India is one of the most important lubes markets, according to Kline.
A recent report into the Indian lubricants market shows that India is ranked third in the global lubest market after the US and China.
The next lube consumer generation? Image: Cars10
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Like most Asian countries, the majority of the population ride motorcycles and the country is the world's second largest motorcycle manufacturer. In 2012-13, vehicle production was dominated by two-wheelers, amounting to over three quarters of total output. Some 60% of of the automotive lubricants market comprises motorcycle oil, with consumer automotive lubricants accounting for 13% of the total market.
Economic growth in India has slowed in recent years which, according to Kline, has affected the nationalised oilco-controlled commercial lubes market.
More than 54% of India's total lubricants market is industrial, including chemicals, manufacturing, railways, marine and metals. Process oils such as transformer oils have also seen a strong demand as power generation and distribution has expanded.
Kline's prediction is that overall lubricant consumption in India will grow at an annual rate of 2.5% over the next five years.