India Industrial Lubricants Demand is Expected to Reach Around 1,570 Million Litres by 2023: Ken Research

India Industrial Lubricants Demand is Expected to Reach Around 1,570 Million Litres by 2023: Ken Research

PR Newswire

GURUGRAM, India, Feb. 5, 2019

India industrial lubricants market segmentation by origin (mineral, semi-synthetic and synthetic lubricants), by type of industrial lubricants (hydraulic oil, metal working fluids, industrial gear oils, turbine oils, compressor oils, industrial greases and others), by industrial end use (construction, mining and off-highway equipment; iron and non-iron production; general manufacturing, textile and chemicals; engineering equipment, automotive sector, power generation, cement and others), by type of distribution channel (direct sales and dealer network),by regional sales (north, south, east and west) and by basis of packaging (barrels, drums and tanker load; and smaller packs); Company Profile of Major Players (IOCL, HPCL, BPCL, Shell India, Gandhar Lubes, Gulf Petrochem (IPOL), Apar Industries and others)

GURUGRAM, India, Feb. 5, 2019 /PRNewswire/ --

Key Trends

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India has been emerging as one of the leading producers of the key industrial ores and minerals. With more equipment being put into action, the higher will be the demand for industrial lubricants for efficient and productive operation of mining equipment as they are used under extreme temperature and pressure conditions which would require regular lubrication. Also, mining operations in the eastern mining belt which were witnessed to stop before are now getting recovered as a result of which, possible mining recovery could be a significant volume driver in the future.

Among different type of industrial lubricants, gear and compressor oil lubes are emerging in India. Apart from that, lube manufacturers are in progress to develop and establish low-cost manufacturing platforms that would support mass production in the near future. Growing demand for industrial greases towards major industrial applications to maintain smooth working of machines is another key factor. Energy efficiency, extended maintenance intervals, increased thermal stress, reduced sump sizes, higher operating loads and speeds are some of the leading drivers which will also boost the demand for both synthetic as well as semi-synthetic lubes in future.

New Manufacturing Bases: General manufacturing businesses in India are further estimated to increase in the near future, especially the manufacturing processes of electronic components owing to its rising demand among the country's population. The government of India in January, 2018 has approved a total of 18 electronic manufacturing clusters in 12 states of India and another 90 manufacturing units have been booked towards seeking approval. New establishments would create a positive demand on the utilization of industrial lubricants to increase the efficiency as and output of machines used in the electronic manufacturing processes.

Analysts at Ken Research in their latest publication "India Industrial Lubricants Market Outlook to 2023 – Expected Tailwinds from Construction, Automotive and Tire Manufacturing along with Surging Penetration from International Companies"  believe that developing industrial lubricants for construction and mining based applications, improving sales and promotion/advertising of lubricants, introducing facilities for refining of used oil, recycling and effective disposal of lubricants, focusing towards improving logistics infrastructure and by investing in R&D will aid the industrial lubricants market in India. The market is expected to register positive CAGR of 5.0% in terms of revenue and 4.6% in terms of sales volume during the forecasted period FY'2018-FY'2023E.

Key Segments Covered:

By Type of Industrial Lubricants

By Industrial End Use

By Type of Distribution Channel

By Basis of Packaging

Key Target Audience:

Time Period Captured in the Report:

(FY refers to fiscal year ending 31st March of every year; E refers to Estimated Numbers)

Companies Covered:

For more information on the market research report please refer to the link below:

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/india-industrial-lubricants-market/177073-100.html

Key Topics Covered in the Report

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Ken Research, Head Marketing
Ankur@kenresearch.com
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