According to Future Market Insights (FMI), the industrial lubricants market in India is anticipated to witness substantial growth, with its size projected to expand from US$ 1,954.2 million in 2023 to US$ 2,907.2 million by 2033, exhibiting a steady 4.0% compound annual growth rate (CAGR). This growth is primarily attributed to the rapid industrialization sweeping the nation, accompanied by an increasing emphasis on safeguarding heavy machinery from wear and tear, highlighting the growing significance of industrial lubricants in the Indian market.
Similarly, escalating demand for high-performance lubricants is acting as a catalyst triggering growth in the India industrial lubricants industry.
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High-performance lubricants are outperforming conventional lubricants with increasing frequency owing to their numerous advantages. These advantages consist of improved wear resistance, elevated energy effectiveness, prolonged equipment life, and reduced maintenance costs.
Changing preference towards high-performance lubricants is affected by an array of variables. This includes the increased demand for high-tech lubricants that can fulfill the needs of contemporary machinery and equipment.
Industrial users are becoming more aware of the benefits of utilizing high-performance lubricants. As a result, demand for high-performance lubricants is expected to rise steadily in the India market.
The penetration of Industry 4.0 and automation technologies is also raising the demand for lubricants that can perform better and provide enhanced safety in demanding operational environments. This will further boost India market.
Lubricant manufacturers are investing in research and development to create novel high-performance lubricants capable of satisfying the demands of industrial users. This includes the development of synthetic lubricants, which exhibit superior performance in comparison to conventional mineral oil-based lubricants.
Owing to this, the trend towards high-performance lubricants is expected to persist in the coming years due to the imperative of achieving enhanced performance and efficiency in industrial machinery and equipment.
India’s focus on infrastructure development, including roads, railways, airports, and smart cities, is generating high demand for construction and heavy machinery. This will result in increasing consumption of lubricants for the maintenance and efficient operation of such equipment.
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Key Takeaways from the India Industrial Lubricants Market Study
- India industrial lubricants market is estimated to reach US$ 1,954.2 million in 2023.
- From 2023 to 2033, industrial lubricant sales in India market are expected to soar at 0% CAGR.
- By 2033, India industrial lubricants industry is projected to reach US$ 2,902.7 million by 2033.
- By base oil, mineral oil segment is expected to thrive at a CAGR of 7% from 2023 to 2033.
- By product type, hydraulic fluids segment is estimated to create an incremental $ opportunity of about US$ 322.8 million through 2033.
- By end use, power generation segment is forecast to total a valuation of US$ 612.5 million by 2033.
- West India is estimated to hold a dominant market value share of 0% in 2023.
“High-performance lubricants are now being produced because of the advancement of lubricant manufacturing technologies. During the forecast period, the industrial lubricants market will have plenty of space due to nimble growth opportunities for high-performance lubricants to prosper.” – says a lead analyst at FMI
Who is Winning?
The Industrial Lubricants market is expected to be dominated by a few key players, leading to a fragmented market landscape. In the industry, top industrial lubricant manufacturers such as Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Castrol Oil, Bharat Petroleum Corporation Limited, and Shell Plc. hold significant market shares. These manufacturers are profiled in detail in the comprehensive version of the report.
To strengthen their market position and expand their product portfolios, industrial lubricant manufacturers have been engaging in strategic partnerships, collaborations, and acquisitions. These activities allow companies to access new technologies, enhance their production capabilities, and enter new geographical markets.
Industrial Lubricants manufacturers also are expanding their geographic presence to tap into new markets and leverage the growth opportunities offered by emerging economies. This includes launching new products, strengthening distribution networks, opening regional offices, and forming partnerships with local players.
Recent developments:
- In December 2022, FuelBuddy partnered with Indian Oil Corporation Ltd. for the marketing of industrial and automotive lubricant, SERVO, PAN India.
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More Insights into the India Industrial Lubricants Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the India industrial lubricants market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the market potential, growth, and scope, the market is segmented based on product type, base oil, end use, and region.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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