Philippines Commercial Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 77.94 Million Liters |
| Market Volume (2026) | 82.44 Million Liters |
| CAGR (2024 - 2026) | 2.85 % |
| Market Concentration | High |
Philippines Commercial Vehicles Lubricants Market Analysis
The Philippines Commercial Vehicles Lubricants Market size is estimated at 77.94 Million Liters in 2024, and is expected to reach 82.44 Million Liters by 2026, growing at a CAGR of 2.85% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its higher volume requirements and shorter drain intervals, as compared to other lubricants across all vehicle types.
- Fastest Segment by Product Type - Transmission & Gear Oils : The demand for hydraulic fluids may be driven by the expected growth in commercial vehicle sales and increased freight transportation operations during the forecast period.
Philippines Commercial Vehicles Lubricants Market Trends
This section covers the major market trends shaping the Philippines Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : Engine Oils
- In the Philippines, commercial vehicles (CVs) formed the largest segment and accounted for about 76% of the overall lubricant consumption in 2015. During 2015-2019, lubricant consumption recorded a CAGR of 2.06% in the CV segment. The growth was majorly driven by the rise in on-road CVs and average distance traveled per year.
- Engine oil was the dominant product type in the market and accounted for a 74% share in CV lubricant consumption in 2020. In the same year, lubricant consumption of commercial vehicles declined by 10.1% due to the impact of COVID-19 on vehicle activities and sales. A major decline of 11% was also observed in the consumption of greases in the CV segment during the year.
- During 2021-26, the transmission oils segment is likely to be the fastest-growing segment, with a CAGR of 3.05%. The recovery in usage and sales of commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.
Philippines Commercial Vehicles Lubricants Industry Overview
The Philippines Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 80.55%. The major players in this market are BP Plc (Castrol), Chevron Corporation, Petron Corporation, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).
Philippines Commercial Vehicles Lubricants Market Leaders
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BP Plc (Castrol)
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Chevron Corporation
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Petron Corporation
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Royal Dutch Shell Plc
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TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Philippines Commercial Vehicles Lubricants Market News
- January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
- June 2021: Pilipinas Shell Petroleum Corp. extended its partnership with Isuzu Philippines Corp. till 2023. In this partnership, Shell has to supply its lubricants, fuels, and other products to Isuzu for two years.
- March 2021: Castrol announced the launch of Castrol ON (a Castrol e-fluid range that includes e-gear oils, e-coolants, and e-greases) to its product portfolio. This range is specially designed for electric vehicles.
Philippines Commercial Vehicles Lubricants Market Report - 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 Petron Corporation
5.3.5 Phoenix Petroleum
5.3.6 PTT Lubricants
5.3.7 Royal Dutch Shell Plc
5.3.8 SEAOIL Philippines Inc.
5.3.9 SK Lubricants Co. Ltd
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
Philippines Commercial Vehicles Lubricants Industry Segmentation
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
Philippines Commercial Vehicles Lubricants Market Research FAQs
How big is the Philippines Commercial Vehicles Lubricants Market?
The Philippines Commercial Vehicles Lubricants Market size is expected to reach 77.94 million Liters in 2024 and grow at a CAGR of 2.85% to reach 82.44 million Liters by 2026.
What is the current Philippines Commercial Vehicles Lubricants Market size?
In 2024, the Philippines Commercial Vehicles Lubricants Market size is expected to reach 77.94 million Liters.
Who are the key players in Philippines Commercial Vehicles Lubricants Market?
BP Plc (Castrol), Chevron Corporation, Petron Corporation, Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Philippines Commercial Vehicles Lubricants Market.
Which segment has the biggest share in the Philippines Commercial Vehicles Lubricants Market?
In the Philippines Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which is the fastest growing segment in the Philippines Commercial Vehicles Lubricants Market?
In 2024, the Transmission & Gear Oils segment accounts for the fastest growing by product type in the Philippines Commercial Vehicles Lubricants Market.
What years does this Philippines Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the Philippines Commercial Vehicles Lubricants Market size was estimated at 76.23 million Liters. The report covers the Philippines Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Philippines Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
Philippines Commercial Vehicles Lubricants Industry Report
Statistics for the 2024 Philippines Commercial Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Philippines Commercial Vehicles Lubricants analysis includes a market forecast outlook to 2026 and historical overview. Get a sample of this industry analysis as a free report PDF download.
