India Industrial Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Industrial Lubricants Manufacturers in India and is segmented by Product Type (Engine Oil, Transmission and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, Process Oil, and Other Product Types) and End-user Industry (Power Generation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Chemical Manufacturing, and Other End-user Industries). The report offers market size and forecasts for India Industrial lubricants market in million liters for all the above segments.

India Industrial Lubricants Market Size

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India Industrial Lubricants Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 4.00 %
Market Concentration Medium

Major Players

India Industrial Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order


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India Industrial Lubricants Market Analysis

During the time frame of the forecast, the Indian industrial lubricants market is expected to register a CAGR of more than 4%.

Due to the COVID-19 outbreak, the manufacturing industry was severely affected, which resulted in a decrease in the usage of lubricants in 2020. However, with the recovery of many construction projects and other industrial activities, the market has seen a recovery phase in the year 2021 and is expected to see a positive trend in the forecasted years. An increase in automotive sales and engineering goods has been leading the market recovery over the last two years.

  • The major factors driving the growth of the market studied are rising demand from the wind energy sector and the "Make in India" initiative, which is expanding the industrial base in India.
  • On the flip side, the increased environmental pollution that is leading to growing industrial regulations is expected to hinder the growth of the market studied.

Factors, such as the growing mining operations and the robust growth of the construction industry, are likely to provide opportunities for the market studied during the forecast period.

India Industrial Lubricants Market Trends

Heavy Equipment Segment to Dominate the Market Demand

  • In the construction, mining, and agricultural industries, lubricants are useful for preventing premature failure and the performance decline of heavy equipment.
  • According to the Ministry of Commerce and Industry, in FY21, India's heavy electrical equipment production stood at INR 168,949 crores (USD 21.15 billion). The electrical equipment market is forecasted to grow and reach USD 72 billion by 2025, up from USD 48-50 billion in 2021. The electrical equipment export market is forecasted to reach USD 13 billion by 2025, up from USD 8.62 billion in 2021.
  • The metalworking activities in the country witnessed a resurge in 2021, with the lockdown measures being gradually relaxed and state and local governments focusing on domestic manufacturing.
  • Indian machine tool production and consumption were estimated at INR 6,602 crores (USD 879.38 million) and INR 12,036 crores (USD 1.6 billion), respectively, in FY21, while exports stood at INR 531 crores (USD 66.48 million).
  • Heavy-duty vehicle utilization is expected to rise in the future as a result of significant infrastructure investments.
  • According to the Ministry of Commerce and Industry, the export of engineering goods has increased from USD 58.6 billion to USD 76.62 billion in 2021.
  • In FY22, India exported engineering goods worth USD 111.63 billion, a 45.51% increase year-on-year. India exports engineering goods mostly to the United States and Europe, which account for over 60% of the total exports.

Therefore, the increasing demand for and usage of heavy equipment are further projected to drive the demand for industrial lubricants during the forecast period.

India Industrial Lubricants Market : India's Engineering Goods Export, in USD Billion, FY16- FY21

Surging Demand from Wind Energy Sector

  • India's electricity industry is one of the world's most diverse. Power generating options include coal, lignite, natural gas, oil, hydro, and nuclear power, as well as feasible non-conventional options including wind, solar, and agricultural and household waste.
  • The country's electricity demand has risen significantly and is likely to continue to climb in the coming years. To fulfill the country's growing need for power, a substantial increase in installed generating capacity is necessary.
  • The lubricant requirements in wind turbine gearboxes are more stringent, compared to other industrial gear oils. This is due to the high temperatures, bearing wear, corrosion and oxidation, and load weights involved during the process of power generation.
  • India's overall installed wind power capacity was 41.2 GW as of August 2022, making it the world's fourth-highest installed wind power capacity.
  • The world's largest renewable energy park of 30 GW capacity solar-wind hybrid project is under installation in Gujarat.
  • The government is now also pushing for offshore wind. The Ministry of New and Renewable Energy has revived its offshore wind power development goals by unveiling a roadmap for installing 30GW by 2030.
  • Tamil Nadu's wind production capacity was around 24% of India's total in 2021. The total wind installed capacity in Tamil Nadu is 9608.04 MW. Maharastra has an installed wind power capacity of 5000.33 MW. Government of Madhya Pradesh has sanctioned a 15 MW project at Nagda Hills near Dewas.
  • Therefore, with an increase in wind energy infrastructure, the demand for industrial lubricants, such as gear oils, grease, etc., is expected to increase in the country, during the forecast period.
India Industrial Lubricants Market : Installed wind capacity, by State, in Mega-Watts, 2021

India Industrial Lubricants Industry Overview

The India industrial lubricants market is partially consolidated in nature. Some of the noticeable players in the market (not in any particular order) include Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), Castrol Limited (BP), and Shell plc, among others.

