The forecasted data indicates a steady growth in the import of non-petroleum-based lubricants to India from 2024 to 2028. Starting from 2024 with an import value of $101.48 million, there is a consistent year-on-year increase of approximately 4% to 5%, reaching $117.6 million by 2028. Comparing 2024 to 2023 actuals would provide a clearer picture of this trend continuation, but it's pivotal to note this steady rise aligns with global trends towards sustainability and a shift away from petroleum-based products.
Future trends to watch for include:
- Increased adoption of environmentally friendly and efficient lubricants in the industrial sector.
- Regulatory changes promoting non-petroleum alternatives.
- Technological advancements in lubricant formulations enhancing product efficiency.
- Potential supply chain disruptions affecting imports and costs.
