Better Touch Better Business
Indian lubricants market to grow rapidly in coming years
It is reported that India is currently the fifth largest lubricating oil market in the world, and will grow at an average annual rate of 3.7% in the next few years. By 2014, the Indian lubricating oil market will reach 2.2 million tons. The main growth driver of the Indian lubricants market comes from the industrial sector, because the government has invested heavily in infrastructure and power generation. Currently, the lubricants required in the industrial sector account for about 51% of India's total demand, of which the power sector accounts for 24% and the chemical industry accounts for 24%. 20%, metal processing 12%, production sector 11%, mining 7%, non-road transport 7%, and others 19%.