By product type, engine oil dominated the market in 2018

The Indian lubricant market is expected to register a CAGR of 4. 64%, during the forecast period, 2019-2024. The major factors driving the growth of the market are the increasing vehicular production along with the increasing construction and infrastructure activities in the country.

New York, July 02, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "India Lubricants Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05867455/?utm_source=GNW


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Increasing drain intervals in the automotive and industrial sectors and the modest impact of electric vehicles in the future are likely to hinder the market growth.

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By product type, engine oil dominated the market in 2018.

- Automotive and other transport dominated the market in 2018, owing to the increasing production of automobiles in the country.

Key Market Trends
Increasing Demand from the Automotive Industry

- India is the second largest lubricant consumer in the region, and third in the world, after the United States and China. The country is the fourth and sixth largest producer of commercial vehicles and passenger cars, respectively.
- The country’s automotive industry accounts for around 7.1% of the country’s GDP, in which the two-wheeler segment accounts for a share of around 81% share, owing to the growing young and middle-class population. Additionally, the government’s initiatives, such as the Make in India campaign, are helping the local and state-owned manufacturers to provide their products to consumers and offer stiff competition to the international players.
- Moreover, with the consistent economic development and rising incomes, the automotive industry has been witnessing a continued shift in vehicle preferences, from two- to four-wheelers, which helps to augment the demand for passenger car motor oils (PCMO).
- Furthermore, as the companies are interested in entering the rural markets, with their improvement, the automotive industry is expected to witness further growth. A share of passenger vehicle sales originates from rural areas, especially utility vehicles and SUVs, which are used for both transporting goods and passengers.
- In India, with the increasing demand for vehicles, several automakers have started investing heavily in various segments of the industry. Furthermore, the Indian government has been rolling out initiatives to attract FDI in the automotive industry, allowing 100% FDI under the automatic route. The government has also planned to introduce a new Green Urban Transport Scheme with central assistance of about INR 250 billion, to boost the growth of urban transport, along the low-carbon path, with an aim to reduce air pollution substantially.
- The aforementioned growth in the automotive industry is expected to boost the demand for lubricants in the country.

Growing Usage of Transmission and Hydraulic Fluid

- Hydraulic oils and transmission fluids transmit power in hydraulic equipment and are used in power transmission applications. They are incompressible fluids that are used as the power transmitting media in hydraulic systems.
- Hydraulic power systems involve a series of tubes or elastomeric hoses for transmitting pressurized fluid, a pump (as a power source), and some type of control (typically a series of valves, actuators, or cylinders) as the power transmission media, hydraulic fluids are indispensable in these systems.
- Transmission oils are essential to clean and protect the surface, condition gaskets, rise temperature range, increase rotational speed, and improve cooling function, and reduce high temperatures. They are used to lubricate, transfer energy, ensure smooth transmission in motor vehicles, agriculture equipment, construction, and mining equipment.
- There are both automatic and manual transmission fluids for automatic and manual transmission vehicles respectively, although automatic fluids are gaining increasing popularity. Most automatic transmission systems use automatic transmission fluid (ATF) as a hydraulic fluid and a gear lubricant. Automatic transmission fluids could be pressurized by a pump and regulated by valves, similar to other hydraulic systems.
- Hydraulic fluids are used as a medium for transferring power and energy in hydraulic systems. Additionally, they are used for heat transfer, sealing, contaminant removal, and lubrication.
- The majority of the hydraulic fluids are based on mineral oils. The applications of these fluids include excavators, hydraulic brakes, lifts, flight control systems, power steering systems, excavator booms, dippers, hydraulic brakes, power steering systems, mechanical transmission systems, lifts, and general industrial machinery.
- The increasing automotive industry and industrial growth in the country are expected to boost the demand for transmission and hydraulic fluids, during the forecast period.

Competitive Landscape
The market studied is consolidated among the top seven players. The top three players account for around 50% of the market studied. The top companies have been utilizing competitive strategies and investments, to retain and expand their shares. Major players in the market include Castrol Limited (BP), Bharat Petroleum Corporation Limited, HPCL, and Indian Oil Corporation Ltd among others.

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