MUMBAI – The heady growth of recent years may be gone for now, but players throughout Indias lubricant market remain upbeat about its prospects. Speakers at a conference here last week said the market is well-stocked with base stocks, is improving in quality and can cope with problems such as potential shortages of bright stock.
India is the worlds third-largest lubricant market, thanks in part to several years of demand growth rates in the high single digits. That pace slackened the past couple years, and demand actually fell last year, according to some analysts. There seems to be consensus that growth will remain modest for the foreseeable future.