China Commercial Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026
The China Commercial Vehicles Lubricants Market size is estimated at 1.30 Billion Liters in 2024, and is expected to reach 1.43 Billion Liters by 2026, growing at a CAGR of 4.88% during the forecast period (2024-2026).
Key Highlights
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and low drain intervals. It is used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Transmission & Gear Oils : During the coming years, demand for transmission oils is expected to be driven by expected growth in commercial vehicle production, sales, and usage in the country.
China Commercial Vehicles Lubricants Market Trends
Largest Segment By Product Type : Engine Oils
- In China, among all product types, engine oils accounted for a share of 70.6% of the total lubricant demand from commercial vehicles (CV) during 2020. During 2015-2019, the overall engine oil consumption increased at a CAGR of about 1.6% due to a rise in truck sales, driven by the reformation of the country's supply sector.
- In 2020, the transmission oils segment recorded the highest growth in CV lubricant consumption of about 7.8%. The financial incentives for the purchase of new energy commercial vehicles supported transmission oil consumption during the year.
- During 2021-2026, the transmission oils segment is likely to be the fastest-growing segment, with a CAGR of 6%. The tax incentives offered for the purchase of commercial vehicles and augmenting production outputs are projected to drive the demand for transmission oils in the country over the next five years.
China Commercial Vehicles Lubricants Industry Overview
The China Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 75.19%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell Plc (sorted alphabetically).
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
- 1 Executive Summary & Key Findings
- 2 Introduction
- 2.1 Study Assumptions & Market Definition
- 2.2 Scope of the Study
- 2.3 Research Methodology
- 3 Key Industry Trends
- 3.1 Automotive Industry Trends
- 3.2 Regulatory Framework
- 3.3 Value Chain & Distribution Channel Analysis
- 4 Market Segmentation
- 4.1 By Product Type
- 4.1.1 Engine Oils
- 4.1.2 Greases
- 4.1.3 Hydraulic Fluids
- 4.1.4 Transmission & Gear Oils
- 5 Competitive Landscape
- 5.1 Key Strategic Moves
- 5.2 Market Share Analysis
- 5.3 Company Profiles
- 5.3.1 Beijing Zhongrun Huayou Petrochemical Co. Ltd
- 5.3.2 BP PLC (Castrol)
- 5.3.3 Chevron Corporation
- 5.3.4 China National Petroleum Corporation
- 5.3.5 China Petroleum & Chemical Corporation
- 5.3.6 ExxonMobil Corporation
- 5.3.7 FUCHS
- 5.3.8 Jiangsu Lopal Tech Co. Ltd
- 5.3.9 Royal Dutch Shell Plc
- 5.3.10 Tongyi Petrochemical Co. Ltd
- 6 Appendix
- 6.1 Appendix-1 References
- 6.2 Appendix-2 List of Tables & Figures
- 7 Key Strategic Questions for Lubricants CEOs
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