India Industrial Lubricant Market Analysis & Forecast, 2027

India Industrial Lubricant Market Forecast & Opportunities, 2027

Published: November 2020

2© TechSci Research

S. No. Contents

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. India Industrial Lubricant Market Outlook, 2013 -2023

5.1. Market Size & Forecast

5.1.1. By Value

5.1.2. By Volume

5.2. Market Share & Forecast

5.2.1.By Lubricant Type (Metal Working Fluid, Industrial Engine Oil, Hydraulic Oil, Grease, Gear Oil, Compressor Oil, Bearing Oil and Others)

5.2.2.By Application (Machining, Hydraulics, Gear, Bearing, Turbine, Air Compressor and Others)

5.2.3.By End Use (Power and Oil & Gas, Construction & Mining, Automotive & Auto Components, Iron & Steel, Chemical, Marine & Shipping, Machine Tools & Machinery and Others)

5.3.4. By Sales Channel (Direct, Distributors, and Traders & Retailers)

5.2.5. By Region

5.2.6. By Company

T a b l e o f C o n t e n t s


S. No. Contents

6. India Hydraulic Oil Market Outlook, 2013-2023


6.1.1. By Value

6.1.2. By Volume


6.2.1. By Packaging

6.2.2. By End Use

6.2.3. By Sales Channel

7. India Metal Working Fluid Market Outlook, 2013-2023


7.1.1. By Value

7.1.2. By Volume


7.2.1. By Packaging

7.2.2. By End Use


8. India Industrial Engine Oil Market Outlook, 2013-2023


8.1.1. By Value

8.1.2. By Volume


8.2.1. By Packaging



S. No. Contents

8.2.2. By End Use


9. India Grease Market Outlook, 2013-2023


9.1.1. By Value

9.1.2. By Volume


9.2.1. By Packaging

9.2.2. By End Use


10. India Gear Oil Market Outlook, 2013-2023


10.1.1. By Value

10.1.2. By Volume


10.2.1. By Packaging

10.2.2. By End Use


11. India Compressor Oil Market Outlook, 2013-2023


11.1.1. By Value

11.1.2. By Volume



S. No. Contents



11.2.2. By End Use


12. India Bearing Oil Market Outlook, 2013-2023


12.1.1. By Value

12.1.2. By Volume



12.2.2. By End Use


13. Market Dynamics

13.1. Drivers

13.2. Challenges

14. Market Trends & Developments

15. Policy & Regulatory Landscape




S. No. Contents

16. India Economic Profile

17. Competitive Landscape

17.1. Company Profiles

17.1.1. Indian Oil Corporation Limited

17.1.2. Bharat Petroleum Corporation Limited

17.1.3. Castrol India Limited

17.1.4. Hindustan Corporation Limited

17.1.5. Tide Water Oil Co. (India) Ltd

17.1.6. Shell India Market Pvt. Limited

17.1.7. Gulf Petrochem Petroleums Limited

17.1.8. ExxonMobil Lubricants Pvt. Limited

17.1.9. Gulf Oil Lubricants India Limited

17.1.10. Total Oil India Pvt. Limited

18. Strategic Recommendations

19.About Us & Disclaimer

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Scope of ReportProduct of Interest (POI): Industrial Lubricant

Review Period

FY 2013 – FY2019

Base Year

FY 2020

Estimated Year

FY 2021

Forecast Period

FY 2022 – FY 2027

Year Range

Market Coverage

Lubricant is a substance which is used for the reduction of friction between surfaces in mutual contact and reduce heatgeneration in automobile engines. Industrial Lubricants as well as fluids are sub-categories of lubricants and are usedfor applications in automobile industry.Industrial Lubricants are the motor oils containing dispersant-detergent, anti-wear and antioxidants as additives toprovide demulsibility, dispersancy, adhesiveness and corrosion resistance to regulate flash point, provide durability toengines and other vehicle parts, enhance pressure handling ability, reduce friction and protect material.

