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

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

The Indian automotive lubricants market is expected to register a CAGR of over 3% during the forecast period. Increasing adoption of high-performance lubricants is driving the Indian automotive lubricants market.

Key Highlights

• Increasing drain intervals in the automotive sector is likely to hinder the market’s growth.
• New manufacturing plants and the growing installation capacity of the existing plants are projected to act as an opportunity for the market in the future.

Key Market TrendsEngine Oil to Dominate the Market

• Engine oils are widely used to lubricate internal combustion engines and are generally composed of 75-90% base oils and 10-25% additives.
• They are typically used for applications, such as wear reduction, corrosion protection, and smooth operation of engine internals. They function by creating a thin film between the moving parts for enhancing the transfer of heat and reducing tension during the contact of parts.
• High-mileage engine oils are in demand lately, owing to the properties that help in the prevention of oil leaks and the reduction of oil consumption.
• Most of the light and heavy vehicle diesel and gasoline engines use 10W40 and 15W40 viscosity-grade oils, whereas, multi-grade oils, like 15W50 and 20W50, are used for aircraft engines.
• The light motor vehicle segment records the highest consumption rate of engine oils among all the segments. Owing to the technological improvements and government-mandated requirements for fuel economy, the automakers have been manufacturing lighter vehicles with tighter tolerances (which make the vehicles more durable).
• The average age of vehicles has been increasing at a constant rate over the years. This factor provides an opportunity, in terms of the refill market. The increasing average age of passenger cars and growing urban population in the developing countries are the factors expected to drive the market for engine oils.
• Owing to the increased engine oil change intervals, technological advancements are imposing a threat to the growth of the engine oil segment, in terms of volume consumption.

Heavy-duty Vehicles a Potential Segment

• A great deal of demand growth for lubricants is expected from the construction, agriculture industries, and manufacturing activities. Heavy-duty vehicles are used to carry the materials from one place to another.
• Growing investments in the infrastructure sector and other strategic initiatives of the Government of India are expected to boost the construction sector in the country.
• The government initiatives, such as housing for all, smart cities, and major infrastructure projects are leading to the usage of heavy-duty vehicles, and further consume a larger quantity of lubricants.
• The heavy-duty vehicles include trucks, trailers, and other miscellaneous vehicles. These utilize huge amounts of lubricants as engine oil and other fluids.
• This, in turn, is anticipated to boost the demand for the lubricants used in construction activities and other heavy duty vehicles and equipment in India.
• However, ongoing COVID-19 has negatively impacted the production and sales of commercial vehicles, and it is also expected to impact the market for automotive lubricants during the short term.

Competitive Landscape

The Indian automotive lubricants market is partially consolidated. Key players in the Indian automotive lubricants market include Indian Oil Corporation Ltd., Castrol (BP PLC), Hindustan Petroleum Corporation Limited, Gulf Oil International, and Bharat Petroleum Corporation, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Bharat Petroleum Corporation Limited
CASTROL LIMITED
Exxon Mobil Corporation
Gulf Oil International
HPCL
Indian Oil Corporation Ltd
Motul
Royal Dutch Shell plc
Total
Valvoline Inc.
Veedol International Limited

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