India Lubricants Market Overview, 2029

India's lubricant market is influenced by the country's rapid industrialization. The growth of the manufacturing and industrial sectors contributes significantly to the demand for lubricants used in various machinery and equipment. The automotive sector is a major consumer of lubricants in India. With a large and growing population, the demand for passenger vehicles, commercial vehicles, and two-wheelers continues to rise, driving the need for automotive lubricants. The Indian lubricant market offers a diverse range of products, including engine oils, industrial lubricants, gear oils, and specialty lubricants. This diversity caters to the varied needs of different industries and applications. Government initiatives such as "Make in India" and "Atmanirbhar Bharat" (Self-Reliant India) are aimed at boosting domestic manufacturing and self-sufficiency. These initiatives have implications for the industrial and manufacturing sectors, influencing the demand for lubricants. India being an agrarian economy, lubricants play a crucial role in the maintenance of agricultural machinery such as tractors and harvesters. The lubricant market caters to the unique requirements of the agricultural sector. The construction and infrastructure development activities in India contribute to the demand for lubricants used in heavy construction machinery. As the country invests in building roads, bridges, and urban infrastructure, the lubricant market experiences growth. Furthermore, rising disposable incomes and improved affordability contribute to an increase in vehicle ownership. This trend fuels the demand for lubricants, especially engine oils, as regular maintenance becomes essential for vehicle longevity and performance. According to the research report "India Lubricants Market Overview, 2029," published by Bonafide Research, the India Lubricants market is anticipated to grow at more than 5% CAGR from 2024 to 2029. There is a constant need for lubricants due to ongoing infrastructure development initiatives, such as building roads, bridges, and urban infrastructure. Heavy construction equipment is lubricated to maintain smooth operation and save wear and tear. With a large and growing population, the demand for passenger vehicles, commercial vehicles, and two-wheelers continues to rise. Lubricants are essential for the proper functioning and maintenance of vehicle engines. The rapid industrialization and growth of the manufacturing sector contribute significantly to the demand for lubricants. The government is promoting the adoption of EVs through various incentives and subsidies. While EVs don't require lubricants in the same way as traditional vehicles, they do still require lubricants for certain components like gearboxes and transmissions. Additionally, the growth of the EV market may lead to a shift towards specialty lubricants for these vehicles. The Indian government has implemented various regulations and standards to ensure the quality and performance of lubricants. This includes specifications set by the Bureau of Indian Standards (BIS). Several multinational lubricant companies have a strong presence in the Indian market. These companies often bring advanced technologies and formulations to cater to the diverse needs of the Indian industrial landscape. Based on the grade types, they are segmented into synthetic oils, mineral oils, and bio-based oils; among them, synthetic oil significantly contributes to the market. Modern vehicles, especially those with advanced engine technologies, often require high-performance lubricants to meet specific standards. Synthetic oils, with their superior properties and stability, are well-suited to meet these requirements, contributing to their growing adoption in the automotive market. Increased awareness among consumers and vehicle owners regarding the benefits of synthetic oils, such as improved engine protection, better temperature stability, and reduced wear and tear, has contributed to the growing acceptance of synthetic lubricants. Ongoing research and development in the lubricant industry has led to the formulation of advanced synthetic oils that offer better performance under extreme conditions. These technological advancements contribute to the appeal of synthetic oils on the market. In terms of product types, they are bifurcated into engine oil, hydraulic oil, metal working fluid, gear oil, compressor oil, grease, coolants, transmission fluid, and process oil. Among them, grease is a growing segment; grease plays a crucial role in the automotive industry, providing lubrication to various components like bearings and chassis. As the automotive sector in India continues to grow, the demand for grease in both commercial and passenger vehicles increases. The use of grease is integral to maintenance practices in industries. Regular lubrication with grease helps in preventing wear and tear of machinery components, reducing friction, and enhancing the overall efficiency and lifespan of equipment. Government initiatives focusing on the growth of the manufacturing and infrastructure sectors can contribute to increased demand for lubricants, including grease, as these sectors heavily rely on well-lubricated machinery. According to the report, the applications are segmented into automotive, construction, marine, aerospace, and others, in India the construction segment contributes to the market; the construction industry relies heavily on a wide range of heavy machinery and equipment, including excavators, bulldozers, cranes, loaders, and concrete mixers. These machines require effective lubrication to ensure smooth operation, reduce friction, and extend their lifespan. Construction machinery often operates in challenging environments characterised by dust, debris, high temperatures, and heavy loads. Lubricants play a crucial role in protecting machinery components under such harsh conditions, preventing wear, and ensuring optimal performance. Construction projects, especially large infrastructure projects, can span several months or even years. Synthetic lubricants, which offer extended drain intervals and better stability under varying conditions, are often preferred in such scenarios, reducing the frequency of maintenance and oil changes. India is experiencing rapid urbanisation and significant infrastructure development. The construction of roads, bridges, airports, and other infrastructure projects requires a large fleet of construction machinery, leading to increased demand for lubricants.

Considered in this report: • Geography: India • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report: • India Lubricants market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Grade: • Furnace Black • Synthetic Oils • Mineral Oils • Bio-Based Oils By Products Type: • Engine Oil • Hydraulic Oil • Metal Working Fluid • Gear Oil • Compressor Oil • Grease • Coolants • Transmission Fluid • Process Oil • Others By Application: • Automotive • Construction • Marine • Aerospace • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Lubricant industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.