Applications of Lubricants 13 Mineral lubricating oils are currently the most commonly used type because of the low cost of extracting the oils from crude oil. Additionally, mineral oils can be manufactured to have a varying viscosity, therefore making them useful in a wide range of applications.
Market Overview 14 The Indian lubricants market was valued at over 2,610 kiloton in 2020, and the market is projected to register a CAGR of more than 1.5% during the forecast period (2021-2026 ). Due to the COVID-19 impact in the first half of 2020, the industrial sector in the country witnessed a negative impact in 2020. Due to the lockdown during the pandemic period, automobile production has been halted, and plants are temporarily shut down. This, in turn, affected the demand for lubricants in 2020. The automobile production in the country declined to 2.16 million units in the first nine months of 2020 from 3.51 million units in the same period of 2019 . In the short term, major factor like the increasing usage of high-performance synthetic lubricants is expected to drive the demand for lubricants in the country. On the flip side, the slowdown in the automotive sector is likely to hinder market's growth.