Rapid industrialization and surging demand for high-grade oils in the automotive industry to propel the growth of the base oil market in India
According to TechSci Research report, “India Base Oil Market By Type, By Application, Competition, Forecast & Opportunities, 2025”, India base oil market is predicted to grow at a steady pace during the forecast period on account of rising concerns over environmental degradation coupled with the subsequent upsurge in demand for alternative, sustainable products having lower carbon footprints. In addition to this, increasing adoption of group II as well as group III base oil on account of increasing ground transportation, commercial road transportation and aviation is expected to support the base oil market growth in the country over the next five years. Furthermore, expanding production capabilities in the country is likely to provide lucrative growth opportunities for the market during the forecast period. However, volatility of crude oil prices might hamper the growth of India base oil market through 2025.
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In terms of type, the India base oil market is segmented into group I, group II, group III, group IV, and group V. Among them, group II and III segments jointly accounted for one-third of the market share until 2019. But group II base oil type, is the top investment pocket and is projected to lead the market in the years to come, which can be attributed to the replacement of group I base oil because of the shifting trend towards low and mid SAPS specifications and lighter viscosity grades. Moreover, the high adoption of group II base oil is largely credited to its higher performance and affordability when compared to the other groups of base oil.
Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Total S.A., SK Lubricants & Oils India Pvt Ltd., BP PLC, Chevron Lubricants India Pvt Ltd, Petronas Pvt. Ltd., Shell India Pvt Ltd, ADNOC etc. among others are the leading players operating in India base oil market.
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“Increasing GDP owing to surging industrial activities has increased the demand for base oil in this country. Growth of transportation, mining, power generation, and other sectors in the country are also some other factors adding to the growth of the India base oil market. In addition to this, rising demand for oils in the automotive sector and stringent environmental legislation leading to strict performance standards is further anticipated to give a healthy push to the market growth through 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India Base Oil Market By Type, By Application, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of India base oil market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India base oil market.
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