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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