Development Of Lubricant Industry in Next 5 years| 2021
Current scenario of global lubricant market
India is the Third largest Lubricant consumer in the world after United states and China in a slow growth industry. The graph here indicates the increase in the Global market segmentation in million units and pie chart determines the volume share of lubricant market by product type.
Global Lubricant market segmentation in million units.
Automobiles and other transport dominated the market in 2018 owing to increasing production of vehicles in India, Hence, Products like Engine oil dominated market in 2018. The increasing automobile industry and industrial growth in the country are also expected to boost the demand for hydraulic fluids, during the forecast 2019-24. Currently 41 MMT (million metric tonnes) of lubricants are produced globally. And the market is expected to increase at by 2% annually , Asia-pacific is considered as the largest consumer of lubricants which shares about 14 MMT per year,of which from Asia 4 MMT is shared by China and 2.4 MMT is shared by India.
Upcoming trends & development in lubricant industry and its future scope
The Synthetic Lubricants market is likely to expand at a steady rate of 2.68% during the forecast 2019-24. The growing industries with modern concepts are convinced that synthetic lubricants are expected to increase the demand for synthetic lubricants .
It is always better to utilize Educated & skilled workforce for lubrication work, as the myth – ”Anybody can do the lubrication”, is proven wrong with this upcoming trend of educated and skilled labour. And is being applied in the most of industries to reduce the risk of wrong lubrication practices.
Forecasting the development in lubricant industry for next 5 years.
Indian Lubricant Market segmented by products like Engine oil, Hydraulic fluid, General Industrial oils, Gear oil, Lubricating Greases, Process oils is subjected to register a CAGR (Compound Annual Growth Rate) of 4.64% during the forecast 2019-24. The major factors contributing the growth are the increasing infrastructural and construction activities.
Market for Lubricants in Automobile Industry is expected to register CAGR of 2% during the forecast 2019-24. The increasing demand for high performance lubricants is the major factor here. Asia – Pacific dominated the market across the world, with the largest consumption coming from the countries like India and China.
Where does Mosil Lubricants stand in Indian as well as in Global market.?
As per current Indian and Global Market scenario, there is increase in demand for the Synthetic as well as bio- Lubricants for the large scale industries due to the increase in awareness about the alternate solution for Mineral oil based products.
MOSIL provides the exact required solutions for such increasing demands of synthetic and bio- lubricants. For more than four decades, MOSIL manufactures and delivers best speciality lubricating solutions to almost all types of industries in India as well as in foreign countries. MOSIL also offers Tailor made lubricant solutions as per requirement of the customers.
MOSIL, with its strong and efficient marketing team outreaches Indian as well as Global Industrial customers and also receives the satisfactory reports and feedback from the customers. Satisfied customers also recommend Mosil products to its Subordinate as well as outsourcing firms working together.
Market of MOSIL is growing with the increasing performance of its efficient marketing team and customer friendly order, delivery and service policies. This makes Mosil a strong competitor among the others in the Market.