Asia-pacific Commercial Vehicles Lubricants Market - Size, Share, Forecast & Covid-19 Impact (2022 - 2027)

The Asia-pacific Commercial Vehicles Lubricants Market is segmented by Product Type ( Engine Oils, Greases, Hydraulic Fluids, Transmission Oils ) and by Country ( China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Thailand, Vietnam )

INSTANT ACCESS

Market Snapshot

https://s3.mordorlabs.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period: 2015 - 2026
https://s3.mordorlabs.com/base%20year/1629296433432_test~base_year_base_year.svg Base Year: 2021
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Product Type: Engine Oils
https://s3.mordorlabs.com/globe/1629285706162_test~globe_globe.svg Largest Share by Country: China
https://s3.mordorlabs.com/cagr/1629296433433_test~cagr_cagr.svg CAGR: 4.82 %

Key Players

WHY BUY FROM US?
1. CRISP & INSIGHFUL
2. TRUE BOTTOM-UP
3. EXHAUSTIVENESS
4. TRANSPARENCY
5. CONVENIENCE

Market Overview

The Asia-pacific Commercial Vehicles Lubricants Market stood at 2.82 billion liters in 2020 and is projected to register a CAGR of 4.82% to reach 3.74 billion liters in 2026.

  • Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and low drain intervals. It is used for high-temperature and high-pressure applications.
  • Fastest Segment by Product Type - Transmission Oils : The expected recovery of commercial truck production from 2021 and the growing adoption of automatic transmission are likely to boost the demand for transmission oils.
  • Largest Country Market - China : The high lubricant consumption in China can be attributed to the vehicle fleet in the country and the growing average age of the vehicles that need high lubricant usage.
  • Fastest Growing Country Market - India : In India, sales growth of light and heavy trucks, supported by the increasing travel rate, is projected to augment the demand for lubricants in this sector at a high rate.

Scope of the Report

By Product Type
Engine Oils
Greases
Hydraulic Fluids
Transmission Oils
By Country
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Thailand
Vietnam
Rest of Asia-Pacific

Report scope can be customized per your requirements. Click here.

Key Market Trends

Largest Segment By Product Type : Engine Oils

  • During 2015-2019, lubricant consumption in the Asia-Pacific commercial vehicle sector increased at a CAGR of 4.38%. Engine oil was the dominating lubricant product type in this sector, which accounted for a 69.68% share of lubricant consumption in 2020. Engine oil was followed by transmission oil, which accounted for around 13.67% of the lubricant consumption in 2020.
  • In 2020, post the COVID-19 outbreak, freight transportation significantly dropped due to the lockdowns put in place as a response to the pandemic. As a result, lubricant consumption in this sector fell by 6.30% in comparison to 2019.
  • The expected boom in logistic requirements and recovery in sales of new commercial vehicles are likely to drive the lubricant consumption in this sector. Hence, the lubricant consumption of commercial vehicles is expected to register a CAGR of 4.38% during 2021-2026.

Largest Country : China

  • In the Asia-Pacific region, the consumption volume of commercial vehicle (CV) lubricants is the highest in China, followed by India and Thailand. In 2020, China accounted for 35.94% of the total consumption of CV lubricants in the region, whereas India and Thailand accounted for 16.31% and 10.58%, respectively.
  • The restrictions imposed on business and transportation activities after the COVID-19 outbreak negatively affected the consumption of CV lubricants across the region in 2020. Singapore was the most affected as it witnessed a 17.26% drop in consumption during 2019-2020, followed by Thailand, which witnessed a 13.83% drop.
  • During 2021-2026, India is likely to be the fastest-growing CV lubricants market as the consumption is likely to register a CAGR of 5.77%, followed by China and Indonesia, which are expected to register a CAGR of 5.16% and 4.34%, respectively.

Competitive Landscape

The Asia-pacific Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 45.94%. The major players in this market are BP PLC (Castrol), China National Petroleum Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation and Royal Dutch Shell Plc (sorted alphabetically).

Recent Developments

    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 Regulatory Framework

      3. 3.3 Value Chain & Distribution Channel Analysis

    4. 4. Market Segmentation

      1. 4.1 By Product Type

        1. 4.1.1 Engine Oils

        2. 4.1.2 Greases

        3. 4.1.3 Hydraulic Fluids

        4. 4.1.4 Transmission Oils

      2. 4.2 By Country

        1. 4.2.1 China

        2. 4.2.2 India

        3. 4.2.3 Indonesia

        4. 4.2.4 Japan

        5. 4.2.5 Malaysia

        6. 4.2.6 Philippines

        7. 4.2.7 Singapore

        8. 4.2.8 South Korea

        9. 4.2.9 Thailand

        10. 4.2.10 Vietnam

        11. 4.2.11 Rest of Asia-Pacific

    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 BP PLC (Castrol)

