India Base Oil Market Size, Share & Forecast 2025

1. 2015 – 2025 INDIA BASE OIL MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

2. Scope of Report Product of Interest (POI): Base Oil India base oil market is expected to grow at a formidable rate during the forecast period. Growth of base oil market in India can be majorly attributed to rapid industrialisation, growing automotive industry and rise in number of automobile manufacturing plants in the country. Moreover, increasing use of lubricants in numerous end user industries is further propelling the product demand in the country. Furthermore, rise in sale of vehicles along with growing logistics & aviation and trade industries are anticipated to play a considerable role in bolstering the growth of India base oil market. Market Segmentation APPLICATION TYPE BASE OIL MARKET BASE OIL MARKET Automotive Oil • Group I • Year Range Industrial Oil • Group II • Metalworking Fluids • Group III • Review Period Hydraulic Oil • Group IV • 2015 – 2018 Greases • Group V • Base Year Others • 2019 REGION Estimated Year East • 2020 West • North • Forecast Period South • 2021 – 2025 2

3. Table of Contents S. No. Contents Page No. 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Voice of Customer 5. India Base Oil Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value & Volume 5.2. Market Share & Forecast 5.2.1. By Type (Group I, Group II, Group III, Group IV, and Group V) By Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Hydraulic Oil, Greases, and Others) 5.2.2. 5.2.3. By Region (East; West; North; South) 5.2.4. By Company (2019) 5.3. Market Attractiveness Index 6. North India Base Oil Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value & Volume 6.2. Market Share & Forecast 6.2.1. By Type 6.2.2. By Application 3

4. Table of Contents S. No. Contents Page No. 7. East India Base Oil Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value & Volume 7.2. Market Share & Forecast 7.2.1. By Type 7.2.2. By Application 8. South India Base Oil Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value & Volume 8.2. Market Share & Forecast 8.2.1. By Type 8.2.2. By Application 9. West India Base Oil Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value & Volume 9.2. Market Share & Forecast 9.2.1. By Type 9.2.2. By Application 10. Market Dynamics 10.1. Drivers 10.2. Challenges 4

5. Table of Contents S. No. Contents Page No. 11. Market Trends & Developments 12. Policy & Regulatory Landscape 13. Pricing Analysis 14. India Economic Profile 15. Competitive Landscape 16. Strategic Recommendations 17. About Us & Disclaimer 5

6. RESEARCH METHODOLOGY

7. Research Methodology Market Profiling Data Analysis Data Data Developing List of Respondents Formulating Questionnaire Collection Validation In-depth secondary research was conducted to determine top players in the India base oil market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the India base oil market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Primary Research Desk Research Company Analysis ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 7

8. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of India base oil market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as rapid industrialization, rapidly growing automotive industry and rise in number of automobile manufacturing plants and speculated a positive outlook during the next five years. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India base oil market. Methodology Followed for Calculation of Market Size: Market Size by Value & Volume: Market size, in terms of value & volume, for the year 2019 was calculated based on information collected through • exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as base oil manufacturer and supplier companies, channel partners, end users, industry experts, and other industry participants. The team interviewed more than 12 – 15 base oil manufacturer and supplier companies, 45 – 50 end users, and 8 – 10 industry experts and other value • chain stakeholders in the India base oil market to obtain the overall market size from 2015 to 2019, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2015-2019. 8

9. Research Methodology Respondents were asked about the current and future market growth rates, market shares by type, by application, by region and by company. • Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders. Methodology Followed for Calculation of Market Shares: Market shares by type, by application, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of base oil market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in • SPSS/Tableau Software. Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India base oil • market, TechSci Research used various forecast techniques such as: Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis ✓ 9

10. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium, and long-term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. Partial List of Companies Interviewed Key Secondary Sources Indian Oil Corporation Ltd. ▪ World Bank ▪ Hindustan Petroleum Corporation Limited ▪ TechSci Research Proprietary Database & Knowledge ▪ Bharat Petroleum Corporation Limited ▪ Repository Total S.A. ▪ Company Annual Reports ▪ SK Lubricants & Oils India Pvt Ltd. ▪ Industry Magazines BP PLC ▪ ▪ Chevron Lubricants India Pvt Ltd. ▪ Industry Reports ▪ Petronas Pvt. Ltd. ▪ Statista ▪ Shell India Pvt Ltd ▪ News Dailies ▪ Credible Paid Databases ▪ 10

