The petroleum-based lubricant market size in India experienced significant growth from 2013 to 2018, with values rising from $945.72 million to $1642.3 million. Following a dip in 2019 and 2020 due to external factors, the market rebounded with a value of $1796.2 million in 2023. The CAGR over the past five years stands at 1.81%. Year-on-year variations show an increase of 2.95% in 2023, indicating a steady yet moderate growth trend. The market is forecasted to grow at a CAGR of 2.21% from 2024 to 2028, reaching $2060.1 million by 2028, translating to an 11.55% growth rate over five years.
Future trends to watch for include:
- Technological advancements in lubricant formulations
- Increasing adoption of synthetic and bio-based lubricants
- Impact of stricter environmental regulations
- Growth in the automotive and industrial sectors driving demand
