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

The China Commercial Vehicles Lubricants Market stood at 1.11 billion liters in 2021 and is projected to register a CAGR of 5.16% to reach 1.43 billion liters in 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.

Key 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.

Competitive Landscape

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