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

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  • September 2022
  • Region: Vietnam
  • Mordor Intelligence
  • ID: 5656840
UP TO OFF until Dec 31st 2023
The Vietnam Automotive Lubricants Market stood at 213.80 million liters in 2021 and is projected to register a CAGR of 4.48% to reach 266.13 million liters in 2026.

Key Highlights

  • Largest Segment by Vehicle Type - Motorcycles: Due to the vast number of two-wheelers on the road and the increasing annual distance traveled, the motorcycle segment has the largest automotive lubricant consumption.
  • Fastest Segment by Vehicle Type - Motorcycles: Motorcycle activity and sales in Vietnam are predicted to improve quickly in 2021 due to the country's economic expansions, in turn supporting the lubricant demand.
  • 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 in high-temperature and high-pressure applications.
  • Fastest Segment by Product Type - Transmission & Gear Oils: In Vietnam, demand for transmission oils is expected to rise during the forecast period due to the increasing adoption of automatic transmissions and surge in servicing needs.

Key Market Trends

Largest Segment By Vehicle Type: Motorcycles

  • In Vietnam, motorcycles accounted for the largest share, 94.08%, in the total number of on-road vehicles in 2020, followed by passenger vehicles (PVs) and commercial vehicles (CVs), with a share of 3.70% and 2.22%, respectively.
  • The MC segment accounted for the highest share, 71.38%, in the total automotive lubricant consumption in 2020, followed by CV (21.27%) and PV (7.35%), respectively. In 2020, the COVID-19 outbreak led to a notable dip in lubricant consumption, where PV lubricant consumption recorded the highest dip of 15.83%, followed by CV (7.11%) and MC (2.91%).
  • The motorcycle segment is projected to be the fastest-growing lubricant consumer, with a CAGR of 4.85% over the period 2021-2026. The growth is expected to be driven by the recovery in mopeds and motorcycles production and sales in the coming years.

Competitive Landscape

The Vietnam Automotive Lubricants Market is moderately consolidated, with the top five companies occupying 57.68%. 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 Vehicle Type
4.1.1 Commercial Vehicles
4.1.2 Motorcycles
4.1.3 Passenger Vehicles
4.2 By Product Type
4.2.1 Engine Oils
4.2.2 Greases
4.2.3 Hydraulic Fluids
4.2.4 Transmission & Gear Oils
5 Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 AP Saigon Petro JSC
5.3.2 BP Plc (Castrol)
5.3.3 Chevron Corporation
5.3.4 ENEOS Corporation
5.3.5 ExxonMobil Corporation
5.3.6 Idemitsu Kosan Co. Ltd
5.3.7 Mekong Petrochemical JSC
5.3.8 Motul
5.3.9 Petrolimex (PLX)
5.3.10 PVOIL
5.3.11 Royal Dutch Shell Plc
5.3.12 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:

  • AP Saigon Petro JSC
  • BP Plc (Castrol)
  • Chevron Corporation
  • ENEOS Corporation
  • ExxonMobil Corporation
  • Idemitsu Kosan Co. Ltd
  • Mekong Petrochemical JSC
  • Motul
  • Petrolimex (PLX)
  • Royal Dutch Shell Plc
  • TotalEnergies