are the key applications in the market. Gear oils lead to reduced gear wear, which improves the performance of the vehicles. The automotive and oil & gas sectors are experiencing robust growth and the major players are investing in the growth and development of silicone industrial lubricants. Silicone industrial lubricant is used widely in the oil and gas and automotive industries. Moreover, the demand for industrial lubricants in India is expected to grow at a CAGR of 7% during the forecast period.
Indian Industrial Lubricants Market: Market Trends and Growth Drivers
·Increasing Seaports and Airports
The Indian government is projecting to create seaport capacity of 3,200 MMT by 2020. Under National Maritime Development Programme with an estimation of $11.8 billion the Indian government is planning to increase the number of seaports and airports. This will increase the demand for industrial lubricants in the manufacturing of aircraft and ships.
·Rising Construction and Mining Sector
The construction industry stood at $25.05 billion market size and mining industry stood at $14.65 billion as of 2018. The construction and mining sectors are increasing in India, which will boost the demand for heavy machinery. Heavy equipment dominates the demand for industrial lubricants in the industry. The growing mining activities and construction have increased the usage of heavy equipment in the country, and mining equipment require to be maintain with lubrication. This will support the growth of the Indian industrial lubricants market.
·Adoption of BS-VI Engine in India
Shell Lubricants, a global leader in producing industrial lubricants, is constantly working towards upgrading its product range for lubricants. Lubricant up-gradation significantly contributes to the reduction of air pollution and supports the smooth functioning of the BS-VI engine. The lubricants used by BS-VI engines are energy-efficient and provides high-performance. Hence, this is increasing the demand for lubricants in the automotive industry, thereby positively influencing the growth of the Indian industrial lubricant market.
· Make in India Initiative by the Government
Make in India initiative by the Indian government has strengthened the industrial sector of the country that is boosting the demand for lubricants. The government is concentrating more on the manufacturing, construction, automotive, and mining industry development which will witness the increased demand for lubricants.
· Green Urban Transport Scheme
The Indian government is planning to introduce Green Urban Transport Scheme with a spending budget of $3.75 billion. This will eventually boost the urban transportation. The increasing demand for vehicles amongst the urban population has started to attract heavy investments from various industries such as industrial lubricants for the manufacturing of vehicles. This growth is poised to increment the demand for the industrial lubricants in India.
Indian Industrial Lubricants Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding the majority of shares in the Indian industrial lubricants market are Indian Oil Corporation Ltd., Castrol (BP Plc), Gulf Oil Lubricants India, Hindustan Petroleum Corporation Limited, and Veedol.
· In 2018, State-owned Oil & Natural Gas bought 51.11% stake in oil refiner Hindustan Petroleum Corporation Ltd for $369.5 billion. This acquisition is done with an objective to provide opportunities to various central public enterprises to take higher investment decisions, avail economies of scale, to give capacity to bear higher risks, and create additional value for the stakeholders. Because of this acquisition the ONCE is anticipated to become India’s first oil major company in the Indian polyolefins industry. The acquisition will create opportunities for the growth of Indian industrial lubricant market.
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