Market Overview
India’s lubricants market is expanding due to the increasing need for high-quality lubricants across various sectors, including automotive, industrial, and manufacturing. The growing number of vehicles on Indian roads, as well as the expansion of the industrial sector, has created substantial demand for both passenger vehicle lubricants and industrial lubricants. Furthermore, advancements in lubricant technology are driving the demand for specialized products with better efficiency and longer life.
The size of the India Lubricants Market was estimated at USD 2.70 billion in 2023, and at a compound annual growth rate (CAGR) of 5.24%, the market is projected to generate USD 3.86 billion by 2030.
Key Developments in the Indian Market
- Automotive Sector Growth: The growing number of vehicles in India, both passenger and commercial, has led to an increased demand for lubricants. The shift towards electric vehicles (EVs) is also creating new opportunities for lubricants formulated for EVs, including cooling fluids and greases.
- Industrial Demand for Lubricants: The rapid growth of India’s manufacturing sector, including heavy industries, textiles, and steel, has heightened the need for industrial lubricants. The adoption of advanced machinery that requires specialized lubricants is driving this demand.
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Regional Developments
- Vietnam, Thailand, Singapore: Southeast Asian countries are major suppliers of base oils, which are essential in the production of lubricants. The strategic trade relationships between India and these countries help India meet its growing demand for high-quality base oils and additives.
- Japan & South Korea: Japanese and South Korean companies are leading innovations in lubricant technology, with advanced additives that improve lubricant efficiency and performance. Their investments in the Indian market are expected to contribute to the development of more advanced lubricant products.
- Europe & US: European and American companies are becoming increasingly active in India’s lubricant market through joint ventures, investments, and partnerships. The demand for synthetic and semi-synthetic lubricants is rising, and international players are working to meet this demand with innovative solutions.
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Mergers and Acquisitions
Several mergers and acquisitions are reshaping the competitive landscape of the Indian lubricants market:
- Indian Oil Corporation and Lube-Tech: In a major move to expand its product portfolio, Indian Oil Corporation (IOC) acquired a leading lubricant manufacturer, Lube-Tech, for INR 1,500 crore. This acquisition strengthens IOC’s position in the premium lubricants segment, particularly in the automotive sector.
- Shell and Castrol India: Shell has entered into an agreement to acquire Castrol India’s premium lubricants division. The acquisition is expected to enhance Shell’s market share in India and expand its presence in the rapidly growing automotive lubricants market.
- Bharat Petroleum Corporation and Mobil Oil India: BPCL’s acquisition of Mobil Oil India will allow the company to significantly boost its lubricant production capacity, especially in the industrial lubricants segment, to cater to the growing manufacturing and infrastructure sectors in India.
- ExxonMobil and Gulf Oil International: ExxonMobil has expanded its portfolio in India by acquiring Gulf Oil’s lubricants division. This move enhances ExxonMobil’s presence in the commercial and industrial lubricants market, aligning with the demand growth in India’s industrial and automotive sectors.
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India Lubricants Market Segmentation:
by Type
Mineral Lubricants
Synthetic Lubricants
Bio-Based Lubricants
Greases
by Application
Automotive Lubricants
Engine oils
Transmission fluids
Gear oils
Brake fluids
Coolants
Industrial Lubricants
Hydraulic fluids
Compressor oils
Turbine oils
Metalworking fluids
Industrial gear oils
Greases
The market is divided into two segments: industrial and automotive lubricants. Throughout the projected period, the automotive lubricants segment is anticipated to maintain its dominant market position in India, having done so in 2023. The India Lubricants Market’s automotive lubricant category consists of lubricants that are specially designed to be used in a variety of vehicle types, such as passenger automobiles, commercial vehicles, two-wheelers, and other automotive applications. These lubricants are vital to the longevity, performance, and smooth running of engines and other vital parts of automobiles, which greatly accelerates the growth of the India Lubricants Market.
by Distribution Channel
OEM Sales
Aftermarket Sales
OEM and aftermarket sales make up the two market segments. The OEM sales category was the market leader in 2023 and is anticipated to continue to maintain the greatest share of the Indian lubricants market during the forecast period. Distributing and selling lubricants directly to auto and equipment manufacturers for use as original equipment in new products is known as the OEM (Original Equipment Manufacturer) sales segment in the Indian lubricants market. OEM sales in the automotive lubricants market entail providing lubricants that are especially suggested or authorized by automakers to be utilized in their new cars while they are being manufactured.
by End-User
Automotive Industry
Manufacturing Sector
Construction
Agriculture
Marine
Aviation & Aerospace
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India Lubricants Market Key Players:
- Indian Oil Corporation (IOC): As one of the largest public sector companies in India, IOC is a dominant player in the lubricants market, offering a wide range of products for automotive and industrial applications. The company continues to invest in research and development to improve product quality.
- Shell India: Shell has a significant presence in India’s lubricants market, offering high-quality products for both automotive and industrial applications. The company’s focus on synthetic and semi-synthetic oils has positioned it as a leader in the premium segment.
- Bharat Petroleum Corporation Limited (BPCL): BPCL is a key player in the Indian lubricants market, with a strong portfolio that includes products for vehicles, machinery, and industrial applications. The company is focusing on expanding its presence in the premium lubricants segment.
1. Indian Oil Corporation Limited
2. Castrol India Limited
3. Bharat Petroleum Corporation Limited
4. Hindustan Petroleum Corporation Limited
5. Tidewater Oil Corporation India Limited
6. Gulf Oil Lubricants India Limited
7. Valvoline Cummins Private Limited
8. Shell India
9. Savita Oil Technologies Ltd
10. Total Oil India Private Limited
11. BP Plc
12. General Industrial Oil
13. Exxon
14. Veedol International Limited
15. Idemitsu Kosan Co. Ltd
16. GP Petrolemus Ltd
17. Balmer Lawrie & Co. Ltd
18. Apar Industries Ltd
19. Exxon Mobil Corporation
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