The forecast for India's import of non-petroleum based lubricating oil from 2024 to 2028 indicates a steady upward trend, with value projections from 194.11 million USD in 2024 to 218.83 million USD by 2028. This represents an average annual growth rate of approximately 3% over this period. As of 2023, the import value stood at 188.25 million USD, suggesting a consistent year-on-year increase aligning with economic and industrial growth in India.
Future trends to watch for include:
- Potential effects of environmental regulations encouraging non-petroleum alternatives.
- Technological advancements increasing lubricant demand in automotive and industrial sectors.
- Shifts in global trade policies that could impact import conditions.
