Dublin, June 30, 2023 (GLOBE NEWSWIRE) -- The "India Base Oil Market, By Type (Group I, Group II, Group III, Group IV, and Group V), By Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Hydraulic Oil, Greases, and Others), By Region, Competition Forecast and Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
India Base Oil Market is anticipated to increase at an impressive rate in the forecast period to 2028
The growth is attributable to the increased use of lubricating oil in industries such as metallurgy, automotive, chemicals, heavy equipment, and power generation. The country produced around 17.8 million vehicles in the financial year 2022.
The market is highly fragmented, with many very creative players. Companies are implementing collaborative business techniques to boost efficiency, supply consumers with highly appreciated products, and extend their geographical presence.
Base oil is widely used in the formulation of lubricating oils and has various applications in various sectors. Group-I base oils are primarily utilized in marine lubricants, which are commonly used in the shipping sector to protect and enhance the performance of engines and equipment. These high-performance marine lubricants require high-viscosity base oils to work well in operations.
The increased popularity of aromatic treatments for homes in developed economies like Germany, the United Kingdom, the United States, and Canada is expected to drive demand for the market over the projection period.
The leading industry participants have identified the potential future opportunities of the market across the world and are continually acquiring small- or medium-sized enterprises. They are collaborating with other companies to produce significant quantities of base oils. These top firms are also introducing innovative items in the industry to preserve their supremacy. All these factors are fueling the growth of the market.
Growing Demand from the Automobile Sector
The automobile sector is one of the most significant contributors to base oils globally. The demand for lubricants in car manufacturing is anticipated to remain stable; however, moving toward electric vehicles has restricted growth for specific lubricants.
Consumers want standard and specialized solutions to meet their needs. Thus, lubricant makers are investing in innovative product development, particularly in the automotive industry. The rising consumption of lubricant makers is expected to drive base oil demand over the predicted period.
Rising Awareness and Stringent Government Regulations
The increased requirement for emission control in numerous industries, such as marine, and rigorous government regulations to reduce CO2, NOx, sulfur, and other pollutant matter have driven oil firms to create improved ways of improving lubricant composition.
This has led to an increase in the adoption of Group II, Group III, and blended base oils for the manufacturing of lubricants. This factor encourages the expansion of the India base oil market.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India Base Oil Market.
- ExxonMobil Corporation
- Indian Oil Corporation Ltd.
- SK Lubricants Co., Ltd.
- Petronas Lubricants International
- BP p.l.c
- Shell India Pvt Ltd.
- Chevron Corporation
- Bharat Petroleum Corporation Limited
- Sepahan Oil
- Hindustan Petroleum Corporation Limited
Report Scope:
India Base Oil Market, By Type:
- Group I
- Group II
- Group III
- Group IV
- Group V
India Base Oil Market, By Application:
- Automotive Oil
- Industrial Oil
- Metalworking Fluids
- Hydraulic Oil
- Greases
- Others
India Base Oil Market, By Region:
- North
- South
- West
- East
For more information about this report visit https://www.researchandmarkets.com/r/qjvn9z
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