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Vietnam Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2027

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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Market Snapshot

https://s3.mordorlabs.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period: 2015 - 2027
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 End User: Automotive
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by End User: Power Generation
https://s3.mordorlabs.com/cagr/1629296433433_test~cagr_cagr.svg CAGR: NaN %

Key Players

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Market Overview

The Vietnam Lubricants Market stood at 278.28 million liters in 2022 and is projected to register a CAGR of NaN% to reach NaN liters in 2027.

  • 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 - Greases : 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.

Scope of the Report

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

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

Key Market Trends

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.

Competitive Landscape

The Vietnam Lubricants Market is moderately consolidated, with the top five companies occupying 61.64%. The major players in this market are BP Plc (Castrol), MEKONG PETROCHEMICAL JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).

Major Players

*Disclaimer: Major Players are sorted alphabetically

Recent Developments

  • 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.

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

    Figure 1:  

    VEHICLE POPULATION, NUMBER OF UNITS, VIETNAM, 2015-2027

    Figure 2:  

    COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, VIETNAM, 2015-2027

    Figure 3:  

    MOTORCYCLES POPULATION, NUMBER OF UNITS, VIETNAM, 2015-2027

    Figure 4:  

    PASSENGER VEHICLES POPULATION, NUMBER OF UNITS, VIETNAM, 2015-2027

    Figure 5:  

    MANUFACTURING VALUE ADDED, USD BILLION (CURRENT VALUE), VIETNAM, 2015-2027

    Figure 6:  

    POWER GENERATION CAPACITY, GIGAWATT (GW), VIETNAM, 2015-2027

    Figure 7:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, BY END USER, 2015-2027

    Figure 8:  

    VIETNAM LUBRICANTS MARKET, VOLUME SHARE (%), BY END USER, 2021

    Figure 9:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, AUTOMOTIVE, 2015-2027

    Figure 10:  

    VIETNAM LUBRICANTS MARKET, AUTOMOTIVE, VOLUME SHARE (%), BY PRODUCT TYPE, 2021

    Figure 11:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, HEAVY EQUIPMENT, 2015-2027

    Figure 12:  

    VIETNAM LUBRICANTS MARKET, HEAVY EQUIPMENT, VOLUME SHARE (%), BY PRODUCT TYPE, 2021

    Figure 13:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, METALLURGY & METALWORKING, 2015-2027

    Figure 14:  

    VIETNAM LUBRICANTS MARKET, METALLURGY & METALWORKING, VOLUME SHARE (%), BY PRODUCT TYPE, 2021

    Figure 15:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, POWER GENERATION, 2015-2027

    Figure 16:  

    VIETNAM LUBRICANTS MARKET, POWER GENERATION, VOLUME SHARE (%), BY PRODUCT TYPE, 2021

    Figure 17:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, OTHER END-USER INDUSTRIES, 2015-2027

    Figure 18:  

    VIETNAM LUBRICANTS MARKET, OTHER END-USER INDUSTRIES, VOLUME SHARE (%), BY PRODUCT TYPE, 2021

    Figure 19:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2027

    Figure 20:  

    VIETNAM LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2021

    Figure 21:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, ENGINE OILS, 2015-2027

    Figure 22:  

    VIETNAM LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY END USER, 2021

    Figure 23:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2027

    Figure 24:  

    VIETNAM LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY END USER, 2021

    Figure 25:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2027

    Figure 26:  

    VIETNAM LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY END USER, 2021

    Figure 27:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, METALWORKING FLUIDS, 2015-2027

    Figure 28:  

    VIETNAM LUBRICANTS MARKET, METALWORKING FLUIDS, VOLUME SHARE (%), BY END USER, 2021

    Figure 29:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION & GEAR OILS, 2015-2027

    Figure 30:  

    VIETNAM LUBRICANTS MARKET, TRANSMISSION & GEAR OILS, VOLUME SHARE (%), BY END USER, 2021

    Figure 31:  

    VIETNAM LUBRICANTS MARKET, VOLUME IN LITERS, OTHER PRODUCT TYPES, 2015-2027

    Figure 32:  

    VIETNAM LUBRICANTS MARKET, OTHER PRODUCT TYPES, VOLUME SHARE (%), BY END USER, 2021

    Figure 33:  

    VIETNAM LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021

    Figure 34:  

    VIETNAM LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021

    Figure 35:  

    VIETNAM LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2021

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.

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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
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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 Vietnam Lubricants Market market is studied from 2015 - 2027.

The Vietnam Lubricants Market stood at 278.28 million liters in 2022 and is projected to register a CAGR of NaN% to reach NaN liters in 2027.

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.

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.

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.

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.

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