Dublin, June 01, 2023 (GLOBE NEWSWIRE) — The “India Automotive Lubricants Market by Vehicle Type (Two Wheelers, Three Wheelers, Passenger Cars, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR), by lubricant type, by base Added Petrol report, by demand category, by region, competition, forecast and opportunities, 2028” ResearchAndMarkets.com’s offers
The automotive lubricants market in India is valued at USD 5.92 billion by 2022 and is expected to grow at a CAGR of 8.08% during the forecast period.
The increasing number of vehicles on the road is increasing the demand for high quality lubricants. Lubricants improve the fuel efficiency of the vehicle and reduce the temperature by absorbing the heat generated. These factors have contributed to an increase in demand for automotive lubricants.
Other factors such as increasing consumer purchasing power and product innovations to improve oil quality are expected to drive the growth of the automotive lubricants market in India.
Increasing focus on the protection of automotive components and systems
Market acceptance of automotive lubricants is driven by factors such as durability and vehicle protection. By dramatically reducing friction between parts, they provide defense against damage to a vehicle’s systems and parts.
In addition, the need for lower viscosity, better performing lubricating oils is continuously growing due to the industry’s use of smaller and more complicated automotive systems. In addition, the increasing standards of high performance in automobiles are encouraging the use of new products.
Automotive lubricants are essential to ensure that industrial vehicles operate effectively in a variety of adverse weather conditions. For example, tractor engine oils not only maintain the high performance of the tractor in the field and harsh weather conditions, but also help improve the compatibility of the hardware with the harshness.
The new government standardization is increasing the demand for lubricants
With the new laws, there will be numerous technological advances in cars, which will have a big impact on both their price and their operation.
OEMs and legislators are focusing on universal lubricant grade standardization, which is expected to drive the development of high-quality lubricants. The lubricant must meet the performance levels required for specific applications as well as those established by the competent authorities. The lubricant improves fuel efficiency and reduces greenhouse gas emissions from vehicles.
For example, installation of DPF (Diesel Particulate Filter), SCR (Selective Catalytic Reduction), etc. modules would be one of the key adjustments made to the cars in response to BS-VI standards. In addition, Low SAPS (sulphated ash, phosphorus and sulfur) lubricants need to be developed to adapt to these technical advances to work with aftertreatment equipment. As a result, fitness testing is mandatory to reduce vehicle pollution, which is driving the automotive lubricants market in India.
Increase in the size of the vehicle fleet
As the number of vehicles on the road increases and public awareness of the benefits of motor oils and other lubricants grows, so does the need for automotive oil, lubricants and greases. Increasing purchasing power and disposable income of customers is expected to drive the market through automobile sales.
In addition, oil and lubricant producers as well as original equipment manufacturers (OEMs) have increased the demand for lubricants in the Indian automobile market as the number of vehicles on the road requires regular service and maintenance. Additionally, a partnership between OEMs and lubricant producers is on the rise to meet consumer demand.
Competitive landscape
Key players are developing advanced technologies to stay competitive in the market and enhance their product portfolio across regions to increase their customer reach.
Company Profiles: Detailed analysis of major companies present in the Indian Automotive Lubricants market.
-
Indian Oil Corporation Limited
-
Castrol India Limited
-
Bharat Petroleum Corporation Limited
-
Hindustan Petroleum Corporation Limited
-
Tidewater Oil Corporation India Limited
-
Gulf Oil Lubricants India Limited
-
Valvoline Cummins Private Limited
-
Shell Private Limited Company
-
Savita Oil Technologies Ltd
-
Total Oil India Private Limited
Scope of the report:
India Automotive Lubricants Market, by Type:
-
engine oil
-
Gear oil
-
fat
-
Transmission fluids
-
others
India Automotive Lubricants Market, By Vehicle Type:
India Automotive Lubricants Market, By Base Oil:
-
synthetic
-
Semi-synthetic
-
minerals
India Automotive Lubricants Market, By Demand Category:
India Automotive Lubricants Market, by Region:
For more information on this report, visit https://www.researchandmarkets.com/r/9hoivv
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
