Thailand Commercial Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 343.46 Million Liters |
| Market Volume (2026) | 358.03 Million Liters |
| CAGR (2024 - 2026) | 2.10 % |
| Market Concentration | High |
Thailand Commercial Vehicles Lubricants Market Analysis
The Thailand Commercial Vehicles Lubricants Market size is estimated at 343.46 Million Liters in 2024, and is expected to reach 358.03 Million Liters by 2026, growing at a CAGR of 2.10% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals. It is used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Hydraulic Fluids : The expected recovery of commercial vehicle sales and activity in Thailand from 2021 is likely to drive the demand for hydraulic fluids during the forecast period.
Thailand Commercial Vehicles Lubricants Market Trends
This section covers the major market trends shaping the Thailand Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : Engine Oils
- In Thailand, commercial vehicles (CVs) formed the largest segment and accounted for over 78% of lubricant consumption. During 2015-2019, lubricant consumption recorded a CAGR of 1.23% in the CV segment. In 2019, lubricant consumption declined by 1% due to a dip in production, thus, marginalizing the growth during this period.
- In 2020, commercial vehicle lubricant consumption declined by 11.5%, as the COVID-19 outbreak affected sales. Engine oils account for a 62% share in CV lubricant consumption, followed by hydraulic fluids and greases, respectively. A major dip of 13.5% was observed in hydraulic fluid consumption in the CV segment during the year.
- During 2021-2026, the hydraulic fluids segment is likely to be the fastest-growing segment with a CAGR of 4.42%. Growing investments are likely to boost CV production, thus, driving hydraulic fluid consumption in the country.
Thailand Commercial Vehicles Lubricants Industry Overview
The Thailand Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 58.99%. The major players in this market are Bangchak Corporation, CHEVRON CORPORATION, ExxonMobil Corporation, PTT Lubricants and Royal Dutch Shell Plc (sorted alphabetically).
Thailand Commercial Vehicles Lubricants Market Leaders
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Bangchak Corporation
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CHEVRON CORPORATION
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ExxonMobil Corporation
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PTT Lubricants
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Royal Dutch Shell Plc
*Disclaimer: Major Players sorted in no particular order
Thailand 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.
- October 2021: Valvoline and Cummins extended their long-standing marketing and technology collaboration agreement for another five years. Cummins will endorse and promote Valvoline's Premium Blue engine oil for its heavy-duty diesel engines and generators and will distribute Valvoline products through its global distribution networks.
- 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.
Thailand 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 Bangchak Corporation
5.3.2 BP PLC (Castrol)
5.3.3 CHEVRON CORPORATION
5.3.4 ExxonMobil Corporation
5.3.5 Idemitsu Kosan Co. Ltd
5.3.6 PTT Lubricants
5.3.7 Royal Dutch Shell Plc
5.3.8 Siam Pan Group Public Co. Ltd
5.3.9 Thai Petroleum & Trading Co. Ltd
5.3.10 Valvoline Inc.
6. Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
Thailand Commercial Vehicles Lubricants Industry Segmentation
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
Thailand Commercial Vehicles Lubricants Market Research FAQs
How big is the Thailand Commercial Vehicles Lubricants Market?
The Thailand Commercial Vehicles Lubricants Market size is expected to reach 343.46 million Liters in 2024 and grow at a CAGR of 2.10% to reach 358.03 million Liters by 2026.
What is the current Thailand Commercial Vehicles Lubricants Market size?
In 2024, the Thailand Commercial Vehicles Lubricants Market size is expected to reach 343.46 million Liters.
Who are the key players in Thailand Commercial Vehicles Lubricants Market?
Bangchak Corporation, CHEVRON CORPORATION, ExxonMobil Corporation, PTT Lubricants and Royal Dutch Shell Plc are the major companies operating in the Thailand Commercial Vehicles Lubricants Market.
Which segment has the biggest share in the Thailand Commercial Vehicles Lubricants Market?
In the Thailand Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which is the fastest growing segment in the Thailand Commercial Vehicles Lubricants Market?
In 2024, the Hydraulic Fluids segment accounts for the fastest growing by product type in the Thailand Commercial Vehicles Lubricants Market.
What years does this Thailand Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the Thailand Commercial Vehicles Lubricants Market size was estimated at 333.78 million Liters. The report covers the Thailand Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thailand Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
Thailand Lubricant Industry Report
Statistics for the 2024 Thailand Lubricant market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Lubricant analysis includes a market forecast outlook 202 and historical overview. Get a sample of this industry analysis as a free report PDF download.
