Indian lubricants industry is one of the fastest growing in the world. The market has grown at a CAGR of 17.8 per cent during FY 2008-2012 expanding from $1,044.87 million to $2,014.85 million in the same period. According to Akhil Jha, Vice President - Technical, Lubricants, Shell India Markets, the overall lubricants industry in India is expected to grow at a CAGR of

11.5 per cent to $7,713.7 million in FY2017. Highlighting the growth potential for synthetic lubricants, Shankar Karnik, Asia Pacific Mobil SHC Brand Manager, ExxonMobil Lubricants, said, "There is a lot of scope for synthetic oil-based lubricants since the industry is taking note of new technologies and is keen to achieve energy efficiency targets to ensure that their equipment run more efficiently and productivity gains are achieved."