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Thailand Lubricant Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2026)

The Thailand Lubricant Market is segmented by End User (Automotive, Heavy Equipment, Metallurgy & Metalworking, Power Generation) and by Product Type (Engine Oils, Greases, Hydraulic Fluids, Metalworking Fluids, Transmission & Gear Oils)

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Thailand Lubricant Market Size

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Thailand Lubricants Market
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svg icon Study Period 2015 - 2026
svg icon Market Volume (2024) 794.24 Million Liters
svg icon Market Volume (2026) 828.48 Million Liters
svg icon Largest Share by End User Automotive
svg icon CAGR (2024 - 2026) 2.13 %
svg icon Fastest Growing by End User Automotive
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

Compare market size and growth of Thailand Lubricants Market with other markets in Chemicals & Materials Industry

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Thailand Lubricant Market Analysis

The Thailand Lubricants Market size is estimated at 794.24 Million Liters in 2024, and is expected to reach 828.48 Million Liters by 2026, growing at a CAGR of 2.13% during the forecast period (2024-2026).

  • Largest Segment by End-user Industry - Automotive : Due to the huge volume of engine and gear oils used in motor vehicles compared to any other industrial application, automotive was the largest end user among all categories.
  • Fastest Segment by End-user Industry - Automotive : Automotive is expected to be the fastest-growing end user segment in Thailand due to the availability of low-cost used cars and the accessibility of credit financing.
  • Largest Segment by Product Type - Engine Oils : Due to the high volume of engine oil and the high replacement frequency required to lubricate gasoline engines, engine oil is the most consumed product type in Thailand.
  • Fastest Segment by Product Type - Transmission & Gear Oils : As Thailand expects an increase in the usage of industrial machinery and electric cars, transmission and gear oils are predicted to rise faster than other product types.

Thailand Lubricant Market Trends

This section covers the major market trends shaping the Thailand Lubricants Market according to our research experts:

Largest Segment By End User : Automotive

  • In 2020, the automotive industry dominated the Thai lubricants market, accounting for 54% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive industry increased by around 4.2%.
  • In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 14.26% during the year, followed by heavy equipment (10.2%).
  • Automotive is likely to be the fastest-growing end-user industry of the Thai lubricants market during 2021-2026, with a CAGR of 3.14%, followed by heavy equipment (2.85%). A recovery in the average mileage of vehicles and new vehicle sales will likely drive lubricant consumption from the automotive industry during the next five years.
Thailand Lubricants Market

Thailand Lubricant Industry Overview

The Thailand Lubricants Market is fairly consolidated, with the top five companies occupying 71.56%. The major players in this market are Bangchak Corporation, Chevron Corporation, ExxonMobil Corporation, PTT Lubricants and Royal Dutch Shell Plc (sorted alphabetically).

Thailand Lubricant Market Leaders

  1. Bangchak Corporation

  2. Chevron Corporation

  3. ExxonMobil Corporation

  4. PTT Lubricants

  5. Royal Dutch Shell Plc

*Disclaimer: Major Players sorted in no particular order

Thailand Lubricants Market
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Thailand Lubricant Market News

  • May 2022: TotalEnergies, NEXUS Automotive Extend Strategic Partnership for a period of five years. As part of this partnership, TotalEnergies Lubricants will be expanding its presence in the burgeoning N! community, which has seen rapid growth in sales from EUR 7.2 billion in 2015 to nearly EUR 35 billion by the end of 2021.
  • March 2022: ExxonMobil Corporation company has appointed Jay Hooley as lead managing director of the company.
  • January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.

Thailand Lubricant Market Report - Table of Contents

  1. 1. Executive Summary & Key Findings

  2. 2. Introduction

    1. 2.1. Study Assumptions & Market Definition

    2. 2.2. Scope of the Study

    3. 2.3. Research Methodology

  3. 3. Key Industry Trends

    1. 3.1. Automotive Industry Trends

    2. 3.2. Manufacturing Industry Trends

    3. 3.3. Power Generation Industry Trends

    4. 3.4. Regulatory Framework

    5. 3.5. Value Chain & Distribution Channel Analysis

  4. 4. Market Segmentation

    1. 4.1. By End User

      1. 4.1.1. Automotive

      2. 4.1.2. Heavy Equipment

      3. 4.1.3. Metallurgy & Metalworking

      4. 4.1.4. Power Generation

      5. 4.1.5. Other End-user Industries

    2. 4.2. By Product Type

      1. 4.2.1. Engine Oils

      2. 4.2.2. Greases

      3. 4.2.3. Hydraulic Fluids

      4. 4.2.4. Metalworking Fluids

      5. 4.2.5. Transmission & Gear Oils

      6. 4.2.6. Other Product Types

  5. 5. Competitive Landscape

    1. 5.1. Key Strategic Moves

    2. 5.2. Market Share Analysis

    3. 5.3. Company Profiles

      1. 5.3.1. Bangchak Corporation

      2. 5.3.2. BP PLC (Castrol)

