Public sector oil major HPCL today said that it is focusing on new product launches to increase its lubricants and specialty products market share up to 20 per cent from the present 15 per cent in the next two years.

"We are concentrating to add new products to our business line which will also help the bottom-line growth. The present market share is 15 per cent. Our target is to increase our market share to 18 to 20 per cent. And also do some exports in the coming two years," HPCL's executive director (direct sales) R Sudhakara Rao said today.

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HPCL, which launched tea spray oil that can protect tea leaves from pests in Kolkata recently, is currently working on protective oils for mustard, cotton, and grape, he said.
    
The company aims to take up spray oil segment in a big way to be the first in the race, Rao said.
    
"Currently, we are doing detailed study on agri-based oils for mustard. We have to do three year compulsory study for three crops. First year study is over, results are encouraging," the HPCL official said, adding that research is going on on cotton and grapes as well.

Rao said that with markets around the world switching over to spray oils from the traditional pesticides, HPCL is aiming to sell 35,000 tonnes of spray oils in the next two years from the present 10,000 tonnes.
    
The oil major, being the first to launch synthetic oil in the market, bets heavily on its growth.
    
"We are the first PSU to launch the synthetic lubricant in the country in the automotive sector. This will grow in a big way as the number of new generation vehicles like Volvo is increasing," Rao said.
    
Though the contribution from synthetic oils at present is negligible, he said they see bright future for the product.
    
He said the new aromatic rubber processing oil, which is being supplied to Japan–based Idemitsu, will be soon launched in India.

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