India Base Oil Market Forecast 2025

MARKET INTELLIGENCE . CONSULTING

www.techsciresearch.com

INDIA BASE OIL MARKET

FORECAST & OPPORTUNITIES

2015 – 2025

2

Scope of ReportProduct of Interest (POI): Base Oil

Review Period

2015 – 2018

Base Year

2019

Estimated Year

2020

Forecast Period

2021 – 2025

Year Range

India base oil market is expected to grow at a formidable rate during the forecast period. Growth ofbase oil market in India can be majorly attributed to rapid industrialisation, growing automotiveindustry and rise in number of automobile manufacturing plants in the country. Moreover, increasinguse of lubricants in numerous end user industries is further propelling the product demand in thecountry. Furthermore, rise in sale of vehicles along with growing logistics & aviation and tradeindustries are anticipated to play a considerable role in bolstering the growth of India base oil market.

BASE OIL MARKET

Market Segmentation

APPLICATION

• Automotive Oil

• Industrial Oil

• Metalworking Fluids

• Hydraulic Oil

• Greases

• Others

TYPE

• Group I

• Group II

• Group III

• Group IV

• Group V

• East

• West

• North

• South

REGION

3

S. No. Contents Page No.

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. India Base Oil Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value & Volume

5.2. Market Share & Forecast

5.2.1. By Type (Group I, Group II, Group III, Group IV, and Group V)

5.2.2.By Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Hydraulic Oil, Greases, and Others)

5.2.3. By Region (East; West; North; South)

5.2.4. By Company (2019)

5.3. Market Attractiveness Index

6. North India Base Oil Market Outlook




6.2.1. By Type

6.2.2. By Application

Table of Contents

4


7. East India Base Oil Market Outlook




7.2.1. By Type


8. South India Base Oil Market Outlook




8.2.1. By Type


9. West India Base Oil Market Outlook




9.2.1. By Type


10. Market Dynamics

10.1. Drivers

10.2. Challenges

Table of Contents

5


11. Market Trends & Developments

12. Policy & Regulatory Landscape

13. Pricing Analysis

14. India Economic Profile

15. Competitive Landscape

16. Strategic Recommendations

17. About Us & Disclaimer

Table of Contents

RESEARCH METHODOLOGY

7

Research Methodology

✓ Identifying Key Opinion

Leaders

✓ Questionnaire Design

✓ In-depth Interviews

Data Collection

Developing List of Respondents

Formulating Questionnaire

Market Profiling

Data Validation

Data Analysis

In-depth secondary research was conducted to

determine top players in the India base oil market,

overall market size and segmental market size.

In order to conduct industry experts’

interviews, TechSci formulated a detailed

discussion guide.

List of industry players and industry

specialists was developed.

TechSci conducted interviews with

industry experts and industry players for data collection and

verification.

Data obtained as a result of primary and secondary research was

validated through rigorous

triangulation.

The data was scrutinized using MS-Excel, statistical

tools and internal proprietary database to obtain qualitative and

quantitative insights about the India base oil market.

Data

Collection

Data Filter

& AnalysisResearch &

Intelligence

Actionable

InsightsBusiness

Solution

Primary Research Desk Research Company Analysis

✓ Recent Developments

✓ Market Changing

Aspects/Dynamics

✓ Government Policies

✓ Conclusion

✓ Market Participants

✓ Key Strengths

✓ LinkedIn✓ TechSci Internal

Database

✓ Factiva✓ Hoovers

Paid Sources

✓ Company Websites✓ Company Annual

Reports✓ White Paper Study✓ Financial Reports✓ Investor

Presentations✓ Regulatory Body✓ Associations, etc.

Secondary Research

Primary Research

8


Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of India base oil market. The team has analyzed the outlook of

various segments of this market, while considering the major influencing factors such as rapid industrialization, rapidly growing automotive industry and

rise in number of automobile manufacturing plants and speculated a positive outlook during the next five years. The study includes market forecasting,

which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India base oil market.

Methodology Followed for Calculation of Market Size:

• Market Size by Value & Volume: Market size, in terms of value & volume, for the year 2019 was calculated based on information collected through

exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as base oil manufacturer and supplier

companies, channel partners, end users, industry experts, and other industry participants.

• The team interviewed more than 12 – 15 base oil manufacturer and supplier companies, 45 – 50 end users, and 8 – 10 industry experts and other value

chain stakeholders in the India base oil market to obtain the overall market size from 2015 to 2019, which was validated by the Delphi technique.

Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2015-2019.

9


• Respondents were asked about the current and future market growth rates, market shares by type, by application, by region and by company.

Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments

were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other

stakeholders.

Methodology Followed for Calculation of Market Shares:

Market shares by type, by application, by region and by company were calculated based on the responses received through primary surveys with

industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of base oil market. The

final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting:

• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in

SPSS/Tableau Software.

• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India base oil

market, TechSci Research used various forecast techniques such as:

✓ Moving Average

✓ Time Series Analysis

✓ Regression Analysis

✓ Econometric and Judgmental Analysis

10


TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used

the impact analysis during short, medium, and long-term period to estimate the demand and to reach accurate market numbers. It should be noted

that the figures compiled are only for the organized market including market share data.

Partial List of Companies Interviewed Key Secondary Sources

▪ Indian Oil Corporation Ltd.

▪ Hindustan Petroleum Corporation Limited

▪ Bharat Petroleum Corporation Limited

▪ Total S.A.

▪ SK Lubricants & Oils India Pvt Ltd.

▪ BP PLC

▪ Chevron Lubricants India Pvt Ltd.

▪ Petronas Pvt. Ltd.

▪ Shell India Pvt Ltd

▪ World Bank

▪ TechSci Research Proprietary Database & Knowledge

Repository

▪ Company Annual Reports

▪ Industry Magazines

▪ Industry Reports

▪ Statista

▪ News Dailies

▪ Credible Paid Databases

11

Industry Brief

According to TechSci Research report, “India Base Oil Market By Type, By Application, Competition, Forecast & Opportunities, 2025”,

India base oil market is predicted to grow at a steady pace during the forecast period on account of rising concerns over

environmental degradation coupled with the subsequent upsurge in demand for alternative, sustainable products having lower carbon

footprints. In addition to this, increasing adoption of group II as well as group III base oil on account of increasing ground

transportation, commercial road transportation and aviation is expected to support the base oil market growth in the country over the

next five years. Furthermore, expanding production capabilities in the country is likely to provide lucrative growth opportunities for the

market during the forecast period. However, volatility of crude oil prices might hamper the growth of India base oil market through

2025.

In terms of type, the India base oil market is segmented into group I, group II, group III, group IV, and group V. Among them, group II

and III segments jointly accounted for one-third of the market share until 2019. But group II base oil type, is the top investment pocket

and is projected to lead the market in the years to come, which can be attributed to the replacement of group I base oil because of

the shifting trend towards low and mid SAPS specifications and lighter viscosity grades. Moreover, the high adoption of group II base

oil is largely credited to its higher performance and affordability when compared to the other groups of base oil.

Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Total S.A., SK

Lubricants & Oils India Pvt Ltd., BP PLC, Chevron Lubricants India Pvt Ltd, Petronas Pvt. Ltd., Shell India Pvt Ltd, ADNOC etc.

among others are the leading players operating in India base oil market.

“Increasing GDP owing to surging industrial activities has increased the demand for base oil in this country. Growth of transportation,

mining, power generation, and other sectors in the country are also some other factors adding to the growth of the India base oil

market. In addition to this, rising demand for oils in the automotive sector and stringent environmental legislation leading to strict

performance standards is further anticipated to give a healthy push to the market growth through 2025.”, said Mr. Karan Chechi,

Research Director with TechSci Research, a research-based India management consulting firm.

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Sample Data - Snapshot

5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00

10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 100.00 110.00

2015 2019 2020E 2025F

By Value (USD Million)

By Volume (Kilo Tons)

India Base Oil Market Size, By Value (USD Million) & By Volume (Kilo Tons), 2015–2025F

CAGR By Value & Volume

XX%CAGR By Value & Volume

YY%

India Base Oil Market Share, By Type, By Value, 2015–2025F

25%25%25%25%25%25%25%25%25%25%25%

25%25%25%25%25%25%25%25%25%25%25%

25%25%25%25%25%25%25%25%25%25%25%

10%10%10%10%10%10%10%10%10%10%10%

15%15%15%15%15%15%15%15%15%15%15%

2015

2016

2017

2018

2019

2020E

2021F

2022F

2023F

2024F

2025F

Group I Group II Group III Group IV Group V

North India Base Oil Market Share, By Application, By Value, 2015–2025F

25%25%25%25%25%25%25%25%25%25%25%

25%25%25%25%25%25%25%25%25%25%25%

25%25%25%25%25%25%25%25%25%25%25%

10%10%10%10%10%10%10%10%10%10%10%

10%10%10%10%10%10%10%10%10%10%10%

5%5%5%5%5%5%5%5%5%5%5%

2015

2016

2017

2018

2019

2020E

2021F

2022F

2023F

2024F

2025F

Automotive Oil Industrial Oil Metalworking Fluids Hydraulic Oil Greases Others

13

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Report Name: INDIA BASE OIL MARKET

FORECAST & OPPORTUNITIES

2015 – 2025

https://www.techsciresearch.com/report/india-base-oil-market/4410.html

About Us & Disclaimer

TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas

to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting

models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and

global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the

market.

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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or

complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand.

However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results

obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together

with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal

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