India Automotive Lubricants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 2.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Automotive Lubricants Market Analysis
The India Automotive Lubricants Market size is estimated at 100 Million tons in 2024, and is expected to reach 150 Million tons by 2029, growing at a CAGR of 2% during the forecast period (2024-2029).
In 2020, COVID-19 negatively impacted the automotive lubricants market in India. However, the market has now been estimated to have reached pre-pandemic levels and is forecast to grow steadily in the future.
- The rise in the number of passenger cars in the nation is the major factor driving the demand for automotive lubricants during the forecast period.
- On the other hand, the growing penetration of electric cars is likely to slow the growth of the market.
- The engine oil product type was the most popular in the market, and this is likely to stay the case over the next few years.
- In the future, the market is likely to benefit from the opening of new manufacturing plants and the increased capacity of the plants that are already there.
India Automotive Lubricants Market Trends
Engine Oil to Dominate the Market
- Engine oils are widely used for lubricating internal combustion engines in different types of automobiles. They are generally composed of base oils and additives.
- The base stock is either made using petroleum, synthetic chemicals, or both. The base stock is responsible for lubricating the engine's moving parts and removing the excess built-up heat.
- Various additives added to engine oils include oxidation inhibitor additives, dispersant additives, detergent additives, anti-foam additives, viscosity index modifiers, anti-wear additives, corrosion inhibitor additives, and antifreeze additives. It controls the oil's viscosity and lubricity and protects the engine parts against wear and tear.
- Some of the most important things that engine oils do are protect against corrosion and wear and tear so that the engine lasts longer and works better, reduce friction so that the engine works better and uses less fuel, get rid of impurities so that the engine is clean, make the engine as efficient as possible, and keep energy from escaping by keeping it cool.
- According to IBEF, India holds a strong position in heavy vehicles market globally. It is the largest producer of tractor, second-largest manufacturer of bus, and third-largest heavy truck producer globally. This leads to the increased demand for engine oil from automotive sector.
- The country witnessed a significant increase in the sales of passenger vehicles and commercial vehicles. For instance, according to International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehicles in 2022 in India was 1.02 million units.
- In addition, according to OICA, the sales of new vehicles in India increased from 3,816,858 units in 2019 to 4,725,472 units in 2022 with 23.8 % rise.
- According to Society of Indian Automobile Manufacturers (SIAM), the domestic sales of commercial vehicles increased from 7,16,566 units in 2021 to 9,62,468 units in 2022.
- Moreover, according to OICA, the production of motor vehicle in India incresed by 21% from the previous year. The production increased from 4.4 million units in 2021 to 5.46 million units in 2022.
- Moreover, according to IBEF, India’s annual production of automobiles in FY22 reached 22.93 million vehicles.
- So, because of all of these things, the engine oil segment is expected to lead the lubricants market in India over the next few years.
Rising Use of Passenger Vehicles In The Country
- Automotive lubricants provide durability and protection and increase the efficiency of passenger vehicles. As a result, the improving passenger vehicle segment will significantly fuel market growth during the forecast period.
- Transmission and gear oil are consumed significantly in passenger vehicles.
- The growing preference for automatic transmissions over manual transmissions in passenger vehicles has increased the demand for automatic transmission oils.
- Passenger vehicles require high-performance greases. Due to properties like mechanical stability, temperature tolerance, water resistance, and oxidant resistance, grease is used in various auto parts, such as wheel bearings, universal joints, suspensions, gears, switches, and connectors.
- Lubricants are used a lot to keep gear teeth from breaking from friction and to make sure things work smoothly and well.
- The country witnessed a significant increase in the production of passenger vehicles. For instance, according to OICA, the production of passenger vehicles reached 3,792,356 units in 2022, representing an increase of 23% compared to the previous year.
- Furthermore, according to the latest data published by the Society of Indian Automobile Manufacturers, domestic sales of passenger vehicles reached 38,90,114 units in November 2022. Thus, with the rising production and sales of passenger vehicles, the demand for automotive lubricants increases significantly in the country.
- Moreover,a ccording to the Society of Indian Automobile Manufacturers, export of automobile reached 6,62,891 units for the financial year 2022-23 with increase from 5,77,875 units in 2022-2021.
