Dublin, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The "India Industrial Lubricant Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
India Industrial Lubricant Market was valued at USD 7.25 Billion in 2024 and is expected to reach USD 9.22 Billion by 2030 with a CAGR of 4.28%
The growth in manufacturing and heavy industries significantly drives the demand for high-quality lubricants. As production facilities expand and infrastructure projects increase, the need for reliable lubricants to maintain machinery performance becomes more pronounced. Government initiatives like Make in India and investments in infrastructure are contributing to the expansion of the industrial sector, thereby indirectly boosting the demand for lubricants. However, fluctuations in raw material prices, such as crude oil, can impact lubricant pricing, affecting market stability and profitability.
The rise of bio-based and synthetic lubricants presents competition to traditional mineral oils, compelling existing players to innovate and adapt. Despite these challenges, the Indian industrial lubricant market is expected to continue its growth trajectory. This growth will be driven by ongoing industrial development, technological advancements, and a shift toward more sustainable and efficient lubricants. Government support for industrialization is likely to further shape the future dynamics of the market.
Key Market Trends
Shift Towards Synthetic and Bio-Based Lubricants
There is a growing trend towards synthetic and bio-based lubricants due to their superior performance and environmental benefits. Synthetic lubricants are preferred for their enhanced high-temperature stability, extended service life, and improved efficiency over traditional mineral oils. Bio-based lubricants are becoming popular for their eco-friendly properties and biodegradability. For example, in April 2024, Savsol Lubricants launched Savsol Ester 5, a biodegradable lubricant aimed at high-end applications in the automotive and railway sectors. This product is derived from edible oil fatty acids and features proprietary molecules developed in-house.
The market is also embracing advanced lubrication technologies to meet the needs of modern machinery. This includes high-performance lubricants tailored for specific applications, such as those operating in extreme temperatures or precision environments. There is an increasing focus on energy-efficient lubricants designed to reduce friction and enhance the overall efficiency of industrial equipment. This trend supports broader industry goals of improving operational efficiency and cutting energy consumption. For instance, In June 2023, Shell introduced new synthetic engine oils in India, including Helix HX6 5W-30 and Shell Helix SUV 5W-30. These oils offer Active Cleansing Technology to provide advanced engine protection, reduce wear and tear, and prevent sludge and deposit build-up.
There is a rising demand for lubricants that extend service intervals and provide better protection against wear and tear. This trend is driven by industries aiming to lower maintenance costs and reduce downtime. These developments reflect a dynamic and evolving industrial lubricant market in India, influenced by technological advancements, regulatory changes, and shifting consumer preferences.
Regional Insights
Based on Region, West India emerged as the dominant region in the Indian market for Industrial Lubricant in 2024. Maharashtra and Gujarat are among India's most industrialized states, hosting a wide array of industries such as automotive, chemicals, textiles, and machinery, all of which require significant amounts of industrial lubricants. Gujarat has become a major industrial hub, with thriving sectors like petrochemicals, textiles, and manufacturing. The state's supportive policies and infrastructure development contribute to its robust industrial activity.
Mumbai, India's financial capital, and Pune are prominent industrial centers with significant automotive manufacturing, electronics, and machinery industries. Pune is noted for its automotive and engineering sectors. In 2023, Toyo Engineering India Pvt. Ltd., a subsidiary of Toyo Engineering Corporation, secured a contract from ExxonMobil Lubricants Private Limited (EMLPL) for the engineering, procurement, construction, and commissioning of a 159,000 KL/annum lubricant manufacturing plant in Isambe, Maharashtra. This plant is anticipated to commence commercial operations by late 2025.
The West region benefits from well-established industrial zones and economic corridors. The robust logistics and transportation infrastructure, including highways and rail networks, facilitate the efficient distribution of industrial lubricants. Gujarat's strong petrochemical sector further drives the demand for specialized lubricants used in processing and manufacturing. Known for its business-friendly environment and favorable industrial climate, the West region, particularly Gujarat, attracts companies and supports growth in the lubricants market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $7.25 Billion |
| Forecasted Market Value (USD) by 2030 | $9.22 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | India |
Report Scope:
Key Market Players
- Gulf Oil Lubricants India Limited
- Hindustan Petroleum Corporation Limited
- Castrol India Limited
- SAVITA OIL TECHNOLOGIES LIMITED
- Shell Energy India Private Limited
- Tide Water Oil Co. (India) Ltd.
- Indian Oil Corporation Limited
- Valvoline Cummins Private Limited
- TotalEnergies Marketing India Private Limited.
- Bharat Petroleum Corporation Limited
India Industrial Lubricant Market, By Product Type:
- Metal Working Fluid
- Industrial Engine Oil
- Hydraulic Oil
- Grease
- Gear Oil
- Compressor Oil
- Bearing Oil
- Others
India Industrial Lubricant Market, By Application:
- Machining
- Hydraulics
- Gear
- Bearing
- Turbine
- Air Compressor
- Others
India Industrial Lubricant Market, By End User:
- Power and Oil & Gas
- Construction & Mining
- Automotive
- Metallurgy
- Chemical
- Others
India Industrial Lubricant Market, By Region:
- West India
- North India
- South India
- East India
For more information about this report visit https://www.researchandmarkets.com/r/t8deth
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