Sales volumes in the lubricant segment in India reached 2.6 million tonnes with year-on-year growth of 4% in 2010-2011. The low market growth has been primarily attributed to high performance long lasting lubricant and superior engine technology availability in the domestic segment. Automotives constitute the biggest segment, accounting for 60% (2009: 63%) of the total of volume sales in India (2011).

India's lubricant market is highly consolidated, with the four largest manufacturers controlling 90% of the market share in 2011. Indian Oil Corporation Ltd (IOCL) is the biggest producer of lubricants in India with a market share of 40%. Castrol India is the second leader, with an estimated volume share of 20% in 2010-2011. The domestic lubricant marketspace has witnessed an aggressive decline in operating margins and profitability, which is attributed to higher raw material (i.e. crude) and advertising expenses.

In 2011, the average raw material prices increased by 21% for manufacturers.  A majority of the government controlled enterprises IOCL, BPCL and HPCL focus on distributing lubricants from 35,000 fuel stations in India. On the other hand, private manufacturers such as Castrol India operate a regionally diverse distribution network with approximately 270 stockists with a coverage of 70,000 retail outlets.

Sources: Kotak Securities (June 2011) and Value Research (2011)



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Indian Oil Corporation Ltd

  • Pays : Inde
  • Group revenue : Group Revenues (2011): US$68.8 billion
  • Position : No 1 lubricant manufacturer

Biggest lubricant producer in India, with market share of 40% (2011). The company operates eleven oil and gas blocks with asset portfolio of US$41 billion (November 2011). It is publicly traded on National Stock Exchange.


Castrol India

  • Pays : UK
  • Group revenue : Group Revenues (2011): US$606 million
  • Position : No 2 lubricant manufacturer

Second largest lubricant manufacturer and distributor in India, with market share of 20% in 2010-2011. The company offers automotive and industrial lubricants through 270 distributors in domestic market. It is wholly owned subsidiary of BP Plc.


Tide Water Oil

  • Pays : Inde
  • Group revenue : Group Revenues (2011): US$153 million
  • Position : No 5 lubricant manufacturer

Fifth biggest lubricant distributor in India, with market share of 5% in 2010-2011. The company is publicly listed on Bombay Stock Exchange with market capitalisation of US$138 million (2011). Veedol and Eneos are the flagship lubricant brands.


Hindustan Petroleum

  • Pays : Inde
  • Group revenue : Group Revenues (2011): US$30.7 billion
  • Position : No 3 lubricant manufacturer

One of the oldest lubricant manufacturer and distributor in India with strong market presence across downstream and oil exploring segment. The company is publicly traded on National Stock Exchange, incepted in 1952.


Gulf Oil India Ltd

  • Pays : Inde
  • Group revenue : Group Revenues (2011): US$248 million
  • Position : No 6 lubricant manufacturer

Sixth leading lubricant distributor in India, with market share of 4% in 2010-2011. It is wholly owned subsidiary of Hinduja Companies listed on National Stock Exchange. The company was incorporated in 1961.



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