India Industrial Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Market 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, 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.


Market Snapshot

India Industrial Lubricants Market Summary
Study Period: 2017-2027
Base Year: 2021
CAGR: >4 %
India Industrial Lubricants Market Major Players

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Market Overview

The Indian industrial lubricants market is expected to record a CAGR of above 4%, during the forecast period.

Due to the COVID-19 outbreak, the manufacturing industry was severely affected this has resulted in a decrease in the usage of lubricants in 2020. 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. 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.

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

Scope of the Report

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 makeup to 90% of the final lubricant product. The lubricants market is segmented 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, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries, including packaging, oil and gas, etc. The report offers market size and forecasts for India Industrial lubricants market in million 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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Key Market Trends

Heavy Equipment Segment to Dominate the Market Demand

  • In construction, mining, and agricultural industries, lubricants are useful for preventing premature failure and the performance decline of heavy equipment.
  • Delays in construction projects, volatility in fuel prices, and decline in mining operations impacted the heavy equipment sector in 2020, which restrained equipment maintenance activities and caused an 11.3% drop in their lubricant consumption. 
  • The metalworking activities in the country witnessed a resurge from 2021, with the lockdown measures being gradually relaxed and state and local governments focusing on domestic manufacturing.
  • Heavy-duty vehicle utilization is expected to rise in the future years, thanks to significant investments in infrastructure.
  • Therefore, the increasing demand for, and usage of heavy equipment are further projected to drive the demand for industrial lubricants, during the forecast period.
Indian Industrial Lubricants Market: Revenue Share (%) by End User Industry

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 fulfil the country's growing need for power, a substantial increase in installed generating capacity is necessary.
  • The overall installed wind power capacity was 40 GW as of November 2021, making it the world's fourth-highest installed wind power capacity.
  • In the Financial year, 2020-2021 the total power generation from Wind Energy is 59,824 GWh when compared to 64,485 GWh the previous Finacial year.
  • 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.
  • Therefore, with 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 - Wind Energy, Installed Capacity, India, 2016-2021

Competitive Landscape

The India industrial lubricants market is partially consolidated in nature, with numerous players holding a significant share of the market, to individually affect the market dynamics. 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), Royal Dutch Shell PLC, and Gulf Oil Lubricants India, among others.

Recent Development

  • In Dec 2020, IOCL opened a new Lube Blending Plant, equipped with a NABL-accredited laboratory and cutting-edge product evaluation techniques, in Kolkata. The plant produces more than 200 grades of oils for different applications.
  • In Oct 2020, MAK Lubricants launched MAK Titanium CK4 engine oils for heavy-duty commercial vehicles to enhance engine protection. 
  • In Jan 2019, Castrol India has invested INR 140 crore at its Silvassa plant to enhance its production capacity by 50% to meet the rising demand for lubricant products. 

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 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 Consumers

      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


    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 Blaser Swisslube India Pvt. Ltd

      6. 6.4.6 Castrol Limited (BP)

      7. 6.4.7 Bharat Petroleum Corporation Limited (BPCL)

      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 Royal Dutch Shell PLC

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

      21. 6.4.21 Total SA

    5. *List Not Exhaustive

    1. 7.1 Growing Mining Operations

**Subject to Availability

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Frequently Asked Questions

The India Industrial Lubricants Market market is studied from 2017 - 2027.

The India Industrial Lubricants Market is growing at a CAGR of >4% over the next 5 years.

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

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