Chevron Corporation is re-entering the Indian lubricants market after a 12-year absence through a partnership with state-run Hindustan Petroleum Corporation Ltd (HPCL). The companies have signed a 10-year agreement to license, produce, distribute, and market Chevron s lubricant products under the Caltex brand. Chevron sees India as a strategic growth market, particularly for industrial and commercial vehicles.
Chevron Corporation is re-entering the Indian lubricants market after a 12-year absence through a partnership with state-run Hindustan Petroleum Corporation Ltd (HPCL). The companies have signed a 10-year agreement to license, produce, distribute, and market Chevron s lubricant products under the Caltex brand. Chevron sees India as a strategic growth market, particularly for industrial and commercial vehicles.
India Business News: CHENNAI: India is a bright spot in the global lubricants market thanks to forecasts for significant growth, according to the latest research findings .
According to Kline’s ‘Global Lubricants 2022: Market Analysis and Assessment’s report, India’s lubricant market will grow at a CAGR of 3% through 2027. Among the top five major lubricants-consuming countries, India is the only one with strong lubricant demand growth potential. In contrast, other markets such as the United States, China, Japan, and Russia are likely to witness a decline or slowdown in lubricant demand growth.