Market Size of India Industrial Lubricants Industry
| 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
*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.
