Vietnam Automotive Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 244.50 Million Liters |
| Market Volume (2026) | 266.13 Million Liters |
| CAGR (2024 - 2026) | 4.33 % |
| Market Concentration | High |
Vietnam Automotive Lubricants Market Analysis
The Vietnam Automotive Lubricants Market size is estimated at 244.5 Million Liters in 2024, and is expected to reach 266.13 Million Liters by 2026, growing at a CAGR of 4.33% during the forecast period (2024-2026).
- 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.
Vietnam Automotive Lubricants Market Trends
This section covers the major market trends shaping the Vietnam Automotive Lubricants Market according to our research experts:
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.
Vietnam Automotive Lubricants Industry Overview
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).
Vietnam Automotive Lubricants Market Leaders
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BP Plc (Castrol)
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Mekong Petrochemical JSC
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Petrolimex (PLX)
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Royal Dutch Shell Plc
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TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Vietnam Automotive 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.
- April 2021: Motul launched two engine oils, namely CLASSIC EIGHTIES 10W-40 and CLASSIC NINETIES 10W-30, for classic cars manufactured between the 1970s and 2000s.
- 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.
Vietnam Automotive 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 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
Vietnam Automotive Lubricants Industry Segmentation
| By Vehicle Type | |
| Commercial Vehicles | |
| Motorcycles | |
| Passenger Vehicles |
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
Vietnam Automotive Lubricants Market Research FAQs
How big is the Vietnam Automotive Lubricants Market?
The Vietnam Automotive Lubricants Market size is expected to reach 244.50 million Liters in 2024 and grow at a CAGR of 4.33% to reach 266.13 million Liters by 2026.
What is the current Vietnam Automotive Lubricants Market size?
In 2024, the Vietnam Automotive Lubricants Market size is expected to reach 244.50 million Liters.
Who are the key players in Vietnam Automotive Lubricants Market?
BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Vietnam Automotive Lubricants Market.
Which segment has the biggest share in the Vietnam Automotive Lubricants Market?
In the Vietnam Automotive Lubricants Market, the Motorcycles segment accounts for the largest share by vehicle type.
Which is the fastest growing segment in the Vietnam Automotive Lubricants Market?
In 2024, the Motorcycles segment accounts for the fastest growing by vehicle type in the Vietnam Automotive Lubricants Market.
What years does this Vietnam Automotive Lubricants Market cover, and what was the market size in 2023?
In 2023, the Vietnam Automotive Lubricants Market size was estimated at 233.94 million Liters. The report covers the Vietnam Automotive Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Automotive Lubricants Market size for years: 2024, 2025 and 2026.
Vietnam Automotive Lubricants Industry Report
Statistics for the 2024 Vietnam Automotive Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Automotive Lubricants analysis includes a market forecast outlook 202 and historical overview. Get a sample of this industry analysis as a free report PDF download.
