Lubricant market share in India 2018, by company

Indian ore and mineral production sectors have been growing at a steady pace. With increasing machinery being put into work, the demand for industrial lubricants has also increased over the years. The south Asian country ranked third in market volume of lubricants in 2018. Indian Oil Corporation Limited had the highest share of 32 percent in the lubricant market across the country in 2018. The company employs a workforce of over 30 thousand and was listed at number 137 in the list of world’s largest companies in Fortune ‘Global 500’ list in 2018.

Consumption trends

The consumption of lubricants in the automotive industry has increased steadily over the past years. With the number of cars increasing exponentially across the nation, the annual lubricant consumption has also grown and was estimated to be around 260 million liters in 2018. The states however have benefitted with the increased demands in the form of increased sales taxes from the motor gasoline and lubricant sales.

Continue to make in India?

The ‘Make in India’ initiative which focusses on making India a global manufacturing hub is likely to increase the demand volume of lubricants across the nation. With tremendous growth possibilities, there is also the question of increased environmental pollution that would require careful insights. With a balance in environmental regulations and industrial lubricant demand, the industry can presumably slip away from the chains that might be a hindrance to its full potential.