REGION

• North

• East

• South

• West

LUBRICANT TYPE

• Metal Working Fluid

• Industrial Engine Oil

• Hydraulic Oil

• Grease

• Gear Oil

• Compressor Oil

• Bearing Oil and Others

• Machining

• Hydraulics

• Gear

• Bearing

• Turbine

• Air Compressor

• Others

APPLICATION

LUBRICANT TYPE

• Power

• Oil & Gas

• Construction & Mining,

Automotive & Auto Components,

Iron & Steel

• Chemical

• Marine & Shipping

• Machine Tools & Machinery

Others

SALES CHANNEL

• Direct

• Distributors

• Traders & Retailers

© TechSci Research 8

RESEARCH METHODOLOGY

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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 Industrial

Lubricant 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 Industrial Lubricant 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

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Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of the India Industrial Lubricant market. The team has analyzed

the outlook of various segments of this market, while considering the major influencing factors such as rising demand of the product in different

Vehicle Segments. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to

achieve sustainability in the India Industrial Lubricant market.

Methodology Followed for Calculation of Market Size:

• Market Size by Value & Volume: Market size, in terms of value, for the FY2020 was calculated based on information collected through exhaustive

secondary research and primary surveys, with various key opinion leaders/stakeholders, such as Industrial Lubricant companies, channel partners,

market influencers & End Use, industry experts, and other industry participants.

• The team interviewed more than 8-10 Industrial Lubricant companies, 50 – 75 end users, and 15 – 20 industry experts and other value chain

stakeholders in the global Industrial Lubricant 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. The

currency used in the report is the United States Dollar (USD), with the market size indicated in USD million.

Currency 2020 2019 2018 2017 2016 2015 2014 2013

Indian INR / USD 74.15 70.42 68.45 65.13 67.20 64.18 61.02 58.63

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• Respondents were asked about the current and future market growth rates, market shares by Sales Channel, by base oil, by company and by region

. Removing the outlier responses, the geometric mean of growth estimates and provider 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.

• We captured country wise production and foreign trade. Demand was estimated adding import and subtracting production in production. Inventory

of product is not considered for demand supply gap.

Methodology Followed for Calculation of Market Shares:

Market shares by end use, by application, by end use, by company and by region 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 Industrial

Lubricant markets. 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 global Industrial

Lubricant market, TechSci Research used various forecast techniques such as:

✓ Moving Average

✓ Time Series Analysis

✓ Regression Analysis Econometric and Judgmental Analysis

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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 and Suppliers Interviewed Key Secondary End Uses

▪ Indian Oil Corporation Ltd.

▪ Bharat Petroleum Corporation Ltd.

▪ Castrol India Ltd.

▪ Bharat Petroleum Corporation Ltd.

▪ Hindustan Petroleum Corporation Ltd.

▪ Tidewater Oil Corporation India Ltd.

▪ Valvoline Cummins India Private Ltd.

▪ Gulf Oil Lubricants India Ltd.

▪ Shell India

▪ Exxon Mobil Lubricants Private Ltd.

▪ Total Oil India Pvt Ltd.

▪ World Bank

▪ TechSci Research Proprietary Database & Knowledge

Repository

▪ Company Annual Reports

▪ Industry Magazines

▪ Industry Reports

▪ News Dailies

▪ Credible Paid Databases

▪ Society of Indian Automotive Manufacturers

▪ Ministry of Road Transport and Highways

▪ Independent Lubricant Manufacturers Association

▪ OICA

▪ PPAC

▪ UN Comtrade

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Industry Brief

According to TechSci Research report, “India Industrial Lubricant Market By Lubricant Type (Metal Working Fluid, Industrial Engine Oil, Hydraulic

Oil, Grease, Gear Oil, and Others), By Application (Machining, Hydraulics, Gear, Bearing, Turbine, Air Compressor and Others), By Packaging

Size (Less than and equal to 2 liters, 5 Liters, 10 Liters, 20 Liters, Barrel), By End Use (Construction & Mining, Automotive & Auto Components,

Marine & Shipping, Machine Tools & Machinery and Others), By Sales Channel (Direct, Distributors, and Traders & Retailers), By Region,

Competition, Forecast & Opportunities, FY2013 – FY2027”, industrial lubricant market in India is projected to reach USD 1.91 billion by FY2027

and the market is expected to grow at a CAGR of 3.66% in the forecast years. Over the past few years, industrial lubricant market has witnessed

constant growth, owing to increasing demand from sectors and increased preference for higher performance oil and technological upgradations

coupled with lubricant companies focusing on higher margin, is expected to fuel the country’s industrial lubricant market. Government projects

aimed at developing smart cities, in addition to 100% FDI in construction development sector is expected to boost the construction market.

Moreover, the government is planning to develop new seaports and airports. Initiatives taken by the Governments to boost the infrastructure of

the country and increasing demand for advanced lubricants with higher specifications such as low viscosity and long lifespan has been

increasing across the country are catalyzing the demand for heavy machinery requiring industrial lubricants for proper functioning.

India automotive industry is expanding at a fast rate to meet the growing domestic demand for all kind of vehicles. For instance, Hyundai Motor

India Ltd (HMIL) has already expanded its production capacity from 0.71 million units to 0.75 million units and planning to enhance by 0.5 million

by next year .Moreover, growing investments in the aviation sector are expected to boost the demand for industrial lubricants, owing to the

propelling demand for heavy and light machinery equipment. For instance, Uttar Pradesh government has approved USD194.04 million for Jewar

Airport Project. The first phase of the project is expected to be completed by 2023. Delhi International Airport will invest USD285.71 million for its

capacity expansion and the project is estimated to be completed by 2022.

Hydraulic oil is used in various industries for several applications such as pneumatic and hydraulic systems, heavy machinery, construction

business, cement manufacturing and mining activities. Government initiatives aimed at the construction of more than 100 smart cities in India by

2022 would boost the demand for heavy machinery, which in turn is expected to increase the demand for hydraulic oil in coming years. As

players in the country’s mining sector are boosting their production capacities, demand for heavy equipment with large size hydraulic boxes is

increasing, which is in turn is fueling the hydraulic oil segment. For instance, Kusmunda Coal Mining Project in Chhattisgarh is expanding its

production capacity from 18.75 MTPA to 50 MTPA.

“West India is the largest demand generating region for industrial lubricants in India, growing number of government initiatives such as Green

Energy Corridor in Gujarat, Maharashtra and Madhya Pradesh are scheduled for implementation by FY 2024. Moreover, continuous rise in oil &

gas production capacities in Gujarat and Maharashtra are expected to boost the demand for industrial lubricants over the coming years. The

region has the maximum installed capacity of Power Generation i.e., Hydro, Thermal, Nuclear and Renewable and it is expected that the capacity

will increase in the coming years. These factors are likely to boost the demand for industrial lubricants in West India in coming years.”, said Mr.

Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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Sample Data - Snapshot

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021E FY2022F FY2023F FY2024F FY2025F FY2026F FY2027F

By Volume (Million Litres)

By Value (INR Billion)

India Industrial Lubricant Market Size, By Value (INR Billion) & By Volume (Million Liters), FY2013–FY2027F

FY2013-FY2020

CAGR

xx% By Value

xx% By Volume

FY2021E-FY2027F

CAGR

xx% By Value

xx% By Volume

India Hydraulic Oil Market Share, By Packaging Size, By Volume, FY 2013 – FY 2027F


Barrel (200 Litre and above) 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

20 Liters 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

10 Liters 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%

5 Liters 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Less than and equal to 2 liters 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

India Bearing Oil Market Share, By Sales Channel, By Volume, FY 2013 – FY 2027F


Direct 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

Distributor 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

Trader & Retailer 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

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India Industrial Lubricant Market Analysis & Forecast, 2027