The Indian non-petroleum lubricant market size value per capita has shown a growth trend from 2013 to 2023. By 2023, the market stood at 0.58 USD, showcasing recovery after a dip in 2020. The period from 2022 to 2023 saw a year-on-year increase of 1.75%, following a significant previous year rise of 7.5% from 2021 to 2022. The compound annual growth rate (CAGR) over the last five years, including the rebound period, reflects the market’s potential for steady expansion.
Future trends to watch for include:
- Innovation in non-petroleum lubricant formulations to meet environmental regulations.
- Increased adoption across various industrial sectors as sustainability becomes a core business model.
- Continued economic growth and increased industrial activity driving demand.
- Potential impact of government policies encouraging the use of eco-friendly alternatives.
