Robust growth in the infrastructural development and mining operations in India is creating opportunities for the Indian industrial lubricant market. Rising requirement for advanced lubricants coupled with an increase in the focus of the Industrial manufacturers to expand their production capacities are expected to propel the market growth. Owing to this, as of 2018, the [FURL=https://www.industryarc.com/Report/18243/indian-industrial-lubricants-market-research-report-analysis.html]Indian industrial lubricants market[/FURL] size stood at $4.68 billion in 2018 and the demand for the industrial lubricant is expected to grow at a CAGR of 4.60% during the forecast period 2019-2025.Download Sample Report @ [FURL]https://www.industryarc.com/pdfdownload.php?id=18243[/FURL]
The Indian automotive industry size is projected to reach between $251.4 and $282.8 billion by 2026. By the end of 2019, the Indian automotive market is expected to register the sales of domestic automobiles by 26.27 million units. The growing demand for such a large number of domestic vehicles is observed due to rise in the disposable income and a large share of millennial population, which is supporting the Indian industrial lubricant market revenue growth. Furthermore, over the decades, the domestic and foreign investment in the construction sector has increased. Additionally, the government of India in the 2019 budget has announced to invest $61 billion to improve the infrastructure facilities across the country, fuelling the growth of the Indian industrial lubricant market. Various synthetic lubricants such as polyolefins, esters, silicones, and fluorocarbons are also gaining prominence in a gamut of industries, which is further catapulting the Indian industrial lubricants market size.
Indian Industrial Lubricant Market: Leading Segments
India is amongst the fastest emerging economies in the world. Investments in the Indian manufacturing sector is growing rapidly and the Gross Fixed Capital Formation grew to 10.44% in 2018. The “Make in India” initiative by the Indian government has also influenced the growth of manufacturing industry in the country to make India a global manufacturing hub. Thus, the growing manufacturing industry of the country is expected to propel the Indian industrial lubricant market revenue generation in the future.
Indian Industrial Lubricants Market: Market Trends and Growth Drivers
· Increasing Seaports and Airports
· Rising Construction and Mining Sector
· Adoption of BS-VI Engine in India
· Make in India Initiative by the Government
· Green Urban Transport Scheme
Indian Industrial Lubricants Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding the majority of shares in the Indian industrial lubricants market are Indian Oil Corporation Ltd., Castrol (BP Plc), Gulf Oil Lubricants India, Hindustan Petroleum Corporation Limited, and Veedol.
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