Philippines Commercial Vehicles Lubricants Market Report and Forecast 2025-2034

Philippines Commercial Vehicles Lubricants Market Size

The Philippines commercial vehicles lubricants market is projected to grow at a CAGR of 5.70% between 2024 and 2032.

Philippines Commercial Vehicles Lubricants Market Outlook

• As per industry reports, in August 2024, 50 companies showed interest in exploring new possible oil, gas and coal deposits in the Philippines. This is expected to attract multi-million investments from various sectors.

• General Petroleum recently introduced automotive lubricant products in the Philippines. The company’s global product range includes engine oils, transmission fluids, hydraulic oils, and speciality lubricants. 

• Shell has expanded their ‘Advance MotoCare Express’ locations across the Philippines to make sure vehicle owners have more convenient access to timely oil changes. The service has also been made more affordable.

Philippines Commercial Vehicles Lubricants Market Growth

As of July 2024, automotive vehicle sales in the Philippines improved by 11.8% from January to June 2024. The total number of units sold grew from 202,415 to approximately 226,279. This created a surge in the demand for vehicle lubricants in the market which are essential for maintenance of the vehicle as well as ensuring smooth functioning.

Key drivers of the Philippines commercial vehicles lubricants market development are the country’s increasing population and the rising fuel prices. As the population increases, so does the requirement for transportation facilities, which, in turn, propels the commercial lubricant market growth. Adding to this, amidst the rising crude oil prices, fuels are getting more and more expensive. Hence, lubricants ensure that the vehicle provides a better mileage by reducing the friction.

Another factor contributing to the commercial vehicles lubricants market in Philippines is the increasing commercial vehicle market. Commercial vehicles accounted for 75% of the total six-month sales from January-June 2024. These vehicles carry either goods or passengers and rely heavily on lubricants such as engine oils for smoother functioning and to ensure less fuel is used to cover more distance.

Key Trends and Developments

Adoption of environment-friendly materials in the production of lubricants; inclination towards transmission and gear oils are leading to Philippines commercial vehicles lubricants market growth

January 2021

Phoenix Petroleum Philippines Inc. has successfully registered its lubricants in the Japanese Automotive Standards Organization (JASO) Engine Oil Standards Implementation Panel and in the American Petroleum Institute (API) which will help in market expansion.

September 2023

Shell PH held a business summit called the ‘Fast Track: Shell Helix Auto Workshop Summit’ at the SMX Convention Centre in Pasay City for auto workshop owners, which will help drive efficiency of use and application in the lubricants market. 

April 2024

The Italy-based company ENI introduced a series of specialized vehicle products such as transmission oils, coolants, brake fluids, greases and car care products in the Philippines market. 

Increase in demand for transmission and gear oils

Transmission and gear oils are playing a prominent role in the Philippines commercial vehicles lubricants market development. The increasing popularity of automatic vehicles and the shift towards more sophisticated transmission systems has generated a demand for specialized lubricants. To ensure smooth operation and a longer lifespan, these oils also contain additives that clean internal components and prevent rust and corrosion.

Growing preference and production of synthetic lubricants

Commercial vehicles face significantly more tougher conditions than personal vehicles which is why they need lubricants that can support the vehicle. Hence, synthetic lubricants are increasingly replacing traditional mineral oils due to their superior performance. They offer multiple benefits such as better heat resistance, less friction, and better longevity.

Philippines Commercial Vehicles Lubricants Market Trends

The Philippines commercial vehicles lubricants market is witnessing a new upcoming trend of sustainable alternatives for lubricant production. This comes after the country’s rapid shift towards incorporating sustainable practices and reducing its carbon emissions, of which lubricants form an integral part. These lubricants made from renewable resources are called ‘Bio-based Lubricants’ and are better for the environment because of their low carbon footprint.

Philippines Commercial Vehicles Lubricants Industry Segmentation

The ‘Philippines Commercial Vehicles Lubricants Market Report and Forecast 2024-2032’ offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Engine Oils

• Greases

• Hydraulic Fluids

• Transmission and Gear Oils

Philippines Commercial Vehicles Lubricants Market Share

Engine oils continue to dominate the lubricants market in the country

As per the Philippines commercial vehicles lubricants market analysis, engine oils dominate the market, accounting for the highest share in terms of consumption. This is primarily driven by the significant increase in the number of commercial vehicles and public transport in the country, which rely heavily on engine oils to ensure efficient operation and a greater cost efficiency.

Additionally, transmission and gear oils are also growing in popularity in the Philippines commercial vehicles lubricants market. A rise in sales of automatic vehicles has been observed which generates the need for specialized lubricants for these automatic transmissions.

Leading Companies in the Philippines Commercial Vehicles Lubricants Market

The market players are increasingly using environment-friendly materials in the production of lubricants to stand out in the market.

Shell Plc

Founded in 1907, and headquartered in London, United Kingdom, Shell plc is a British multinational oil and gas company and is the second largest investor-owned oil and gas company in the world.

TotalEnergies SE

Founded in 1924, and headquartered in Courbevoie, France, TotalEnergies SE is a French multinational integrated energy and petroleum company. Its businesses cover the entire oil and gas chain, from exploration to production and sales.

Chevron Corp.

Founded in 1879, and headquartered in California, United States, Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas.

BP Plc

Founded in 1909, and headquartered in London, United Kingdom, BP p.l.c. previously known as The British Petroleum Company, is one of the oil and gas "supermajors" and one of the world's largest companies measured by revenues and profits. BP plc operates in all areas of the oil and gas industry.

Other key players in the Philippines commercial vehicles lubricants market report are PTT Public Company Limited, Eneos Holdings Inc., Petron Corporation, SEAOIL Philippines, Inc., Hinduja Group Ltd. (Gulf Oil International Ltd.), and Udenna Corp. (Phoenix Petroleum Philippines, Inc.), among others.

Key Highlights of the Report