CLEVELAND, March 26, 2021 /PRNewswire/ — Lubricant demand in India is expected to increase 2.9% per year to nearly 3.2 million metric tons in 2024, among the fastest rates of growth among major lubricant markets. Growth will arise from multiple factors, including:
- increasing demand for rubber and electricity, driving growth in process oil sales
- rising motor vehicle parc and annual distance driven, as well as increasing marine and railroad shipping activity, boosting engine oil demand
- growth in motor vehicle production and transportation equipment manufacturing aiding sales of metalworking fluids, gear oils, and greases
- gains in mining output, advancing demand for a number of products, including hydraulic fluids
Additional factors, such as increased food and beverage manufacturing and plastic resin demand, will also increase India’s industrial lubricant demand.
Through 2024, demand for nonconventional lubricants in India is projected to grow at an above average pace, with synthetic lubricants and re-refined lubricants rising at a solid pace. Biobased lubricant demand is expected to account for a minimal share of demand through 2024.
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SOURCE The Freedonia Group