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Vietnam Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2026)

The Vietnam Lubricants 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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Vietnam Lubricants Market Size

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Vietnam Lubricants Market
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svg icon Study Period 2015 - 2026
svg icon Market Volume (2024) 308.23 Million Liters
svg icon Market Volume (2026) 341.78 Million Liters
svg icon Largest Share by End User Automotive
svg icon CAGR (2024 - 2026) 5.30 %
svg icon Fastest Growing by End User Power Generation
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 Vietnam Lubricants Market with other markets in Chemicals & Materials Industry

Plastics, Polymers, and Elastomers

Adhesives and Sealants

Commodity Chemicals

Water and Wastewater Treatment

Advanced Materials

Construction Chemicals and Materials

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Vietnam Lubricants Market Analysis

The Vietnam Lubricants Market size is estimated at 308.23 Million Liters in 2024, and is expected to reach 341.78 Million Liters by 2026, growing at a CAGR of 5.30% during the forecast period (2024-2026).

  • Largest Segment by End-user Industry - Automotive : Due to the huge volume of lubricants 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 - Power Generation : Due to the increasing use of natural gas reactors and wind turbines for energy generation, power generation is projected to be the fastest-growing end user in Vietnam.
  • Largest Segment by Product Type - Engine Oils : Engine oil is the most consumed product type in Vietnam due to the high volumes of engine oil with high replacement frequencies required to lubricate IC engines.
  • Fastest Segment by Product Type - Hydraulic Fluids : The expected growth in the construction, mining, steel, marine, and aviation sectors is expected to support the hydraulic fluid consumption in the coming years in Vietnam.

Vietnam Lubricants Market Trends

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

Largest Segment By End User : Automotive

  • In 2020, the Vietnamese lubricant market was dominated by the automotive industry, which accounted for around 81% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive industry increased by around 41%.
  • In 2020, COVID-19-related restrictions led to decreased maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 4.9%, followed by heavy equipment (4.4%) during the year.
  • Power generation is expected to be the fastest-growing end-user industry of the market studied, recording a CAGR of 8.35% during 2021-2026, followed by automotive (4.48%). The increasing power generation capacity (especially renewables) in the country is anticipated to drive lubricant consumption in the coming years.
Vietnam Lubricants Market

Vietnam Lubricants Industry Overview

The Vietnam Lubricants Market is fairly consolidated, with the top five companies occupying 65.03%. The major players in this market are BP Plc (Castrol), MEKONG PETROCHEMICAL JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Vietnam Lubricants Market Leaders

  1. BP Plc (Castrol)

  2. MEKONG PETROCHEMICAL JSC

  3. Petrolimex (PLX)

  4. Royal Dutch Shell Plc

  5. TotalEnergies

*Disclaimer: Major Players sorted in no particular order

Vietnam Lubricants Market
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Vietnam Lubricants 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.
  • January 2022: Effective January 21, 2022, Royal Dutch Shell plc changes its name to Shell plc.
  • December 2021: The joint venture agreement between Castrol, BP, and the Vietnam National Petroleum Group (Petrolimex) has been extended for another 20 years, from 2022 to 2042. Castrol BP Petco Co. Ltd is the name of the joint venture company.

Vietnam Lubricants 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. AP SAIGON PETRO JSC

      2. 5.3.2. BP Plc (Castrol)

      3. 5.3.3. Chevron Corporation

      4. 5.3.4. MEKONG PETROCHEMICAL JSC

      5. 5.3.5. Motul

      6. 5.3.6. NIKKO LUBRICANT VIETNAM

      7. 5.3.7. Petrolimex (PLX)

