India Industrial Lubricants Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
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.
Key HighlightsFactors, 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.
Key Market TrendsHeavy Equipment Segment to Dominate the Market DemandTherefore, the increasing demand for and usage of heavy equipment are further projected to drive the demand for industrial lubricants during the forecast period.
Surging Demand from Wind Energy SectorThe India industrial lubricants market is partially consolidated in nature. 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), and Shell plc, among others.
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