Indian lubricants industry is one of the fastest growing in the world. The market has grown at a CAGR of 17.8 per cent during FY 2008-2012 expanding from USD 1,044.87 million to USD 2,014.85 million in the same period. According to Akhil Jha, Vice President - Technical, Lubricants, Shell India Markets the overall lubricants industry in India is expected to grow at a CAGR of 11.5 per cent to USD 7,713.7 million in FY2017.
Highlighting the growth potential for synthetic lubricants Shankar Karnik, Asia Pacific Mobil SHC Brand Manager, ExxonMobil Lubricants, said, “There is a lot of scope for synthetic oil-based lubricants since the industry is taking note of new technologies and is keen to achieve energy efficiency targets to ensure that their equipment run more efficiently and productivity gains are achieved. The response has been good till now and we expect that as awareness increases around the world, there will be more positive response from the industry in terms of adopting these newer technologies to ensure that their operations run much safer than now, with little impact on the environment and higher productivity gains.
Akhil Jha added, “Synthetic lubricants in all applications are becoming more popular and widely used worldwide. While it is estimated that the current consumption of synthetic lubricants is about 6 per cent of the global lubricants consumption, it is expected to be about 10 per cent by 2020.”