        2. 5.3.2 Chevron Corporation

        3. 5.3.3 China National Petroleum Corporation

        4. 5.3.4 China Petroleum & Chemical Corporation

        5. 5.3.5 ENEOS Corporation

        6. 5.3.6 ExxonMobil Corporation

        7. 5.3.7 Indian Oil Corporation Limited

        8. 5.3.8 PT Pertamina

        9. 5.3.9 PTT Lubricants

        10. 5.3.10 Royal Dutch Shell Plc

        11. 5.3.11 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

      Figure 1:  

      COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, ASIA-PACIFIC, 2015 - 2026

      Figure 2:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2026

      Figure 3:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 4:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, ENGINE OILS, 2015-2026

      Figure 5:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

      Figure 6:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2026

      Figure 7:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

      Figure 8:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2026

      Figure 9:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

      Figure 10:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION OILS, 2015-2026

      Figure 11:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, TRANSMISSION OILS, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

      Figure 12:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, BY COUNTRY, 2015-2026

      Figure 13:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME SHARE (%), BY COUNTRY, 2020

      Figure 14:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, CHINA, 2015-2026

      Figure 15:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, CHINA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 16:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, INDIA, 2015-2026

      Figure 17:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, INDIA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 18:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, INDONESIA, 2015-2026

      Figure 19:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, INDONESIA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 20:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, JAPAN, 2015-2026

      Figure 21:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, JAPAN, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 22:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, MALAYSIA, 2015-2026

      Figure 23:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, MALAYSIA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 24:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, PHILIPPINES, 2015-2026

      Figure 25:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, PHILIPPINES, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 26:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, SINGAPORE, 2015-2026

      Figure 27:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, SINGAPORE, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 28:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, SOUTH KOREA, 2015-2026

      Figure 29:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, SOUTH KOREA, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 30:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, THAILAND, 2015-2026

      Figure 31:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, THAILAND, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 32:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, VIETNAM, 2015-2026

      Figure 33:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VIETNAM, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 34:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, VOLUME IN LITERS, REST OF ASIA-PACIFIC, 2015-2026

      Figure 35:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, REST OF ASIA-PACIFIC, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

      Figure 36:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021

      Figure 37:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021

      Figure 38:  

      ASIA-PACIFIC COMMERCIAL VEHICLES LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2020

    Market Definition

    • Vehicle Types - Passenger Vehicles, Commercial Vehicles and Motorcycles are the vehicle types considered under the automotive lubricants market.
    • Product Types - For the purpose of this study, lubricant products such as engine oils, transmission oils, greases and hydraulic fluids are taken into consideration.
    • Service Refill - Service refill is the primary factor considered while accounting the lubricant consumption for each of the vehicle segments, under the study.
    • Factory Fill - First lubricant fill-ups for newly produced vehicles are considered.

    For any queries related to market definition, click here to schedule a call with our analysts.

    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

    For any queries related to research methodology, click here to schedule a call with our analysts.

    80% of our clients seek made-to-order reports. How do you want us to tailor yours?

    Please enter a valid email id!

    Please enter a valid message!

    WHY BUY FROM US?
    01. Crisp, insightful analysis
    Our focus is NOT on word count. We present only the key trends impacting the market so you don’t waste time finding a needle in the haystack.
    04. Transparency
    Know where your data comes from. Most market reports today hide the sources used behind the veil of a proprietary model. We proudly present them so you can trust our information.
    02. True Bottom-Up Approach
    We study the industry, not just the market. Our bottom-up approach ensures we have a broad and deep understanding of the forces that shape the industry.
    05. Convenience
    Tables belong in spreadsheets. Like you, we also believe that spreadsheets are better suited for data evaluation. We don't clutter our reports with data tables. We provide an excel document with each report that contains all the data used to analyze the market.
    03. Exhaustive Data
    Tracking a million data points on the lubricants industry. Our constant market tracking covers over 1 million+ data points spanning 45 countries and over 150 companies just for the lubricants industry.

    Frequently Asked Questions

    The Asia-pacific Commercial Vehicles Lubricants Market market is studied from 2015 - 2026.

    The Asia-pacific Commercial Vehicles Lubricants Market stood at 2.82 billion liters in 2020 and is projected to register a CAGR of 4.82% to reach 3.74 billion liters in 2026.

    Engine oil is the leading product type due to its high volume requirements and low drain intervals. It is used for high-temperature and high-pressure applications.

    The expected recovery of commercial truck production from 2021 and the growing adoption of automatic transmission are likely to boost the demand for transmission oils.

    The high lubricant consumption in China can be attributed to the vehicle fleet in the country and the growing average age of the vehicles that need high lubricant usage.

    In India, sales growth of light and heavy trucks, supported by the increasing travel rate, is projected to augment the demand for lubricants in this sector at a high rate.

    BP PLC (Castrol),China National Petroleum Corporation,China Petroleum & Chemical Corporation,ExxonMobil Corporation and Royal Dutch Shell Plc. are the major companies operating in Asia-pacific Commercial Vehicles Lubricants Market.