Indian Industrial Lubricants Market - Forecast (2022 - 2027)
A report released by the India Brand Equity Foundation (IBEF) on automotive industry states that there is an increase in sales of vehicles by 9.5% year-on-year, which translates to 4.02 million units excluding two-wheelers in 2017. Also, the domestic automobile production showed significant growth with compound annual growth rate (CAGR) of 7.08% during FY13-18 with 29.7 million vehicles manufactured in the country in the year 2018[1]. The increasing sales of vehicles and rising demand for lightweight as well as heavy-duty vehicles is creating a major demand for automotive lubricants. The demand for lubricants from different sectors is creating numerous opportunities in the Indian industrial lubricants market which had a market size of around 4.68 billion as of 2018. Furthermore, the demand for Indian industrial lubricants will observe a healthy CAGR of around 4.6% during the forecast period of 2019 to 2025. Indian Industrial Lubricants Market Outlook: Lubricants are an important part...