A recent report has revealed rapid industrial growth is currently propelling progress in India’s lubrication market. Analysts found that market size in India was valued at around 2.70 billion litres back in 2023, but forecast that the market is now poised to achieve an output of 3.86 billion litres by the year 2030. This represents a compound annual growth rate of 5.24 per cent over the period.
The uptick in demand for high-quality lubricants is being forged by extensive industrialisation in India. A wide range of industrial lubricants are required in applications like construction, manufacturing and power generation including grease, hydraulic oil, gear oil and metalworking solutions, like neat and soluble cutting fluids.
Lubricants play a critical role in industrial operations by keeping equipment working at top performance levels, reducing wear and tear, cooling, cleaning and protecting machinery from contaminants and corrosive forces like rust.
According to the study, the largest lubricant consumer in India is its western region, with the states of Gujarat and Maharashtra highlighted due to the high concentration of manufacturing operations within their borders – including petrochemical and automotive applications.
The report noted that the Indian lubrication market is extremely competitive. Multiple key players have a firm grip on significant market shares. These include Indian business operations for lubricant majors like Shell India, Gulf Oil India and Castrol India Limited, but also national companies like Corporation Limited Indian Oil Corporation Ltd, Hindustan Petroleum and Bharat Petroleum Corporation Limited, all of which continue to extend their portfolios to meet evolving consumer demand.