      3. 5.3.3. Chevron Corporation

      4. 5.3.4. ExxonMobil Corporation

      5. 5.3.5. PTG Energy Public Company Limited

      6. 5.3.6. PTT Lubricants

      7. 5.3.7. Royal Dutch Shell Plc

      8. 5.3.8. Siam Pan Group Public Co. Ltd

      9. 5.3.9. Thai Petroleum & Trading Co. Ltd

      10. 5.3.10. TotalEnergies

  6. 6. Appendix

    1. 6.1. Appendix-1 References

    2. 6.2. Appendix-2 List of Tables & Figures

  7. 7. Key Strategic Questions for Lubricants CEOs

List of Tables & Figures

  1. Figure 1:  
  2. VEHICLE POPULATION, NUMBER OF UNITS, THAILAND, 2015 - 2026
  1. Figure 2:  
  2. COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, THAILAND, 2015 - 2026
  1. Figure 3:  
  2. MOTORCYCLES POPULATION, NUMBER OF UNITS, THAILAND, 2015 - 2026
  1. Figure 4:  
  2. PASSENGER VEHICLES POPULATION, NUMBER OF UNITS, THAILAND, 2015 - 2026
  1. Figure 5:  
  2. MANUFACTURING VALUE ADDED, USD BILLION (CURRENT VALUE), THAILAND, 2015 - 2020
  1. Figure 6:  
  2. POWER GENERATION CAPACITY, GIGAWATT (GW), THAILAND, 2015 - 2020
  1. Figure 7:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, BY END USER, 2015-2026
  1. Figure 8:  
  2. THAILAND LUBRICANTS MARKET, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 9:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, AUTOMOTIVE, 2015-2026
  1. Figure 10:  
  2. THAILAND LUBRICANTS MARKET, AUTOMOTIVE, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 11:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, HEAVY EQUIPMENT, 2015-2026
  1. Figure 12:  
  2. THAILAND LUBRICANTS MARKET, HEAVY EQUIPMENT, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 13:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, METALLURGY & METALWORKING, 2015-2026
  1. Figure 14:  
  2. THAILAND LUBRICANTS MARKET, METALLURGY & METALWORKING, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 15:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, POWER GENERATION, 2015-2026
  1. Figure 16:  
  2. THAILAND LUBRICANTS MARKET, POWER GENERATION, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 17:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, OTHER END-USER INDUSTRIES, 2015-2026
  1. Figure 18:  
  2. THAILAND LUBRICANTS MARKET, OTHER END-USER INDUSTRIES, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 19:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2026
  1. Figure 20:  
  2. THAILAND LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 21:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, ENGINE OILS, 2015-2026
  1. Figure 22:  
  2. THAILAND LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 23:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2026
  1. Figure 24:  
  2. THAILAND LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 25:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2026
  1. Figure 26:  
  2. THAILAND LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 27:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, METALWORKING FLUIDS, 2015-2026
  1. Figure 28:  
  2. THAILAND LUBRICANTS MARKET, METALWORKING FLUIDS, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 29:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION & GEAR OILS, 2015-2026
  1. Figure 30:  
  2. THAILAND LUBRICANTS MARKET, TRANSMISSION & GEAR OILS, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 31:  
  2. THAILAND LUBRICANTS MARKET, VOLUME IN LITERS, OTHER PRODUCT TYPES, 2015-2026
  1. Figure 32:  
  2. THAILAND LUBRICANTS MARKET, OTHER PRODUCT TYPES, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 33:  
  2. THAILAND LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 34:  
  2. THAILAND LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 35:  
  2. THAILAND LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2020

Thailand Lubricant Industry Segmentation

By End User
Automotive
Heavy Equipment
Metallurgy & Metalworking
Power Generation
Other End-user Industries
By Product Type
Engine Oils
Greases
Hydraulic Fluids
Metalworking Fluids
Transmission & Gear Oils
Other Product Types
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Market Definition

  • Vehicle Types and Industrial Equipment - Automotive (Passenger Vehicles, Commercial Vehicles and Motorcycles), Power Generation, Heavy Equipment, Metallurgy & Metalworking and Other End-user Industries (Marine, Aviation etc.) are considered under the lubricants market.​
  • Product Types - For the purpose of this study, lubricant products such as engine oils, transmission & gear oils, hydraulic fluids, metalworking fluids, and greases are taken into consideration.​
  • Service Refill - Service/maintenance refill is considered while accounting the lubricant consumption for each of the vehicle and equipment, under the study.​
  • Factory Fill - First lubricant fill-ups for newly produced vehicles and industrial equipment are considered under the study.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
  • Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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Thailand Lubricant Market Research FAQs

The Thailand Lubricants Market size is expected to reach 794.24 million Liters in 2024 and grow at a CAGR of 2.13% to reach 828.48 million Liters by 2026.

In 2024, the Thailand Lubricants Market size is expected to reach 794.24 million Liters.

Bangchak Corporation, Chevron Corporation, ExxonMobil Corporation, PTT Lubricants and Royal Dutch Shell Plc are the major companies operating in the Thailand Lubricants Market.

In the Thailand Lubricants Market, the Automotive segment accounts for the largest share by end user.

In 2024, the Automotive segment accounts for the fastest growing by end user in the Thailand Lubricants Market.

In 2023, the Thailand Lubricants Market size was estimated at 772.21 million Liters. The report covers the Thailand Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thailand Lubricants Market size for years: 2024, 2025 and 2026.

Thailand Lubricants Industry Report

Statistics for the 2024 Thailand Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand 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.

Thailand Lubricants Market Report Snapshots

Thailand Lubricant Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2026)