11. Industry Brief According to TechSci Research report, “India Base Oil Market By Type, By Application, Competition, Forecast & Opportunities, 2025”, India base oil market is predicted to grow at a steady pace during the forecast period on account of rising concerns over environmental degradation coupled with the subsequent upsurge in demand for alternative, sustainable products having lower carbon footprints. In addition to this, increasing adoption of group II as well as group III base oil on account of increasing ground transportation, commercial road transportation and aviation is expected to support the base oil market growth in the country over the next five years. Furthermore, expanding production capabilities in the country is likely to provide lucrative growth opportunities for the market during the forecast period. However, volatility of crude oil prices might hamper the growth of India base oil market through 2025. In terms of type, the India base oil market is segmented into group I, group II, group III, group IV, and group V. Among them, group II and III segments jointly accounted for one-third of the market share until 2019. But group II base oil type, is the top investment pocket and is projected to lead the market in the years to come, which can be attributed to the replacement of group I base oil because of the shifting trend towards low and mid SAPS specifications and lighter viscosity grades. Moreover, the high adoption of group II base oil is largely credited to its higher performance and affordability when compared to the other groups of base oil. Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Total S.A., SK Lubricants & Oils India Pvt Ltd., BP PLC, Chevron Lubricants India Pvt Ltd, Petronas Pvt. Ltd., Shell India Pvt Ltd, ADNOC etc. among others are the leading players operating in India base oil market. “Increasing GDP owing to surging industrial activities has increased the demand for base oil in this country. Growth of transportation, mining, power generation, and other sectors in the country are also some other factors adding to the growth of the India base oil market. In addition to this, rising demand for oils in the automotive sector and stringent environmental legislation leading to strict performance standards is further anticipated to give a healthy push to the market growth through 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm. 11

12. Sample Data - Snapshot India Base Oil Market Size, By Value (USD Million) & By Volume (Kilo Tons), 2015–2025F 15.00 110.00 14.00 100.00 13.00 90.00 12.00 80.00 11.00 70.00 10.00 60.00 9.00 50.00 8.00 40.00 7.00 30.00 6.00 20.00 5.00 10.00 CAGR By Value & Volume XX% 2015 2019 2020E 2025F CAGR By Value & Volume YY% By Value (USD Million) By Volume (Kilo Tons) India Base Oil Market Share, By Type, By Value, 2015–2025F Group II Group III Group I Group IV Group V 2025F 25% 25% 25% 10% 15% 2024F 25% 25% 25% 10% 15% 2023F 25% 25% 25% 10% 15% 2022F 25% 25% 25% 10% 15% 2021F 25% 25% 25% 10% 15% 2020E 25% 25% 25% 10% 15% 2019 25% 25% 25% 10% 15% 2018 25% 25% 25% 10% 15% 2017 25% 25% 25% 10% 15% 2016 25% 25% 25% 10% 15% 25% 25% 25% 10% 15% 2015 North India Base Oil Market Share, By Application, By Value, 2015–2025F Automotive Oil Industrial Oil Metalworking Fluids Hydraulic Oil Greases Others 2025F 25% 25% 25% 10% 10% 5% 2024F 25% 25% 25% 10% 10% 5% 2023F 25% 25% 25% 10% 10% 5% 2022F 25% 25% 25% 10% 10% 5% 2021F 25% 25% 25% 10% 10% 5% 2020E 25% 25% 25% 10% 10% 5% 2019 25% 25% 25% 10% 10% 5% 2018 25% 25% 25% 10% 10% 5% 2017 25% 25% 25% 10% 10% 5% 2016 25% 25% 25% 10% 10% 5% 25% 25% 25% 10% 10% 5% 2015 12

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