      8. 5.3.8. PVOIL

      9. 5.3.9. Royal Dutch Shell Plc

      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, VIETNAM, 2015-2027
  1. Figure 2:  
  2. COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, VIETNAM, 2015-2027
  1. Figure 3:  
  2. MOTORCYCLES POPULATION, NUMBER OF UNITS, VIETNAM, 2015-2027
  1. Figure 4:  
  2. PASSENGER VEHICLES POPULATION, NUMBER OF UNITS, VIETNAM, 2015-2027
  1. Figure 5:  
  2. MANUFACTURING VALUE ADDED, USD BILLION (CURRENT VALUE), VIETNAM, 2015-2027
  1. Figure 6:  
  2. POWER GENERATION CAPACITY, GIGAWATT (GW), VIETNAM, 2015-2027
  1. Figure 7:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, BY END USER, 2015-2027
  1. Figure 8:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME SHARE (%), BY END USER, 2021
  1. Figure 9:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, AUTOMOTIVE, 2015-2027
  1. Figure 10:  
  2. VIETNAM LUBRICANTS MARKET, AUTOMOTIVE, VOLUME SHARE (%), BY PRODUCT TYPE, 2021
  1. Figure 11:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, HEAVY EQUIPMENT, 2015-2027
  1. Figure 12:  
  2. VIETNAM LUBRICANTS MARKET, HEAVY EQUIPMENT, VOLUME SHARE (%), BY PRODUCT TYPE, 2021
  1. Figure 13:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, METALLURGY & METALWORKING, 2015-2027
  1. Figure 14:  
  2. VIETNAM LUBRICANTS MARKET, METALLURGY & METALWORKING, VOLUME SHARE (%), BY PRODUCT TYPE, 2021
  1. Figure 15:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, POWER GENERATION, 2015-2027
  1. Figure 16:  
  2. VIETNAM LUBRICANTS MARKET, POWER GENERATION, VOLUME SHARE (%), BY PRODUCT TYPE, 2021
  1. Figure 17:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, OTHER END-USER INDUSTRIES, 2015-2027
  1. Figure 18:  
  2. VIETNAM LUBRICANTS MARKET, OTHER END-USER INDUSTRIES, VOLUME SHARE (%), BY PRODUCT TYPE, 2021
  1. Figure 19:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2027
  1. Figure 20:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2021
  1. Figure 21:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, ENGINE OILS, 2015-2027
  1. Figure 22:  
  2. VIETNAM LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY END USER, 2021
  1. Figure 23:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2027
  1. Figure 24:  
  2. VIETNAM LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY END USER, 2021
  1. Figure 25:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2027
  1. Figure 26:  
  2. VIETNAM LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY END USER, 2021
  1. Figure 27:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, METALWORKING FLUIDS, 2015-2027
  1. Figure 28:  
  2. VIETNAM LUBRICANTS MARKET, METALWORKING FLUIDS, VOLUME SHARE (%), BY END USER, 2021
  1. Figure 29:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION & GEAR OILS, 2015-2027
  1. Figure 30:  
  2. VIETNAM LUBRICANTS MARKET, TRANSMISSION & GEAR OILS, VOLUME SHARE (%), BY END USER, 2021
  1. Figure 31:  
  2. VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, OTHER PRODUCT TYPES, 2015-2027
  1. Figure 32:  
  2. VIETNAM LUBRICANTS MARKET, OTHER PRODUCT TYPES, VOLUME SHARE (%), BY END USER, 2021
  1. Figure 33:  
  2. VIETNAM LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 34:  
  2. VIETNAM LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 35:  
  2. VIETNAM LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2021

Vietnam Lubricants 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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Vietnam Lubricants Market Research FAQs

The Vietnam Lubricants Market size is expected to reach 308.23 million Liters in 2024 and grow at a CAGR of 5.30% to reach 341.78 million Liters by 2026.

In 2024, the Vietnam Lubricants Market size is expected to reach 308.23 million Liters.

BP Plc (Castrol), MEKONG PETROCHEMICAL JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Vietnam Lubricants Market.

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

In 2024, the Power Generation segment accounts for the fastest growing by end user in the Vietnam Lubricants Market.

In 2023, the Vietnam Lubricants Market size was estimated at 292.77 million Liters. The report covers the Vietnam Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Lubricants Market size for years: 2024, 2025 and 2026.

Vietnam Lubricants Industry Report

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

Vietnam Lubricants Market Report Snapshots

Vietnam Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2026)