Thailand Passenger Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

Thailand Passenger Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

The Thailand Passenger Vehicles Lubricants Market size is estimated at 61.55 Million Liters in 2024, and is expected to reach 66 Million Liters by 2026, growing at a CAGR of 3.55% 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 shorter drain intervals, as it is used for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Transmission & Gear Oils : The expected recovery of passenger vehicle sales and production in Thailand from 2021 is expected to drive the demand for transmission oils during the forecast period.

Thailand Passenger Vehicles Lubricants Market Trends

Largest Segment By Product Type : Engine Oils

• In Thailand, the passenger vehicles segment is the second-largest segment in terms of automotive lubricant consumption. During 2015-2019, the country recorded a CAGR of 1.23% in PV lubricant consumption, majorly driven by the growth in sedan and rental vehicles.
• In 2020, the passenger vehicles segment accounted for about 13% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in PV lubricant consumption, with a share of about 69.4% during the year. During 2020, PV lubricant consumption declined by 6.8% due to the COVID-19 pandemic, which led to a dip in PV sales and extended service intervals.
• During 2021-2026, the transmission oils segment is likely to be the fastest-growing segment with a CAGR of 5.01%. This growth is likely to be driven by the recovery in annual average distance traveled, production, and sales.

Thailand Passenger Vehicles Lubricants Industry Overview

The Thailand Passenger Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 51.52%. The major players in this market are Bangchak Corporation, CHEVRON CORPORATION, ExxonMobil Corporation, PTT Lubricants and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support