Growing Manufacturing Base to Drive India Industrial Lubricant Market through 2023
Growing construction & mining
sector, favorable government policies, and expanding manufacturing base of
industries such as automotive & auto component, iron & steel and power
to fuel India industrial
lubricant market through 2023
According to TechSci Research report, “India Industrial Lubricant Market By Lubricant Type, By Application, By End Use, By Sales Channel, Competition,
Forecast & Opportunities, 2013 – 2023”, industrial lubricant market in India is
projected to reach $ 1.6 billion by 2023. The market is highly competitive with
around 15-25 major players such as Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum
Corporation Limited and Shell India Markets Private Limited. Over the past few years, industrial
lubricant market has witnessed constant growth, owing to increasing demand from
sectors such as automotive & auto components, construction & mining, cement
and polymer processing. Growing number of infrastructure projects backed by favorable
government policies and rising foreign direct investments is catalyzing the
demand for heavy machinery requiring industrial lubricants for proper
functioning.
Browse 6 market data Tables and 68 Figures spread
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Market"
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Lubricant manufacturers
are expanding their production capacity to meet the growing demand for industrial
lubricants in India. For instance, in 2018, Petronas Lubricant International
set up a blending plant in Patalganga, Maharashtra, with a capacity of 110
million liter per annum, while Gulf Oil Lubricants established a new production plant in Ennore,
Chennai, with a capacity of 50,000 kilo liter per annum. By type, hydraulic oil
accounts for the largest market share, owing to growing automation
and hydraulic power generation activities such as use of robotic technologies
in automotive paint shops and installation of pneumatic and hydraulic systems. Moreover,
government initiatives such as construction of more than 100 smart cities
across the country are expected to boost the demand for heavy machinery and
equipment with bigger sized hydraulic boxes, thereby aiding the hydraulic oil segment
growth during forecast period. Construction & mining sector is the largest
end use segment in India industrial lubricant market, owing to increasing
number of infrastructure development and upgrade projects across the country.
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“West India is the
largest demand generating region for industrial lubricants in India, as several
automobile players like Maruti Suzuki, Volkswagen, Mahindra & Mahindra and
Bajaj Auto have set up their manufacturing facilities in the region. Moreover,
the region attracts global players to set up their production units, backed by
its strategic location and proximity to seaports like Porbandar, Bedi and Kandla.
During FY18, Gujarat standalone received $ 2.09 billion in FDI. Some major ongoing
projects such as Delhi- Mumbai industrial corridor and Mumbai - Bangalore
industrial corridor would attract more players to set up their production
facilities in this region. which is 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, By Application, By End Use, By Sales Channel,
Competition, Forecast & Opportunities, 2013 – 2023” 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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