Driven by growth in crude oil import and rising sales of motorcycles in the country, the Vietnam Lubricant market thereby have ample growth opportunities with its increase in revenue share among other countries.
Vietnam Lubricant Market Overview: The boosting economy of Vietnam has been supported by the growth of revenue generated by the manufacturers offering lubricant oils to various customers across automotive and industrial sectors. The increase in sales of automobiles in the country have significantly led to increased consumption of automotive lubricants than industrial lubricants. Mineral dominating the lubricants market as of 2021 whereas, Semi-Synthetic and Synthetic grades are expected to increase faster than mineral as increasing prominence among consumers for superior quality and increasing lubricant quality standard awareness among consumers.
Growth drivers for lubricant market in Vietnam: Due to growth in the industrial sector especially after the covid-19, rising of motorcycles sales with spending to purchase more and more vehicles and increase in the sales of heavy duty vehicles are driving the demand of lubricants in Vietnam. At present, the Vietnam Lubricant Market is at growth stage with establishment of many foreign players in the country such as Shell, Total others.
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Government regulations in Lubricant Market: Vietnam’s government is grappling with enforcement of its national lubes standard. Vietnam’s implementation of a mandatory national lubricant standard last December may reduce the availability of low quality recycled lubricant, but overall lubricant quality in market is expected to remain unchanged. Since the implementation of association of south East Asian nations with zero imports tariffs for product originating from Asian countries this year Vietnam automotive market has declined.
Issues and Challenges in Vietnam Lubricant Industry: The ever-changing prices of oil and high fluctuation of oil, the increase dependency of imports for oil products in Vietnamese market and the intense competition from the foreign players in the domestic market has increased the challenges of lubricant market industry in Vietnam. Limited numbers of oil refineries in the country hinders the growth of market players.
Analysts at Ken Research in their latest publication “Vietnam Lubricant Market Outlook to 2026F-Driven by Growth in Crude Oil Import and Rising Sales of Motorcycles in the Country” by Ken Research observed the potential of Lubricant Market Outlook in Vietnam. The rise in industrial sector, along with increase in motorcycle sales and also increase in heavy duty vehicles, implementation of favourable government rules & regulations is expected to contribute to the market growth over the forecast period. The Vietnam Lubricant Market is expected to grow at ~% CAGR over the forecasted period 2021-2026F.
Key Segments Covered: –
Vietnam Lubricant Market:
- By Type of automotive lubricant
- Heavy duty diesel engine oil
- Motorcycle oil
- Passenger vehicle motor oil
- Grease
- By Type of Industrial Lubricant:
- Process oil
- Hydraulic oil
- Gear oil
- Grease
- By Type of end use of automotive lubricant:
- Commercial vehicles
- Motor cycle
- Passenger cars
- Marine
- Aviation
- By Type of distribution channel in automotive lubricant:
- Dealers and distributers network
- OEM workshops and service station
- Online retail
- By Type of end use of industrial lubricant:
- General manufacturing
- Metal & mining
- Construction
- Power generation
- By Type of distribution channel in industrial lubricant:
- Dealers and distributors
- Direct sales
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Key Target Audience
- Lubricant companies aiming to establish into Vietnam
- Vietnam lubricant industries
- Government Bodies & Regulating Authorities
- Automotive Industry
- Industrial industry
- Motorcycle company
- Lubricant dealer and users
Time Period Captured in the Report:
- Historical Year: 2016-2021
- Base Year: 2021
- Forecast Period: 2021– 2026F
Companies Covered:
- Castrol BP Petco Co Ltd
- Shell Vietnam
- Petrolimex
- Total Vietnam Company Ltd
- Mekong Petrochemicals JSC
- Caltex Lubricants Vietnam Ltd
- JX Nippon Oil & Energy Vietnam Co Ltd
- AP Saigon Petro JSC
- ENSOS Vietnam Co Ltd
- Katsum Trading & Service JSC
- PTT Lubricants
Key Topics Covered in the Report
- Country Overview of Vietnam
- Vietnam Trade Analysis
- Lubricants Supply and Demand Statistics, 2020
- Harvey Ball Analysis of Preferred Lubricants Companies in ASEAN Countries
- Vietnam Automotive Industry, 2021
- Region wise Cars and motorcycles Registration in Vietnam, 2021
- Cross comparison of Southeast Asian Countries on the basis of Number of Motor Vehicles and Sold by Country in 2021
- Ecosystem of major Entities in Vietnam Lubricants Market
- Business Cycle and Genesis of Vietnam Lubricants Market
- Timeline of major Players in Vietnam Lubricants Market
- Value Chain Analysis for Vietnam Lubricants Market
- Vietnam Automotive & Industrial Lubricants Market Segmentation, 2021
- SWOT Analysis for Vietnam Lubricants Market
- Porter’s Five Forces Analysis of Vietnam Lubricants Market
- Growth Enablers in Vietnam Lubricants Market
- Bottlenecks and Challenges in Vietnam Lubricants Market
- Trends and Developments in Vietnam Lubricants Market
- Vietnam Lubricants Market Regulations
- Tax Rates for Lubricants in Vietnam, 2018-2020
- End User Analysis of Vietnam Lubricants Market
- Pricing Analysis of Automotive and Industrial Lubricants, 2021
- Strengths and Weaknesses of the major Industrial & Automotive Lubricant market Players
- Cross Comparison of Major Players in Vietnam Lubricants Market
- Covid-19 Impact on Vietnam Lubricant Market
- Future Outlook and market Size for Vietnam Lubricant Market, 2021-2026F
- Future Segmentation for Vietnam Industrial Lubricant Market, 2026F
- Future Segmentation for Vietnam Automotive Lubricant Market, 2026F
- Market Opportunities and Analyst Recommendations
- Analyst Recommendations
- Research Methodology
For More Information on the research report, refer to below link: –
Vietnam Lubricant Market Outlook to 2026
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Malaysia Automotive Lubricant Market Outlook to 2025
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Saudi Arabia Lubricants Market Outlook to 2023
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