The forecast for the import of petroleum-based lubricating oil to India shows a steady increase from 20.079 million kilograms in 2024 to 22.287 million kilograms by 2028. This represents a Compound Annual Growth Rate (CAGR) of approximately 2.63% over the five-year period. In 2023, the actual import volume stood at 19.58 million kilograms, indicating a consistent upward trend. Year-on-year growth rates are anticipated to be steady, reflecting a low yet stable demand increase for this period.
Future trends to watch include potential shifts in global oil prices that could affect import costs, the impact of technological advancements in lubricant formulations, and changes in environmental regulations that might influence demand and supply dynamics in the lubricant industry in India.
