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India Industrial Lubricant Market Analysis & Forecast, 2027
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Transcript of 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
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S. No. Contents
6. India Hydraulic Oil Market Outlook, 2013-2023
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share & Forecast
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. Market Size & Forecast
7.1.1. By Value
7.1.2. By Volume
7.2. Market Share & Forecast
7.2.1. By Packaging
7.2.2. By End Use
7.2.3. By Sales Channel
8. India Industrial Engine Oil Market Outlook, 2013-2023
8.1. Market Size & Forecast
8.1.1. By Value
8.1.2. By Volume
8.2. Market Share & Forecast
8.2.1. By Packaging
T a b l e o f C o n t e n t s
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S. No. Contents
8.2.2. By End Use
8.2.3. By Sales Channel
9. India Grease Market Outlook, 2013-2023
9.1. Market Size & Forecast
9.1.1. By Value
9.1.2. By Volume
9.2. Market Share & Forecast
9.2.1. By Packaging
9.2.2. By End Use
9.2.3. By Sales Channel
10. India Gear Oil Market Outlook, 2013-2023
10.1. Market Size & Forecast
10.1.1. By Value
10.1.2. By Volume
10.2. Market Share & Forecast
10.2.1. By Packaging
10.2.2. By End Use
10.2.3. By Sales Channel
11. India Compressor Oil Market Outlook, 2013-2023
11.1. Market Size & Forecast
11.1.1. By Value
11.1.2. By Volume
T a b l e o f C o n t e n t s
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S. No. Contents
11.2. Market Share & Forecast
11.2.1. By Packaging
11.2.2. By End Use
11.2.3. By Sales Channel
12. India Bearing Oil Market Outlook, 2013-2023
12.1. Market Size & Forecast
12.1.1. By Value
12.1.2. By Volume
12.2. Market Share & Forecast
12.2.1. By Packaging
12.2.2. By End Use
12.2.3. By Sales Channel
13. Market Dynamics
13.1. Drivers
13.2. Challenges
14. Market Trends & Developments
15. Policy & Regulatory Landscape
T a b l e o f C o n t e n t s
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T a b l e o f C o n t e n t s
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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Research Methodology
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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Research Methodology
• 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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Research Methodology
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
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021E FY2022F FY2023F FY2024F FY2025F FY2026F FY2027F
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
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021E FY2022F FY2023F FY2024F FY2025F FY2026F FY2027F
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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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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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
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