Vietnam Passenger Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Forecast Data Period | 2024 - 2026 |
| Historical Data Period | 2015 - 2019 |
| CAGR (2024 - 2026) | 3.07 % |
| Market Concentration | High |
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Vietnam Passenger Vehicles Lubricants Market Analysis
The Vietnam Passenger Vehicles Lubricants Market size is estimated at 16.98 Million Liters in 2024, and is expected to reach 18.04 Million Liters by 2026, growing at a CAGR of 3.07% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals, as it is used in high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Transmission & Gear Oils : The expected growth in the penetration of automatic transmissions and increasing need for older cars are expected to augment the transmission oils segment in the near future.
Vietnam Passenger Vehicles Lubricants Market Trends
This section covers the major market trends shaping the Vietnam Passenger Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>
- In Vietnam, passenger vehicles (PVs) is the smallest segment in terms of automotive lubricant consumption. During 2015-2019, the PV lubricant consumption witnessed a CAGR of 4.69%, primarily due to the surge in the country's active car population.
- In 2020, PVs accounted for about 7.35% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in PV lubricant consumption, with a share of about 86.48% during 2020. During 2020, PV lubricants consumption declined by 15.83% due to the lower usage of the vehicle fleet post-COVID-19 outbreak.
- During 2021-2026, the transmission oils segment is likely to be the fastest-growing, with a CAGR of 6.32%. This growth is likely to be driven by rising sales of automatic passenger cars and recovery in average distance traveled in the country.
Vietnam Passenger Vehicles Lubricants Industry Overview
The Vietnam Passenger Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 59.31%. The major players in this market are BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).
Vietnam Passenger Vehicles Lubricants Market Leaders
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BP Plc (Castrol)
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Mekong Petrochemical JSC
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Petrolimex (PLX)
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Royal Dutch Shell Plc
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TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Vietnam Passenger Vehicles Lubricants Market News
- April 2021: Motul launched two engine oils, namely CLASSIC EIGHTIES 10W-40 and CLASSIC NINETIES 10W-30, for classic cars manufactured between the 1970s and 2000s.
- March 2021: Castrol announced the launch of Castrol ON (a Castrol e-fluid range that includes e-gear oils, e-coolants, and e-greases) to its product portfolio. This range is specially designed for electric vehicles.
- March 2021: Hyundai Motor Company and Royal Dutch Shell PLC announced a five-year global business cooperation agreement, with a new focus on clean energy and carbon reduction, to help Hyundai continue its transformation as a Smart Mobility Solution Provider.
Vietnam Passenger Vehicles Lubricants Market Report - Table of Contents
1. Executive Summary & Key Findings
2. Introduction
- 2.1 Study Assumptions & Market Definition
- 2.2 Scope of the Study
- 2.3 Research Methodology
3. Key Industry Trends
- 3.1 Automotive Industry Trends
- 3.2 Regulatory Framework
- 3.3 Value Chain & Distribution Channel Analysis
4. Market Segmentation
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4.1 By Product Type
- 4.1.1 Engine Oils
- 4.1.2 Greases
- 4.1.3 Hydraulic Fluids
- 4.1.4 Transmission & Gear Oils
5. Competitive Landscape
- 5.1 Key Strategic Moves
- 5.2 Market Share Analysis
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5.3 Company Profiles
- 5.3.1 AP Saigon Petro JSC
- 5.3.2 BP Plc (Castrol)
- 5.3.3 Chevron Corporation
- 5.3.4 ENEOS Corporation
- 5.3.5 Idemitsu Kosan Co. Ltd
- 5.3.6 Mekong Petrochemical JSC
- 5.3.7 Motul
- 5.3.8 Petrolimex (PLX)
- 5.3.9 Royal Dutch Shell Plc
- 5.3.10 TotalEnergies
- *List Not Exhaustive
6. Appendix
- 6.1 Appendix-1 References
- 6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
Vietnam Passenger Vehicles Lubricants Industry Segmentation
| By Product Type | Engine Oils |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
Vietnam Passenger Vehicles Lubricants Market Research FAQs
How big is the Vietnam Passenger Vehicles Lubricants Market?
The Vietnam Passenger Vehicles Lubricants Market size is expected to reach 16.98 million Liters in 2024 and grow at a CAGR of 3.07% to reach 18.04 million Liters by 2026.
What is the current Vietnam Passenger Vehicles Lubricants Market size?
In 2024, the Vietnam Passenger Vehicles Lubricants Market size is expected to reach 16.98 million Liters.
Who are the key players in Vietnam Passenger Vehicles Lubricants Market?
BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies are the major companies operating in the Vietnam Passenger Vehicles Lubricants Market.
Which segment has the biggest share in the Vietnam Passenger Vehicles Lubricants Market?
In the Vietnam Passenger Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which is the fastest growing segment in the Vietnam Passenger Vehicles Lubricants Market?
In 2024, the Transmission & Gear Oils segment accounts for the fastest growing by product type in the Vietnam Passenger Vehicles Lubricants Market.
What years does this Vietnam Passenger Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the Vietnam Passenger Vehicles Lubricants Market size was estimated at 16.45 million Liters. The report covers the Vietnam Passenger Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Passenger Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
Vietnam Passenger Vehicles Lubricants Industry Report
Statistics for the 2024 Vietnam Passenger Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Passenger Vehicles Lubricants analysis includes a market forecast outlook 202 and historical overview. Get a sample of this industry analysis as a free report PDF download.
