- Vietnam’s population is expected to grow to 98.5 Mn with 49.9% male population and 50.7% female population. About 62.9% population is city and the rest resides in backwoods.
- Production sector contribute bulk of 25% to the nation’s GDP, with wholesale and retail at 2nd area (9.3%) and building and construction at 3rd (5.9%).
- Electrical equipment & equipment, clothes & devices are the significant products exported and Electrical Equipment & Equipment, equipment consisting of computer systems, and plastics are the products imported to Vietnam which stand at 400 Bn. VND and 300 Bn. VND respectively.
GURUGRAM, India, Feb. 7, 2023 /PRNewswire/ —
Market size of Vietnam lubes: More market gamers are anticipated to participate in lube market individually or with cooperation to cater increasing need from end users. Likewise, the direct sales of lubricants in Vietnam are anticipated to grow at a much faster rate as business began concentrating on increasing margins and total revenues by decreasing intermediary. The demand of lubricants in construction industry accounts nearly several million liters in 2021 which is further anticipated to increase in coming years. The construction industry projected to grow by over ~% CAGR in coming years.
Segmentation in lubricant market: The lubricant market in Vietnam in basically divided into automotive & industrial lubricants. The market for synthetic grade lubricants is projected to increase faster at ~% CAGR as compared to other grades by 2026 owing to increasing lubricant quality standard awareness among consumers and high-performance machinery are driving the growth of synthetic oils. Increasing demand for raw material such as Process Oil, used in various industries which are expanding viz., polymer industry, agriculture etc., is further pushing the demand forward.
Future Trends in Vietnam lubricant Market: The automotive segment anticipated to maintain its dominance in the Vietnam Lubricants market during forecast period 2026 owing to increasing automobiles sales whereas the growth in Industrial lubricants market is expected to increase at a much faster pace during 2021-2026. With fluctuations in prices of crude oil, the prices for Automotive as well as Industrial lubricants will increase in the forthcoming years. Increasing sales of vehicles in the country further expected to increase lubricants demand by 2026.
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 that lubricant market is at rise in Vietnam at a rebounding stage from the economic crisis after pandemic. The increase in the demand of bio lubricant and increasing awareness of lubricant quality standard will further drive the market in the coming years. 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
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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
Key Target Audience
- Lubricant business 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
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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
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The future outlook of the lubricants industry is positive because as the crude oil prices increase, Nigeria’s economy is expected to grow at a faster rate and hence the purchasing power of people is also expected to increase in the coming years. This would also push Nigeria’s demand for synthetic lubricants, particularly for modern cars. The market is expected to gravitate towards higher-quality, specialized and synthetic lubricants with an increase in end user awareness on the importance of lubricant drains. This can primarily be attributed to pending government legislation regarding emissions, improved engine technology and equipment manufacturers’ requirements for fuel efficiency. The grease market, which was earlier dominated by sodium-based products, is gradually evolving to lithium based grease in Nigeria.
The Mexico Lubricant Market is projected to show a significant growth, to contribute MXN ~ Bn by 2027F with rising export of Oil & Gas and rising infrastructural projects. The growth rate is anticipated to increase over the period with surge in more substitutes in market along with government incentives and policies. The industry is anticipated to increase as a result of rising demand from the automotive sector as well as the expansion of end-user industries like metallurgy, construction, manufacturing, and plastics. The need for lubricants is also anticipated to increase in the future due to the adoption of higher-quality synthetic and semi-synthetic lubricants. The lubricant industry is anticipated to boost spending on R&D, marketing, and strategic alliances and partnerships with other participants, OEMs, and auto insurance in order to enhance market penetration.
Increasing production and sales of light commercial vehicles as well as heavy duty vehicles, primarily for trade transport is expected to propel demand for automotive lubricants across Oman in the coming years. Additionally, growth in automotive repair services market across the country coupled with rising adoption of synthetic and semi-synthetic lubricants is further anticipated to fuel growth in Oman automotive lubricants market during the forecast period.
According to Ken Research estimates, the Kuwait Lubricant Market – which grew from approximately USD ~ Bn in 2017 to approximately USD ~ Bn in 2022 – is forecasted to grow further into USD ~ Bn opportunity by 2027F, owing to the favorable government initiatives, rising export of Oil & Gas and rising infrastructural projects. Growth of construction sector, increasing demand of automobile, rising private & public investment and with the increasing Governmental support for infrastructural projects have created a strong demand for the Lubricant in Kuwait. For end user applications, construction and commercial vehicles are the dominant segments in the Kuwait lubricant market.
According to Ken Research estimates, the Australia Lubricants market is growing at a steady rate with a CAGR at ~% owing to the country’s high oil imports. Strong delivery network accompanied by authorized distributors to reach out to customers through both online and offline modes led to an increase in the total sales of lubes in the Australia. Up-scaling Manufacturing Industry, Escalating Construction, Automotive and Marine Industries are major growth drivers for Australia Lubricants Market. Bio-lubricants and lubricants with reduced fuel consumption are the major trends among end users in Australia Lubricants Market. Market is expected to witness an increase in the consumption of lubricants due to rapid growth in industrialization and infrastructural developments, rising private and government investments; cost effective manufacturing operations. Lubricants Industry concentration is at a moderate level, with the four largest companies estimated to account for approximately 40% of market revenue in 2022-23.
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