Opportunities abound in the Indian lubricant market

February 10, 2020 10:54 am

The Indian lubricant market is the third largest market in the world behind the US and China, which makes the lubricant sector in the country ripe with opportunities.

Deepankar Banerjee, CEO, ExxonMobil Lubricants Pvt Ltd talks about how the Indian coolant and lubricant market has evolved over the years, and how the company has maintained its stronghold in the market with cutting-edge solutions and products.

How do you see the coolant and lubricant industry evolving over the years? Can you highlight the key trends?
ExxonMobilTM has been at the centre stage of the evolution of lubricants as an industrial solution. From founding the Vacuum Oil Company in 1866 — a business built on new petroleum-based lubricants and its patented vacuum distillation process — to providing lubrication solution for the first electric generating station, ExxonMobil has stood firm to its belief in quality.

An ideology of applying the right oil in the right place and time has helped Mobil introduce cutting-edge solutions which are industry milestones. Be it the introduction of DTE oil in 1901 or synthetic lubricants in 1949, ExxonMobil has always developed lubricants that make high-performance engines and machinery reliable. Our heritage lies in developing state-of-the-art products, which has helped make breakthrough discoveries that redefine the power of lubrication.

What is one of the key ways that the coolant and lubricant industry can bring about sustainable manufacturing in the long term? How can it be ensured that industry leaders have a commitment towards sustainability?
With increasing population leading to a rise in the demand for energy, it is imperative to make industrial processes environment-friendly and sustainable. Industry leaders should adopt sustainability and energy efficiency as a functioning part of the business model and not just an organisational goal to make an impact on the industry’s overall operations. One of the ways to do so is by adopting energy-efficient lubricants. Mobil SHC Elite Series of lubricants are exceptional performance circulating gear and bearing oils designed to deliver improved oil drain interval, equipment protection, and smooth operations.

What are the challenges the coolant and lubricant industry is facing today? How can they be overcome?
The industry is facing a dual challenge — to provide affordable and reliable energy while reducing its impact on the environment. However, regulatory policies and evolving technologies are helping to address these challenges better. We at ExxonMobil believe that consumer preferences backed by the right lubricant technology hold great potential in making industrial operations sustainable. We are well-positioned to provide safe, reliable and effective energy solutions to meet the future energy demands while reducing environmental costs.

At what rate is the Indian coolant and lubricant market growing? What are the key drivers in the industry?
The commercial lubricant industry is expected to register a CAGR of 5.0 per cent by 2023. Some of the major factors that will boost the sector are infrastructural developments, growth of medium- and small-scale industries, and government’s push for cleaner energy solutions. Given this market scenario, the country will see an increased demand for energy-efficient industrial lubricants, gear and compressor oil lubes to make industrial processes efficient, productive and sustainable.

How important is the Indian market for ExxonMobil Lubricants globally? Can you share the company’s plans for India for the coming years?
The Indian lubricant market is the third largest market in the world behind the US and China, which makes the lubricant sector in the country ripe with opportunities. This makes India a High Growth Region for ExxonMobil, given the growing infrastructural development and the rise of MSMEs in the country. And as a company, we also lay enormous emphasis on Research & Development (R&D) to develop the most effective products and maintenance solutions for our customers, basis their specific demands and requirements. Our scientists and engineers are presently working to develop technologies designed to produce energy in an increasingly safe, economical and environmentally responsible manner.

For instance, to meet the energy demands of our consumers, Mobil offers a wide range of synthetic lubricants. These lubricants can help companies amass energy savings by directly reducing electrical energy consumption or lowering friction and operating temperatures. Mobil SHC™ line of synthetic lubricants is designed to protect equipment operating under severe conditions, including loads and pressures, frequent starts and stops, wide operating temperature ranges, and contamination.

We are also future-ready to meet the upcoming BS VI demands of our customers. We are making the transition to BS VI easier with our excellence in innovating state-of-the-art lubricants.

Deepankar Banerjee, CEO,ExxonMobil Lubricants Pvt Ltd