Asia-pacific Commercial Vehicles Lubricants Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2026

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

APAC Commercial Vehicles Lubricants Market Size

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Asia-pacific Commercial Vehicles Lubricants Market
Study Period 2015 - 2026
Base Year For Estimation 2020
Market Volume (2024) 3.45 Billion Liters
Market Volume (2026) 3.74 Billion Liters
CAGR (2024 - 2026) 4.12 %
Market Concentration High
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APAC Commercial Vehicles Lubricants Market Analysis

The Asia-pacific Commercial Vehicles Lubricants Market size is estimated at 3.45 Billion Liters in 2024, and is expected to reach 3.74 Billion Liters by 2026, growing at a CAGR of 4.12% during the forecast period (2024-2026).

  • 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 & Gear 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.

APAC Commercial Vehicles Lubricants Market Trends

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

Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>

  • 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.
Asia-pacific Commercial Vehicles Lubricants Market

Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">China</span>

  • In the Asia-Pacific region, the consumption 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 pandemic 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 saw 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.
Asia-pacific Commercial Vehicles Lubricants Market

APAC Commercial Vehicles Lubricants Industry Overview

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).

APAC Commercial Vehicles Lubricants Market Leaders

  1. BP PLC (Castrol)

  2. China National Petroleum Corporation

  3. China Petroleum & Chemical Corporation

  4. ExxonMobil Corporation

  5. Royal Dutch Shell Plc

*Disclaimer: Major Players sorted in no particular order

Asia-pacific Commercial Vehicles Lubricants Market
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APAC 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.
  • September 2021: Shell partnered with ReadyAssist, a Bengaluru-based 24-hour roadside assistance firm, to provide a seamless oil changing service across the country. Customers can get a free lube change for their vehicles when they buy Shell lubricants through ReadyAssist, which will be accessible at up to 5,500 third-party retail outlets across the country.
  • September 2021: ExxonMobil Asia Pacific Pte Ltd established the MobilSM Fleet Care (MFC) program for its lubricant clients, which provides fleet owners and operators with a holistic picture of their fleet's operating performance.

APAC Commercial Vehicles 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 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 & Gear 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

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APAC Commercial Vehicles Lubricants Industry Segmentation

By Product Type
Engine Oils
Greases
Hydraulic Fluids
Transmission & Gear Oils
By Country
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Thailand
Vietnam
Rest of Asia-Pacific
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APAC Commercial Vehicles Lubricants Market Research FAQs

The Asia-pacific Commercial Vehicles Lubricants Market size is expected to reach 3.45 billion Liters in 2024 and grow at a CAGR of 4.12% to reach 3.74 billion Liters by 2026.

In 2024, the Asia-pacific Commercial Vehicles Lubricants Market size is expected to reach 3.45 billion Liters.

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

In the Asia-pacific Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.

In 2024, China accounts for the largest share by country in the Asia-pacific Commercial Vehicles Lubricants Market.

In 2023, the Asia-pacific Commercial Vehicles Lubricants Market size was estimated at 3.31 billion Liters. The report covers the Asia-pacific Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-pacific Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.

Asia-pacific Commercial Vehicles Lubricants Industry Report

Statistics for the 2024 Asia-pacific Commercial Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-pacific 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.

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Asia-pacific Commercial Vehicles Lubricants Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2026