Market Trends of india lubricants Industry
This section covers the major market trends shaping the India Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the automotive industry dominated the Indian lubricants market, accounting for 58% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive industry increased by 35% due to the rapidly growing vehicle usage, sales, and outputs.
- In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 15.7% during the year, followed by heavy equipment (11.3%).
- Automotive is likely to be the fastest-growing end-user industry of the Indian lubricants market during 2021-2026, with a CAGR of 6.31%, followed by heavy equipment (3.98%). A recovery in the average mileage of vehicles and an increase in new vehicle sales will likely drive lubricants consumption from the automotive industry during 2021-2026.
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