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Lubricants being an essential part of industries, its market in India was valued at 2,610 kiloton in 2020, and is projected to grow at a CAGR of more than 1.5 per cent during the period 2021-2026. The lubricants market in India is segmented by product type such as engine oil, transmission and hydraulic fluid, metal working fluid, and end-user industry like automotive, industrial, agriculture, etc
Several industries have an increasing usage of high-performance synthetic lubricants, which is expected to drive the demand for lubricants in the country. The Indian automotive segment, particularly the two-wheeler production is on a constant growth scale, which is driving the growth of the lubricants market to a great extent. Construction is projected to be another end-use industry that is pushing the growth in the lubricants market. Advanced technology industries such as E-mobility, aerospace and energy are also creating growth opportunities for the lubricants market in India as new requirements are evolving constantly.