India Automotive Lubricants Market Size
|Study Period:||2018 - 2028|
|CAGR:||> 5 %|
*Disclaimer: Major Players sorted in no particular order
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India Automotive Lubricants Market Analysis
The Indian automotive lubricants market is expected to register a CAGR of more than 5% during the forecast period. In 2020, COVID-19 negatively impacted the market, causing it to register a CAGR of more than 5% during the forecast period. In 2020, COVID-19 negatively impacted the market. However, the market has now been estimated to have reached pre-pandemic levels and is forecast to grow steadily in the future.
- The rise in the number of passenger cars in the nation will be the main factor driving the demand for automotive lubricants during the forecast period.
- On the other hand, the growing number of electric cars is likely to slow the growth of the market.
- The engine oil product type was the most popular on the market, and this is likely to stay the case over the next few years.
- In the future, the market is likely to benefit from the opening of new manufacturing plants and the increased capacity of the plants that are already there.
India Automotive Lubricants Industry Segmentation
Lubricant products are made from a combination of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 75-90%. Automotive lubricants protect the vehicle and increase the efficiency of the vehicle. The India Automotive Lubricants Market is divided into two sections: product type and vehicle type. By product type, the market is segmented into engine oils, transmission oils, hydraulic fluids, and greases. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and motorcycles. For each segment, market sizing and forecasts have been provided on the basis of volume (kilo metric tons).
|Hydraulic Fluids Greases|
India Automotive Lubricants Market Trends
This section covers the major market trends shaping the India Automotive Lubricants Market according to our research experts:
Engine Oil to Dominate the Market
- Engine oils are widely used for lubricating internal combustion engines in different types of automobiles. They are generally composed of base oils and additives.
- The base stock is either made using petroleum, synthetic chemicals, or both. The base stock is responsible for lubricating the engine's moving parts and removing the excess built-up heat.
- Various additives added to engine oils include oxidation inhibitor additives, dispersant additives, detergent additives, anti-foam additives, viscosity index modifiers, anti-wear additives, corrosion inhibitor additives, and antifreeze additives. It controls the oil's viscosity and lubricity and protects the engine parts against wear and tear.
- Some of the most important things that engine oils do are protect against corrosion and wear and tear so that the engine lasts longer and works better, reduce friction so that the engine works better and uses less fuel, get rid of impurities so that the engine is clean, make the engine as efficient as possible, and keep energy from escaping by keeping it cool.
- The country witnessed a significant increase in the sales of passenger vehicles and commercial vehicles. For example, in FY 2021–2022, 3 069 499 passenger vehicles were sold in the United States. This is 13% more than in FY 2020–2021.
- while commercial vehicle sales increased by 26% between 2020-21, reaching 716,566 in 2021-2022.Thus, with the increasing sales of commercial and passenger vehicles in the country, the demand for engine oils subsequently increases during the forecast period.
- So, because of all of these things, the engine oil segment is expected to lead the lubricants market in India over the next few years.
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Rising Use of Passenger Vehicles In The Country
- Automotive lubricants provide durability and protection and increase the efficiency of passenger vehicles. As a result, the improving passenger vehicle segment will significantly fuel market growth during the forecast period.
- Transmission and gear oil are consumed significantly in passenger vehicles.
- The growing preference for automatic transmissions over manual transmissions in passenger vehicles has increased demand for automatic transmission oils.
- Passenger vehicles require high-performance greases. Due to properties like mechanical stability, temperature tolerance, water resistance, and oxidant resistance, grease is used in various auto parts, such as wheel bearings, universal joints, suspensions, gears, switches, and connectors.
- Lubricants are used a lot to keep gear teeth from breaking from friction and to make sure things work smoothly and well.
- The country witnessed a significant increase in the production of passenger vehicles. For instance, the production of passenger vehicles reached 3,650,698 for the FY 2021–2022, representing an increase of 19% compared to the FY 2020–21.
- Furthermore, according to the latest data published by the Society of Indian Automobile Manufacturers, domestic sales of passenger vehicles reached 2,76,231 units in November 2022. Thus, with the rising production and sales of passenger vehicles, the demand for automotive lubricants increases significantly in the country.
- Therefore, owing to all the aforementioned factors, the expanding passenger vehicle segment is likely to increase the demand for lubricants in India during the forecast period.
India Automotive Lubricants Industry Overview
The Indian automotive lubricants market is highly consolidated. Some of the major players in the market include Indian Oil Corporation Ltd., BP Plc, Hindustan Petroleum Corporation Limited, Gulf Oil International Ltd., and Bharat Petroleum Corporation Limited, among others (in no particular order).
India Automotive Lubricants Market Leaders
Bharat Petroleum Corporation Limited
Indian Oil Corporation Ltd.
Hindustan Petroleum Corporation Limited
Gulf Oil International Ltd
*Disclaimer: Major Players sorted in no particular order
India Automotive Lubricants Market News
- January 2023: McLaren Automotive, a luxury supercar company, announced the renewal of its partnership with Gulf Oil International as its official lubricant and fuel partner for 2023.
- June 2022: Shell introduced a used oil management service as part of a new attempt to organize India's waste oil disposal infrastructure and enhance re-refining rates. In order to start collecting and re-refining used oil across India, Shell partnered with used oil refiners. These partners share the objective of advancing the lubricants industry's circular economy.
India Automotive Lubricants Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Rising Use of Passenger Vehicles In The Country
4.1.2 Other Drivers
4.2.1 The Growing Penetration of Electric Vehicles
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Product Type
5.1.1 Engine Oils
5.1.2 Transmission Oils
5.1.3 Hydraulic Fluids Greases
5.2 Vehicle Type
5.2.1 Passenger Vehicles
5.2.2 Commercial Vehicles
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Bharat Petroleum Corporation Limited
6.4.2 BP p.l.c.
6.4.3 Exxon Mobil Corporation
6.4.4 Gulf Oil International Ltd.
6.4.5 Hindustan Petroleum Corporation Limited
6.4.6 Indian Oil Corporation Ltd.
6.4.8 Shell plc
6.4.9 TotalEnergies SE
6.4.10 Tide Water Oil Co. (India) Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 New Manufacturing Plants and Growing Installation Capacity of the Existing Plants
India Automotive Lubricants Market Research FAQs
What is the study period of this market?
The India Automotive Lubricants Market is studied from 2018 - 2028.
What is the growth rate of India Automotive Lubricants Market?
The India Automotive Lubricants Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in India Automotive Lubricants Market?
Bharat Petroleum Corporation Limited, Indian Oil Corporation Ltd., BP p.l.c., Hindustan Petroleum Corporation Limited, Gulf Oil International Ltd are the major companies operating in India Automotive Lubricants Market.
India Automotive Lubricants Industry Report
Statistics for the 2023 India Automotive Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Automotive Lubricants analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.