Thailand Commercial Vehicles Lubricants Market Analysis by Mordor Intelligence
The Thailand Commercial Vehicles Lubricants Market size is estimated at 350.67 million liters in 2025, and is expected to reach 389.07 million liters by 2030, at a CAGR of 2.1% during the forecast period (2025-2030).
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals. It is used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Hydraulic Fluids : The expected recovery of commercial vehicle sales and activity in Thailand from 2021 is likely to drive the demand for hydraulic fluids during the forecast period.
Thailand Commercial Vehicles Lubricants Market Trends and Insights
Largest Segment By Product Type : Engine Oils
- In Thailand, commercial vehicles (CVs) formed the largest segment and accounted for over 78% of lubricant consumption. During 2015-2019, lubricant consumption recorded a CAGR of 1.23% in the CV segment. In 2019, lubricant consumption declined by 1% due to a dip in production, thus, marginalizing the growth during this period.
- In 2020, commercial vehicle lubricant consumption declined by 11.5%, as the COVID-19 outbreak affected sales. Engine oils account for a 62% share in CV lubricant consumption, followed by hydraulic fluids and greases, respectively. A major dip of 13.5% was observed in hydraulic fluid consumption in the CV segment during the year.
- During 2021-2026, the hydraulic fluids segment is likely to be the fastest-growing segment with a CAGR of 4.42%. Growing investments are likely to boost CV production, thus, driving hydraulic fluid consumption in the country.
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Competitive Landscape
The Thailand Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 58.99%. The major players in this market are Bangchak Corporation, CHEVRON CORPORATION, ExxonMobil Corporation, PTT Lubricants and Royal Dutch Shell Plc (sorted alphabetically).
Thailand Commercial Vehicles Lubricants Industry Leaders
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Bangchak Corporation
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CHEVRON CORPORATION
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ExxonMobil Corporation
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PTT Lubricants
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Royal Dutch Shell Plc
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
- October 2021: Valvoline and Cummins extended their long-standing marketing and technology collaboration agreement for another five years. Cummins will endorse and promote Valvoline's Premium Blue engine oil for its heavy-duty diesel engines and generators and will distribute Valvoline products through its global distribution networks.
- 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.
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Thailand Commercial Vehicles Lubricants Market Report Scope
By Product Type
| Engine Oils |
| Greases |
| Hydraulic Fluids |
| Transmission & Gear Oils |
| By Product Type | Engine Oils |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
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Key Questions Answered in the Report
How big is the Thailand Commercial Vehicles Lubricants Market?
The Thailand Commercial Vehicles Lubricants Market size is expected to reach 350.67 million Liters in 2025 and grow at a CAGR of 2.10% to reach 389.07 million Liters by 2030.
What is the current Thailand Commercial Vehicles Lubricants Market size?
In 2025, the Thailand Commercial Vehicles Lubricants Market size is expected to reach 350.67 million Liters.
Who are the key players in Thailand Commercial Vehicles Lubricants Market?
Bangchak Corporation, CHEVRON CORPORATION, ExxonMobil Corporation, PTT Lubricants and Royal Dutch Shell Plc are the major companies operating in the Thailand Commercial Vehicles Lubricants Market.
What years does this Thailand Commercial Vehicles Lubricants Market cover, and what was the market size in 2024?
In 2024, the Thailand Commercial Vehicles Lubricants Market size was estimated at 343.31 million Liters. The report covers the Thailand Commercial Vehicles Lubricants Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Thailand Commercial Vehicles Lubricants Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Thailand Commercial Vehicles Lubricants Market Report
Statistics for the 2025 Thailand Commercial Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Commercial Vehicles Lubricants analysis includes a market forecast outlook for 2025 to 2030) and historical overview. Get a sample of this industry analysis as a free report PDF download.