- Therefore, owing to all the aforementioned factors, the expanding passenger vehicle segment is likely to increase the demand for lubricants in India during the forecast period.
India Automotive Lubricants Industry Overview
The Indian automotive lubricants market is highly consolidated. Some of the major players in the market include (not in any particular order) Indian Oil Corporation Ltd., BP p.l.c., Hindustan Petroleum Corporation Limited, Gulf Oil International Ltd., and Bharat Petroleum Corporation Limited, among others.
India Automotive Lubricants Market Leaders
-
Bharat Petroleum Corporation Limited
-
Indian Oil Corporation Ltd.
-
BP p.l.c.
-
Hindustan Petroleum Corporation Limited
-
Gulf Oil International Ltd
*Disclaimer: Major Players sorted in no particular order
India Automotive Lubricants Market News
- January 2023: McLaren Automotive, a luxury supercar company, announced the renewal of its partnership with Gulf Oil International as its official lubricant and fuel partner for 2023.
- June 2022: Shell introduced a used oil management service as part of a new attempt to organize India's waste oil disposal infrastructure and enhance re-refining rates. In order to start collecting and re-refining used oil across India, Shell partnered with used oil refiners. These partners share the objective of advancing the lubricants industry's circular economy.
India Automotive Lubricants Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Rising Use of Passenger Vehicles In The Country
- 4.1.2 Other Drivers
-
4.2 Restraints
- 4.2.1 The Growing Penetration of Electric Vehicles
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
-
5.1 Product Type
- 5.1.1 Engine Oils
- 5.1.2 Transmission Oils
- 5.1.3 Hydraulic Fluids Greases
- 5.1.4 Greases
-
5.2 Vehicle Type
- 5.2.1 Passenger Vehicles
- 5.2.2 Commercial Vehicles
- 5.2.3 Motorcycles
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
-
6.4 Company Profiles
- 6.4.1 Hindustan Petroleum Corporation Limited
- 6.4.2 Bharat Petroleum Corporation Limited
- 6.4.3 BP p.l.c.
- 6.4.4 Exxon Mobil Corporation
- 6.4.5 Gulf Oil International Ltd.
- 6.4.6 Indian Oil Corporation Ltd.
- 6.4.7 Motul
- 6.4.8 Shell
- 6.4.9 Tide Water Oil Co. (India) Ltd.
- 6.4.10 TotalEnergies
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 New Manufacturing Plants and Growing Installation Capacity of the Existing Plants
- 7.2 Other Opportunities
India Automotive Lubricants Industry Segmentation
Lubricant products are made from a combination of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 75-90%. Automotive lubricants protect the vehicle and increase the efficiency of the vehicle.
The India Automotive Lubricants Market is segmented based on product type and vehicle type. By product type, the market is segmented into engine oils, transmission oils, hydraulic fluids, and greases. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and motorcycles. For each segment, market sizing and forecasts have been provided on the basis of volume (metric tons).
| Product Type | Engine Oils |
| Transmission Oils | |
| Hydraulic Fluids Greases | |
| Greases | |
| Vehicle Type | Passenger Vehicles |
| Commercial Vehicles | |
| Motorcycles |
India Automotive Lubricants Market Research FAQs
How big is the India Automotive Lubricants Market?
The India Automotive Lubricants Market size is expected to reach 100 million tons in 2024 and grow at a CAGR of 2% to reach 150 million tons by 2029.
What is the current India Automotive Lubricants Market size?
In 2024, the India Automotive Lubricants Market size is expected to reach 100 million tons.
Who are the key players in India Automotive Lubricants Market?
Bharat Petroleum Corporation Limited, Indian Oil Corporation Ltd., BP p.l.c., Hindustan Petroleum Corporation Limited and Gulf Oil International Ltd are the major companies operating in the India Automotive Lubricants Market.
What years does this India Automotive Lubricants Market cover, and what was the market size in 2023?
In 2023, the India Automotive Lubricants Market size was estimated at 98 million tons. The report covers the India Automotive Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Automotive Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Lubricants in India Industry Report
Statistics for the 2024 Automotive Lubricants in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Lubricants in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