India Industrial Lubricants Market Leaders

  1. Indian Oil Corporation Ltd

  2. Hindustan Petroleum Corporation Limited (HPCL)

  3. Bharat Petroleum Corporation Limited (BPCL)

  4. Castrol Limited (BP)

  5. Shell plc

*Disclaimer: Major Players sorted in no particular order

India Industrial Lubricants Market - Market Concentration.png
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India Industrial Lubricants Market News

  • December 2022: Indian Oil Corporation Ltd. (IOCL) partnered with FuelBuddy, which is India's largest legal doorstep fuel delivery service for the marketing of automotive and industrial lubricants (SERVO, PAN India).
  • February 2022: Gulf Oil Lubricant (India) entered into a strategic partnership with SCHWING for its construction equipment needs. This partnership will bring to the market a range of products that include lubricants like premium hydraulic oil, engine oil, axle oil, gear oil, and other industrial lubricants.

India Industrial Lubricants Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Demand from the Growing Wind Energy Sector

      2. 4.1.2 'Make in India' Initiative Expanding Industrial Base

    2. 4.2 Restraints

      1. 4.2.1 Increased Environmental Pollution Leading to Growing Industrial Regulations

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Product Type

      1. 5.1.1 Engine Oil

      2. 5.1.2 Transmission and Hydraulic Fluid

      3. 5.1.3 Metalworking Fluid

      4. 5.1.4 General Industrial Oil

      5. 5.1.5 Gear Oil

      6. 5.1.6 Grease

      7. 5.1.7 Process Oil

      8. 5.1.8 Other Product Types

    2. 5.2 End-user Industry

      1. 5.2.1 Power Generation

      2. 5.2.2 Heavy Equipment

      3. 5.2.3 Food and Beverage

      4. 5.2.4 Metallurgy and Metalworking

      5. 5.2.5 Chemical Manufacturing

      6. 5.2.6 Other End-user Industries (Packaging, Oil and Gas (Drilling Fluids))


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Amsoil Inc.

      2. 6.4.2 Apar Industries Ltd

      3. 6.4.3 Balmer Lawrie & Co. Ltd

      4. 6.4.4 Bechem

      5. 6.4.5 Bharat Petroleum Corporation Limited (BPCL)

      6. 6.4.6 Blaser Swisslube India Pvt. Ltd

      7. 6.4.7 Castrol Limited (BP)

      8. 6.4.8 Continental Petroleums Limited

      9. 6.4.9 Exxon Mobil Corporation

      10. 6.4.10 Fuchs Lubricants Pvt. Ltd

      11. 6.4.11 GP Petrolemus Ltd

      12. 6.4.12 Gulf Oil Lubricants India

      13. 6.4.13 Hardcastle Petrofer Pvt. Ltd

      14. 6.4.14 Hindustan Petroleum Corporation Limited (HPCL)

      15. 6.4.15 Idemitsu Lube India Pvt Ltd

      16. 6.4.16 Indian Oil Corporation Ltd

      17. 6.4.17 Kluber Lubrication

      18. 6.4.18 Panama Petrochem Ltd

      19. 6.4.19 Shell PLC

      20. 6.4.20 Tide Water Oil Co. (India) Ltd (Veedol)

      21. 6.4.21 TotalEnergies

    5. *List Not Exhaustive

    1. 7.1 Growing Mining Operations

**Subject to Availability
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India Industrial Lubricants Industry Segmentation

All industrial 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%. Base oils possess lubricating properties and make up to 90% of the final lubricant product. Lubrication reduces the amount of energy required to perform mechanical actions and also reduces the amount of energy that is dissipated as heat. The India industrial lubricants market is divided into two sections: product type and end-user industry. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. By end-user industry, the market is segmented into power generation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries, including packaging, oil and gas, etc. For each segment, market sizing and forecasts have been done based on volume (millions of liters) for all the above segments.

Product Type
Engine Oil
Transmission and Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Gear Oil
Process Oil
Other Product Types
End-user Industry
Power Generation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Chemical Manufacturing
Other End-user Industries (Packaging, Oil and Gas (Drilling Fluids))
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India Industrial Lubricants Market Research FAQs

The India Industrial Lubricants Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), Castrol Limited (BP) and Shell plc are the major companies operating in the India Industrial Lubricants Market.

The report covers the India Industrial Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Industrial Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

India Industrial Lubricants Industry Report

Statistics for the 2024 India Industrial Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Industrial Lubricants analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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India Industrial Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)