Grease production in India will ramp up by almost 37% over the next six years, according to a Mumbai-based producer.
Speaking at a recent industry conference in Singapore, M. Hari Prakash, CEO of Siddharth Group, said greater demand for construction equipment is driving growth, a signal of stronger economic performance.
India could become the world’s third-largest economy by 2026. Estimated per capita income is on track to reach U.S. $5,7000 in 2030, from $2,000 currently. This would put more people in an income bracket where car ownership is more likely, which will create more demand for grease.
In 2022, grease production in India was 180,000 metric tons per year. This could reach 246,000 t/y in 2030 and 480,000 t/y by 2047, a 166% increase from the base year.
India accounts for more than half of grease production in the the Middle East, Africa, Southeast Asia and Australia region. Combined, the region is forecast to produce 401,000 t/y in 2030 and 880,000 t/y in 2047, up from 330,000 t/y in 2022.
The construction equipment industry grew by 26% in fiscal year 2024, according to Prakash. He also sees electric vehicles as a focus of growth.