The India lubricants market was valued at USD 7.19 billion in 2023 and is projected to reach USD 9.70 billion by 2030, expanding at a CAGR of 4.4% from 2024 to 2030. This growth is primarily driven by the rapid development of the Indian automotive sector and the expanding industrial landscape. Innovations in lubricant formulations, particularly in synthetic and bio-based products, are addressing the rising demand for high-performance and eco-friendly solutions.
In February 2023, Valvoline introduced a new range of engine oils for two-wheelers, claiming to improve fuel efficiency by up to 8%. These advanced lubricants are suitable for both current and older two-wheeler models starting from 125CC.
The increasing use of lubricants across manufacturing sectors is further supporting market expansion. Lubricants serve critical functions in these industries as transmission fluids, gear oils, compressor oils, metalworking fluids, and greases for heavy-duty equipment. Additionally, their use extends to the marine and aerospace sectors. In aerospace, specially formulated lubricants capable of withstanding extreme temperatures are essential for the operation of aircraft engines.
Key Market Insights:
- By product: Automotive lubricants led the market with a dominant revenue share of 57% in 2023. Growth in India’s automotive industry—driven by rising domestic demand and export opportunities—continues to fuel lubricant consumption as vehicle production and sales increase.
- Aerospace lubricants: This segment is anticipated to register the fastest CAGR during the forecast period. India’s growing Maintenance, Repair, and Overhaul (MRO) ecosystem, bolstered by supportive policy reforms aimed at positioning the country as a global MRO hub, is creating promising growth avenues for aerospace lubricants.
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Market Size & Forecast
- 2023 Market Size: USD 7.19 Billion
- 2030 Projected Market Size: USD 9.70 Billion
- CAGR (2024-2030): 4.4%
Key Companies & Market Share Insights
Some of the key entities actively involved in the market include HP Lubricants, Indian Oil Corporation Ltd, and CASTROL LIMITED.
Indian Oil Corporation Ltd. (IOCL) offers its lubricant products under the well-recognized brand name Servo. Servo stands as a leading force in the Indian lubricants sector, providing a comprehensive portfolio designed for diverse applications such as automotive, industrial, and marine. Its product line encompasses a wide array of engine oils suitable for petrol, diesel, and CNG/LPG vehicles, serving both passenger and commercial transportation needs.
HP Lubricants is the brand name used by Hindustan Petroleum Corporation Limited (HPCL) for its lubricant offerings. A substantial participant in the Indian lubricants industry, HP Lubricants delivers a complete spectrum of products specifically formulated for various uses within the automotive, industrial, and specialty domains. The company draws upon HPCL's extensive background in the oil and gas sector to craft premium lubricants that effectively address the dynamic demands of Indian consumers and industries.
Key Players
- CASTROL LIMITED
- HP Lubricants
- Indian Oil Corporation Ltd
- Shell
- Gulf Oil International Ltd
- Valvoline
- TotalEnergies
- Exxon Mobil Corporation.
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Conclusion:
India’s lubricants market is projected to grow steadily through 2030, driven by rising demand from the automotive and manufacturing sectors. Automotive lubricants currently dominate the landscape and are supported by expanding vehicle sales and export opportunities. The aerospace segment stands out as the fastest-growing, fueled by increasing domestic air travel and a thriving aircraft maintenance sector. Major brands are innovating with synthetic oils tailored for performance and electric vehicles, and campaigns are raising awareness of engine upkeep. The strategic push toward MRO infrastructure and the rise of EVs are creating new avenues for specialty lubricants in aviation and automotive applications.
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