Growth of Industrial and manufacturing sector, rise in on road presence of Motorcycle & Heavy-Duty Vehicles is driving the demand of Lubricants in Vietnam: Ken Research

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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