Vietnam Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Forecast Data Period | 2024 - 2026 |
| Market Volume (2024) | 308.23 Million Liters |
| Market Volume (2026) | 341.78 Million Liters |
| CAGR (2024 - 2026) | 5.30 % |
| Market Concentration | High |
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 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
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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 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. 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 Manufacturing Industry Trends
3.3 Power Generation Industry Trends
3.4 Regulatory Framework
3.5 Value Chain & Distribution Channel Analysis
4. Market Segmentation
4.1 By End User
4.1.1 Automotive
4.1.2 Heavy Equipment
4.1.3 Metallurgy & Metalworking
4.1.4 Power Generation
4.1.5 Other End-user Industries
4.2 By Product Type
4.2.1 Engine Oils
4.2.2 Greases
4.2.3 Hydraulic Fluids
4.2.4 Metalworking Fluids
4.2.5 Transmission & Gear Oils
4.2.6 Other Product Types
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 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 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 |
Vietnam Lubricants Market Research FAQs
How big is the Vietnam Lubricants Market?
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.
What is the current Vietnam Lubricants Market size?
In 2024, the Vietnam Lubricants Market size is expected to reach 308.23 million Liters.
Who are the key players in Vietnam Lubricants Market?
BP Plc (Castrol), MEKONG PETROCHEMICAL JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Vietnam Lubricants Market.
Which segment has the biggest share in the Vietnam Lubricants Market?
In the Vietnam Lubricants Market, the Automotive segment accounts for the largest share by end user.
Which is the fastest growing segment in the Vietnam Lubricants Market?
In 2024, the Power Generation segment accounts for the fastest growing by end user in the Vietnam Lubricants Market.
What years does this Vietnam Lubricants Market cover, and what was the market size in 2023?
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
