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
Buy Now 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, risi