The Global Lubricants Market is growing rapidly, wherein India is one of the emerging markets after the U.S. and China. In terms of GDP, India is in fourth place at $1.93 trillion and growth rate is around 5.4%-5.9% according to Economic Survey in 2014-2015. The foreign countries are keen to invest in India. Recently, Gulf Oil Corporation Ltd., a subsidiary of Hinduja group, a global conglomerate company made an approach to invest Rs.120 crore to set up a 75,000-KL plant in Chennai and they are bringing new technology that has not been in India before. Gulf Petrochem Group is a leading player in the international oil sector; it is planning to invest Rs.500 crore in India to enter Rs.6000 crore lubricant market. Gulf Petrochem has already made two acquisitions recently, namely: Sah Petroleum Ltd. for Rs.95 crore and Royal Dutch Shell Specialties near Gujarat for Rs.15 crore to enter in the fuel storage terminal business in India in a span of two months.
The Lubricants industry in India is highly correlated to the GDP of the country as it provides facilities for major end users such as energy sector, chemicals, automotive, manufacturing, railways, steel and marine. In terms of market share, industrial lubricant business anticipates a significant growth rate as other end user industries. Lubricant industry in India witnesses a structural shift of volume growth to value growth. India is the third largest lubricant market globally in terms of volume after the U.S. and China. The dominant players in the lubricant industry in India are Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Castrol India limited and Shell India Markets Private Limited. Demand for the lubricant industry in India is forecast to rise in the recent future based on latest investments.
Compared to other developed countries, the per capita lubricant consumption is low in India. However, a comparison with other developed countries like the U.S. reveals significant potential in India for growth in the lubricant consumption and therefore an upsurge in the lubricant industry as well.
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