India Automotive Lubricants Market to Surpass INR 527 Billion by FY2027
According to TechSci Research report, “India Automotive Lubricants Market By Vehicle Type (Passenger Car, Two-wheeler,
M&HCV, LCV, Tractors), By Lubricant Type (Engine Oil, Gear Oil, Grease,
Transmission Fluids and Others), By Base Oil (Synthetic, Semi-Synthetic and
Mineral), By Demand Category [By Demand Category [OEM, OES and IAM (Independent
Aftermarket)], Competition, Forecast & Opportunities, FY2027”, India
automotive lubricants market was valued INR 404.45 Billion in FY2020
and is projected to reach INR 527.78 Billion by FY2027. Increasing
preference for vehicles for personal mobility and easy finance options are
driving sales of automobiles in India, which, in turn, is increasing demand for
automotive lubricants. Additionally, increasing awareness among consumers
regarding use of lubricant, entry of new, efficient and innovative lubricant products
offering increased efficiency, coupled with increasing government focus on
‘Automotive Mission Plan 2016-2026’ and ‘Make in India’ initiatives is expected
to further boost demand for lubricants during the forecast period.
The transition of BS IV to BS VI has put
focus on the lubricant to be compatible with new vehicles coming in the market.
Also, companies are focusing on developing new products specially formulated
with lower sulphated ash and phosphorous while maintaining the same durability.
Similarly, on Hybrid Engines and Electric vehicle front, companies are focused
on developing new technologies for EV engines while continuously developing the
higher efficiency for co-existing internal combustion engines. Continuous
technological advancement to comply with enhancing automotive technology will
grow the market for Automotive lubricant.
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On the basis of base oil, India automotive
lubricants market is categorized into mineral, synthetic and semi-synthetic. Mineral
oil segment led the market in FY2020 with share of 85.92% due to their low
costs and easier availability. Companies involved in the business of mineral
oil based specialty lubricant are spread far and wide, and thus the product is
easily accessible by end users. Higher growth in synthetic based lubricant is
due to their superior performance in high temperatures, oxidation stability and
durability. High awareness among engineers about high performance lubricant and
superior characteristics of synthetic oil based lubricant coupled with
stringent government laws are expected to fuel the growth of semi synthetic and
synthetic oil based lubricant market during the forecast period.
Some of the major players operating in
India automotive lubricants market include Indian Oil Corporation, Castrol
India Limited, Bharat
Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Tidewater Oil Corporation India Limited,
Valvoline Cummins Private Limited, Gulf
Oil Lubricants India Limited, Shell India, ExxonMobil
Lubricants Private Limited and Total Oil India Private Limited. Companies operating in the market are
using inorganic strategies such as mergers and acquisitions to increase their
share in the market. For Instance, BPCL tied up with Honda Motorcycle Scooter
India to sell its engine oil. The synergy created due to mergers and
acquisitions by lubricant companies generally succeed them in generating higher
cost efficiency through the implementation of economies of scale in highly
competitive market and to achieve a strong foothold in domestic markets.
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“Northern
region of India captured the largest volume share of around 32.10% in FY2020. The
region registered strong demand across both OEM and replacement tire segments.
Presence of major automotive OEMs like Honda Motors, Maruti Suzuki, JCB, etc in
the north region has been driving demand for OEM tires While, continuously
expanding vehicle fleet across Uttar Pradesh, Delhi, Punjab, etc has been
supporting the automotive lubricant consumption in the country’s north region.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“India
Automotive Lubricants Market By Vehicle Type (Passenger Car, Two-wheeler,
M&HCV, LCV, Tractors), By Lubricant Type (Engine Oil, Gear Oil, Grease,
Transmission Fluids and Others), By Base Oil (Synthetic, Semi-Synthetic and
Mineral), By Demand Category [By Demand Category [OEM, OES and IAM (Independent
Aftermarket)], Competition, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India automotive
lubricants market and provides
statistics and 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 decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India automotive lubricants market.
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