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Lubricant Sales Boosted by Economic Growth and Rising Incomes that Fuel More Intensive Vehicle Use and Increased Automobile Ownership
Demand for automotive lubricants in India is forecast to increase 5.5% per year through 2021, driven by an acceleration in economic growth that will boost the number of medium- and heavy-duty vehicles in use, as well as their annual distance traveled. A rapid increase in vehicle ownership levels as personal incomes rise will also support sales, as will stronger gains in construction and agricultural activity that will drive demand for off-highway equipment lubricants.
Key Findings in the Automotive Lubricants Market in India Study:
An Expanding Motor Vehicle Fleet Continues to Boost Sales
Ongoing expansion in commerce and shipping activity is expected to fuel more intensive use of medium and heavy vehicles, which account for over 40% of automotive lubricant sales in India. Lubricant suppliers will also benefit from growth in the country’s light vehicle park, which will continue to expand due to rising household income levels.
Motorcycles will remain another key market for automotive lubricants in India, largely due to the sheer size of the country’s motorcycle park, as well as continued overcrowding that makes public transportation difficult.
India’s Expanding Construction Sector and Increasingly Mechanized Agricultural Industry Fuel Lubricants Demand
India is projected to see strong gains in construction activity as the national government continues to invest in numerous road improvement and other infrastructure projects. Increased agricultural production and the ongoing shift to mechanized farm machinery will also boost lubricant sales.
Demand for Synthetic Formulations to Nearly Double by 2021
India is projected to see rapid advances in the demand for synthetic lubricants as more advanced engine technologies (that are more likely to use synthetic formulations) see greater adoption, and as more OEMs recommend these products for their ability to help improve fuel efficiency.
Growing consumer awareness of the performance advantages of synthetic lubricants will also buoy sales, as consumers want to protect what is considered a significant household investment.
This industry study presents historical demand data (2006, 2011, and 2016) and forecasts for 2021 by market (light vehicles, medium & heavy vehicles, off-highway equipment, motorcycles), product (engine oils, transmission & hydraulic fluids, gear oils & greases), and formulation (conventional, synthetic, re-refined/bio-based). The study also evaluates company market share and analyzes industry players including Bharat Petroleum, Castrol India (BP), Hindustan Petroleum, and Indian Oil.