Vietnam Commercial Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026
The Vietnam Commercial Vehicles Lubricants Market size is estimated at 50.25 Million Liters in 2024, and is expected to reach 53.85 Million Liters by 2026, growing at a CAGR of 3.52% during the forecast period (2024-2026).
Key Highlights
- Largest Segment by Product Type - Engine Oils : Engine oils form the leading product type due to their higher volume requirements and short drain intervals compared to other lubricants across all vehicle types.
- Fastest Segment by Product Type - Hydraulic Fluids : The anticipated rebound in commercial vehicle sales and usage rates in Vietnam from 2021 is expected to drive demand for hydraulic fluids over the forecast period.
Vietnam Commercial Vehicles Lubricants Market Trends
Largest Segment By Product Type : Engine Oils
- In Vietnam, commercial vehicles (CVs) formed the second largest segment in terms of lubricant consumption. During 2015-2019, lubricant consumption witnessed a CAGR growth of over 10% in the CV segment. The growth was majorly driven by the growing freight transportation in the country.
- In 2020, commercial vehicle lubricant consumption declined by 7.11% as COVID-19 affected freight transportation. Engine oil accounts for around 69% share in CV lubricant consumption. A major decline of over 18% was observed in the consumption of hydraulic fluids in the CV segment during 2020.
- During 2021-2026, the hydraulic fluid segment is likely to be the fastest-growing segment, with a CAGR of 5.61%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.
Vietnam Commercial Vehicles Lubricants Industry Overview
The Vietnam Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 59.02%. The major players in this market are BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies (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 BP Plc (Castrol)
- 5.3.2 Chevron Corporation
- 5.3.3 ExxonMobil Corporation
- 5.3.4 Mekong Petrochemical JSC
- 5.3.5 Motul
- 5.3.6 Nikko Lubricant Vietnam
- 5.3.7 Petrolimex (PLX)
- 5.3.8 PVOIL
- 5.3.9 Royal Dutch Shell Plc
- 5.3.10 TotalEnergies
- 6 Appendix
- 6.1 Appendix-1 References
- 6.2 Appendix-2 List of Tables & Figures
- 7 Key Strategic Questions for Lubricants CEOs
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook