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Vietnam Commercial Vehicles Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

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  • September 2022
  • Region: Vietnam
  • Mordor Intelligence
  • ID: 5656779
UP TO OFF until Dec 31st 2023
The Vietnam Commercial Vehicles Lubricants Market stood at 45.11 million liters in 2021 and is projected to register a CAGR of 3.61% to reach 53.85 million liters in 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.

Key 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.

Competitive Landscape

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

Table of Contents

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

Companies Mentioned

A selection of companies mentioned in this report includes:

  • BP Plc (Castrol)
  • Chevron Corporation
  • ExxonMobil Corporation
  • Mekong Petrochemical JSC
  • Motul
  • Nikko Lubricant Vietnam
  • Petrolimex (PLX)
  • Royal Dutch Shell Plc
  • TotalEnergies