Growing Manufacturing Base to Drive India Industrial Lubricant Market through FY2027

According to TechSci Research report, “India Industrial Lubricant Market By Lubricant Type (Metal Working Fluid, Industrial Engine Oil, Hydraulic Oil, Grease, Gear Oil, and Others), By Application (Machining, Hydraulics, Gear, Bearing, Turbine, Air Compressor and Others), By Packaging Size (Less than and equal to 2 liters, 5 Liters, 10 Liters, 20 Liters, Barrel), By End Use (Construction & Mining, Automotive & Auto Components, Marine & Shipping, Machine Tools & Machinery and Others), By Sales Channel (Direct, Distributors, and Traders & Retailers), By Region, Competition, Forecast & Opportunities, FY2013 – FY2027”, industrial lubricant market in India is projected to reach USD 1.91 billion by FY2027 and the market is expected to grow at a CAGR of 3.66% in the forecast years. Over the past few years, industrial lubricant market has witnessed constant growth, owing to increasing demand from sectors and increased preference for higher performance oil and technological upgradations coupled with lubricant companies focusing on higher margin, is expected to fuel the country’s industrial lubricant market. Government projects aimed at developing smart cities, in addition to 100% FDI in construction development sector is expected to boost the construction market. Moreover, the government is planning to develop new seaports and airports. Initiatives taken by the Governments to boost the infrastructure of the country and increasing demand for advanced lubricants with higher specifications such as low viscosity and long lifespan has been increasing across the country are catalyzing the demand for heavy machinery requiring industrial lubricants for proper functioning.

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India automotive industry is expanding at a fast rate to meet the growing domestic demand for all kind of vehicles. For instance, Hyundai Motor India Ltd (HMIL) has already expanded its production capacity from 0.71 million units to 0.75 million units and planning to enhance by 0.5 million by next year .Moreover, growing investments in the aviation sector are expected to boost the demand for industrial lubricants, owing to the propelling demand for heavy and light machinery equipment. For instance, Uttar Pradesh government has approved USD194.04 million for Jewar Airport Project. The first phase of the project is expected to be completed by 2023. Delhi International Airport will invest USD285.71 million for its capacity expansion and the project is estimated to be completed by 2022.

Hydraulic oil is used in various industries for several applications such as pneumatic and hydraulic systems, heavy machinery, construction business, cement manufacturing and mining activities. Government initiatives aimed at the construction of more than 100 smart cities in India by 2022 would boost the demand for heavy machinery, which in turn is expected to increase the demand for hydraulic oil in coming years. As players in the country’s mining sector are boosting their production capacities, demand for heavy equipment with large size hydraulic boxes is increasing, which is in turn is fueling the hydraulic oil segment. For instance, Kusmunda Coal Mining Project in Chhattisgarh is expanding its production capacity from 18.75 MTPA to 50 MTPA.

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“West India is the largest demand generating region for industrial lubricants in India, growing number of government initiatives such as Green Energy Corridor in Gujarat, Maharashtra and Madhya Pradesh are scheduled for implementation by FY 2024. Moreover, continuous rise in oil & gas production capacities in Gujarat and Maharashtra are expected to boost the demand for industrial lubricants over the coming years. The region has the maximum installed capacity of Power Generation i.e., Hydro, Thermal, Nuclear and Renewable and it is expected that the capacity will increase in the coming years. These factors are likely to boost the demand for industrial lubricants in West India in coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Industrial Lubricant Market By Lubricant Type (Metal Working Fluid, Industrial Engine Oil, Hydraulic Oil, Grease, Gear Oil, and Others), By Application (Machining, Hydraulics, Gear, Bearing, Turbine, Air Compressor and Others), By Packaging Size (Less than and equal to 2 liters, 5 Liters, 10 Liters, 20 Liters, Barrel), By End Use (Construction & Mining, Automotive & Auto Components, Marine & Shipping, Machine Tools & Machinery and Others), By Sales Channel (Direct, Distributors, and Traders & Retailers), By Region, Competition, Forecast & Opportunities, FY2013 – FY2027” has evaluated the future growth potential of industrial lubricant market across the country and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India industrial lubricant market.

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