Singapore Commercial Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 6.93 Million Liters |
| Market Volume (2026) | 7.40 Million Liters |
| CAGR (2024 - 2026) | 3.34 % |
| Market Concentration | High |
Singapore Commercial Vehicles Lubricants Market Analysis
The Singapore Commercial Vehicles Lubricants Market size is estimated at 6.93 Million Liters in 2024, and is expected to reach 7.40 Million Liters by 2026, growing at a CAGR of 3.34% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : In the commercial vehicles segment, engine oils are leading in terms of demand, owing to the large volumes of oil and service cycles required for commercial vehicles.
- Fastest Segment by Product Type - Hydraulic Fluids : The anticipated rebound in commercial vehicle sales and activity in Singapore from 2021 is predicted to drive the demand for hydraulic fluids over the forecast period.
Singapore Commercial Vehicles Lubricants Market Trends
This section covers the major market trends shaping the Singapore Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : Engine Oils
- In Singapore, commercial vehicles (CVs) formed the largest segment and accounted for about 49.67% of lubricant consumption in 2020. During 2015-2019, lubricant consumption recorded a 7.14% drop in the CV segment. The drop was majorly caused by the declining usage of commercial vehicles due to their high maintenance costs.
- In 2020, lubricant consumption of commercial vehicles declined by 17.26% as the COVID-19 pandemic affected freight transportation. Engine oils accounted for an 86.91% share in CV lubricant consumption. A major decline of 22.11% was also observed in the consumption of hydraulic fluids in the CV segment during the year.
- Over the next five years, the hydraulic fluids segment is likely to be the fastest-growing segment, with a CAGR of 3.96%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of hydraulic fluids over the forecast period.
Singapore Commercial Vehicles Lubricants Industry Overview
The Singapore Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 44.59%. The major players in this market are BP Plc (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).
Singapore Commercial Vehicles Lubricants Market Leaders
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BP Plc (Castrol)
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Chevron Corporation
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ExxonMobil Corporation
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Royal Dutch Shell Plc
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TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Singapore 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.
- September 2021: ExxonMobil Asia Pacific Pte Ltd established the MobilSM Fleet Care (MFC) program for its lubricant clients, which provides fleet owners and operators with a holistic picture of their fleet's operating performance.
- 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.
Singapore 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 AP Oil
5.3.2 BP Plc (Castrol)
5.3.3 Chevron Corporation
5.3.4 China National Petroleum Corporation
5.3.5 ExxonMobil Corporation
5.3.6 FUCHS
5.3.7 Royal Dutch Shell Plc
5.3.8 Totachi Industrial Co. Ltd
5.3.9 TotalEnergies
5.3.10 United Oil Company Pte Ltd
6. Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
Singapore Commercial Vehicles Lubricants Industry Segmentation
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
Singapore Commercial Vehicles Lubricants Market Research FAQs
How big is the Singapore Commercial Vehicles Lubricants Market?
The Singapore Commercial Vehicles Lubricants Market size is expected to reach 6.93 million Liters in 2024 and grow at a CAGR of 3.34% to reach 7.40 million Liters by 2026.
What is the current Singapore Commercial Vehicles Lubricants Market size?
In 2024, the Singapore Commercial Vehicles Lubricants Market size is expected to reach 6.93 million Liters.
Who are the key players in Singapore Commercial Vehicles Lubricants Market?
BP Plc (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Singapore Commercial Vehicles Lubricants Market.
Which segment has the biggest share in the Singapore Commercial Vehicles Lubricants Market?
In the Singapore Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which is the fastest growing segment in the Singapore Commercial Vehicles Lubricants Market?
In 2024, the Hydraulic Fluids segment accounts for the fastest growing by product type in the Singapore Commercial Vehicles Lubricants Market.
What years does this Singapore Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the Singapore Commercial Vehicles Lubricants Market size was estimated at 6.78 million Liters. The report covers the Singapore Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
Singapore Commercial Vehicles Lubricants Industry Report
Statistics for the 2024 Singapore Commercial Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore 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.
