Vietnam Commercial Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 50.25 Million Liters |
| Market Volume (2026) | 53.85 Million Liters |
| CAGR (2024 - 2026) | 3.52 % |
| Market Concentration | High |
Vietnam Commercial Vehicles Lubricants Market Analysis
The Vietnam Commercial Vehicles Lubricants Market size is estimated at 50.25 Million Liters in 2024, and is expected to reach 53.85 Million Liters by 2026, growing at a CAGR of 3.52% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oils form the leading product type due to their higher volume requirements and short drain intervals compared to other lubricants across all vehicle types.
- Fastest Segment by Product Type - Hydraulic Fluids : The anticipated rebound in commercial vehicle sales and usage rates in Vietnam from 2021 is expected to drive demand for hydraulic fluids over the forecast period.
Vietnam Commercial Vehicles Lubricants Market Trends
This section covers the major market trends shaping the Vietnam Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : Engine Oils
- In Vietnam, commercial vehicles (CVs) formed the second largest segment in terms of lubricant consumption. During 2015-2019, lubricant consumption witnessed a CAGR growth of over 10% in the CV segment. The growth was majorly driven by the growing freight transportation in the country.
- In 2020, commercial vehicle lubricant consumption declined by 7.11% as COVID-19 affected freight transportation. Engine oil accounts for around 69% share in CV lubricant consumption. A major decline of over 18% was observed in the consumption of hydraulic fluids in the CV segment during 2020.
- During 2021-2026, the hydraulic fluid segment is likely to be the fastest-growing segment, with a CAGR of 5.61%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.
Vietnam Commercial Vehicles Lubricants Industry Overview
The Vietnam Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 59.02%. The major players in this market are BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).
Vietnam Commercial Vehicles 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 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.
- 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.
- March 2021: Hyundai Motor Company and Royal Dutch Shell PLC announced a five-year global business cooperation agreement, with a new focus on clean energy and carbon reduction, to help Hyundai continue its transformation as a Smart Mobility Solution Provider.
Vietnam 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 Mekong Petrochemical JSC
5.3.5 Motul
5.3.6 Nikko Lubricant Vietnam
5.3.7 Petrolimex (PLX)
5.3.8 PVOIL
5.3.9 Royal Dutch Shell Plc
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
Vietnam Commercial Vehicles Lubricants Industry Segmentation
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
Vietnam Commercial Vehicles Lubricants Market Research FAQs
How big is the Vietnam Commercial Vehicles Lubricants Market?
The Vietnam Commercial Vehicles Lubricants Market size is expected to reach 50.25 million Liters in 2024 and grow at a CAGR of 3.52% to reach 53.85 million Liters by 2026.
What is the current Vietnam Commercial Vehicles Lubricants Market size?
In 2024, the Vietnam Commercial Vehicles Lubricants Market size is expected to reach 50.25 million Liters.
Who are the key players in Vietnam Commercial Vehicles Lubricants Market?
BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Vietnam Commercial Vehicles Lubricants Market.
Which segment has the biggest share in the Vietnam Commercial Vehicles Lubricants Market?
In the Vietnam Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which is the fastest growing segment in the Vietnam Commercial Vehicles Lubricants Market?
In 2024, the Hydraulic Fluids segment accounts for the fastest growing by product type in the Vietnam Commercial Vehicles Lubricants Market.
What years does this Vietnam Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the Vietnam Commercial Vehicles Lubricants Market size was estimated at 48.46 million Liters. The report covers the Vietnam Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
Vietnam Commercial Vehicles Lubricants Industry Report
Statistics for the 2024 Vietnam Commercial Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam 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.
