LONDON (ICIS)--India is the third largest lubricants market in the world, according to Gulf Oil Lubricants India.
“India lubricants demand in 2017 accounts for 6%, or 2,700 million liters of total world lubricants consumption,” said Ravi Chawla, Managing Director of Gulf Oil Lubricants India who was addressing delegates late on Friday at the 23rd ICIS World Base Oils & Lubricants Conference, held on 20-22 February in London.
“India is expected to continue to be one of the fastest growing lubricant markets in the world,” Chawla said.
Consumer automotive lubricants sales in India is expected to grow at a 2016-2021 CAGR of 6%, commercial automotive lubricants at 2% and industrial lubricants at 1.6%, data presented by Chawla showed.
“Synthetic and semi-synthetic lubricants are expected to grow significantly faster and thereby leading to an increase in demand for Group III base oils,” he said.