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.
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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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