India Base Oil Market Estimated to Grow at a Steady Rate Through 2025
Rapid industrialization and surging demand for high-grade
oils in the automotive industry to propel the growth of the base oil market in
India
According to
TechSci Research report, “India
Base Oil Market By Type, By Application, Competition, Forecast &
Opportunities, 2025”, India base oil market is predicted to grow at a steady
pace during the forecast period on account of rising concerns over environmental
degradation coupled with the subsequent upsurge in demand for alternative,
sustainable products having lower carbon footprints. In addition to this,
increasing adoption of group II as well as group III base oil on account of
increasing ground transportation, commercial road transportation and aviation
is expected to support the base oil market growth in the country over the next five
years. Furthermore, expanding production capabilities in the country is likely
to provide lucrative growth opportunities for the market during the forecast
period. However, volatility of crude oil prices might hamper the growth of
India base oil market through 2025.
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In terms of type,
the India base oil market is segmented into group I, group II, group III, group
IV, and group V. Among them, group II and III segments jointly accounted for
one-third of the market share until 2019. But group II base oil type, is the
top investment pocket and is projected to lead the market in the years to come,
which can be attributed to the replacement of group I base oil because of the shifting
trend towards low and mid SAPS specifications and lighter viscosity grades. Moreover,
the high adoption of group II base oil is largely credited to its higher
performance and affordability when compared to the other groups of base oil.
Indian Oil
Corporation Ltd, Hindustan Petroleum Corporation Limited, Bharat Petroleum
Corporation Limited, Total S.A., SK Lubricants & Oils India Pvt Ltd., BP
PLC, Chevron Lubricants India Pvt Ltd, Petronas Pvt. Ltd., Shell India Pvt Ltd,
ADNOC etc. among others are the leading players operating in India base oil market.
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“Increasing GDP owing
to surging industrial activities has increased the demand for base oil in this country.
Growth of transportation, mining, power generation, and other sectors in the
country are also some other factors adding to the growth of the India base oil
market. In addition to this, rising demand for oils in the automotive sector and
stringent environmental legislation leading to strict performance standards is further
anticipated to give a healthy push to the market growth through 2025.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based India
management consulting firm.
“India Base Oil Market By Type, By Application,
Competition, Forecast & Opportunities, 2025” has evaluated
the future growth potential of India base oil market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in India base oil market.
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