MUMBAI, India – India will become the worlds second largest commercial vehicle market by 2015, and combined passenger car and commercial vehicle production is expected to grow more than 11 percent per year through 2021. Thats great news for Indias lube suppliers.
Overall, Indias automotive lubricant market will grow at 3.5 percent to 4.5 percent per year in the next five years, R.N. Ghosal, managing director of Tide Water Oil Co. (India) Ltd. and director of Veedol International Ltd., told the ICIS Indian Base Oils & Lubricants Conference here on April 24. Growth in the commercial automotive lubricant segment will be even higher, reaching 11 to 14 percent per year.
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