The growth of the India industrial lubricant market can be ascribed to rapid industrialization in the country Furthermore the market is being driven by significant growth in other sectors such as automotive agriculture construction mining etc ID: 904196
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India Industrial Lubricant Market, By Product Type- Trend Analysis, Competitive Market Share & Forecast, 2021-2027
Slide2India Industrial Lubricant Market- Industry Trends & Forecast Report 2027A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India industrial lubricant market was worth USD 1.4 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 3.8%, earning revenue of around USD 1.8 billion by the end of 2027.
India industrial lubricant market
is growing at a high rate because of the growth in India’s manufacturing sector, along with the launch of a wide range of lubricant products in the market. Many companies, especially those in the automotive and construction sectors, invest significantly in expanding their production capacities by establishing new plants, which is expected to boost the demand for industrial lubricant during the forecast period.
Slide3Growth Drivers Flourishing Manufacturing Sector in IndiaThe manufacturing industry in India is emerging as one of the fastest-growing sectors, and is emerging as the second most sought-after manufacturing destination. This is anticipated to drive the demand for industrial lubricants during the forecast period. Automobile and consumer electronic products are flourishing at a high rate across India. Moreover, the growing production of electric and hydrogen vehicles and the establishment of new plants to expand production capacities are projected to boost the India industrial lubricants market during the forecast period.
Slide4Restraints Availability of Fake LubricantsIndia's industrial lubricant market is flooded with fake lubricants that are too good to be distinguished from original products. Fake lubricants branded as the originals are available on the market at lower prices. As a price-sensitive market, India is drawn to these products. Hence, the availability of such fake products sabotages the market and acts as a restraining factor for its growth. Although the government authorities are taking strict measures against fake lubricants, the penetration of the products remains high.
Slide5Impact of COVID-19The growth of the India industrial lubricant market was negatively halted by the sudden outbreak of the COVID-19 pandemic. As the number of COVID-19 cases grew in India, a lockdown was implemented to control the spread of the virus. Consequently, industrial operations were halted, which led to a sharp decline in the demand for industrial lubricants. While the government gave exemptions on the operation of essential services and goods, such as medical supplies, food, and pharmaceuticals, including masks and sanitizers, the market remained buoyant during this slowdown period.
Slide6Key Players Bharat Petroleum Corporation Limited, Valvoline Inc., Castrol Limited, Total, Exxon Mobil Corporation, Tide Water Oil Co. Ltd, Gulf Oil Lubricants India Ltd, Shell India Markets Private Limited, HPCL, Indian Oil Corporation Ltd, and other prominent players.Sample Copy of the Report: https://www.blueweaveconsulting.com/report/india-industrial-lubricant-market/report-sample
Slide7Competitive landscapeThe leading players in the India industrial lubricant market are Bharat Petroleum Corporation Limited, Valvoline Inc., Castrol Limited, Total, Exxon Mobil Corporation, Tide Water Oil Co. Ltd, Gulf Oil Lubricants India Ltd, Shell India Markets Private Limited, HPCL, Indian Oil Corporation Ltd, and other prominent players.Major lubricant producers dominate the market with the largest market share. In order to satisfy the needs of different industries, the market players launch a variety of products. They also invest significantly in research and development activities to improve their product offerings. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market
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Slide8About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off.Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.
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