Philippines Passenger Vehicles Lubricants Outlook Report - Market Size, Share Analysis and Forecast (2024-2032)

Philippines Passenger Vehicles Lubricants Market Growth

The main factors driving the market are rising sales of automobiles, growing awareness of the value of routine auto maintenance, and stricter emissions and pollution regulations to preserve environmental sustainability. In the year 2022, the total number of vehicles that were registered in the Philippines reached 13,889,136, which was an increase of 7% from 2021. According to the most recent data from the Truck Manufacturers Association (TMA) and the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), new motor vehicle sales in the Philippines increased 7.6% YoY in June 2024 to 39,088 units. In June, sales of passenger vehicles increased 18.3% to 10,628 units. This will, therefore, increase the passenger vehicles lubricants demand in the country.

The market is expanding as more people become aware of the importance of regular vehicle maintenance. Since it minimizes friction and wear and tear on engine components, efficient lubrication is a crucial component of vehicle maintenance. Aside from this, maintaining fuel economy and controlling emissions requires frequent oil changes and the use of premium lubricants. Additionally, the industry is growing since automakers are launching efforts to inform people about the long-term advantages of utilizing high-quality lubricants.

Furthermore, major companies are developing eco-friendly lubricants by implementing more sustainable procedures. Additionally, environmentally friendly lubricants are made to limit the negative effects of automotive operations on the environment, enhance fuel efficiency, and reduce toxic emissions. Accordingly, the growth of Philippines passenger vehicles lubricants market is being supported by the introduction of synthetic lubricants with lower toxicity and bio-based lubricants. The international energy corporation Royal Dutch Shell plc and Hyundai Motor corporation signed a five-year Global Business Cooperation Agreement in March 2021. The collaboration will launch new joint initiatives centered on the shift to clean transportation and carbon reduction. Both businesses aim to expand their energy supply businesses into the EV and FCEV charging services, as well as open up new service channels overseas and work together.

Key Trends and Recent Developments

Increased use of engine oil, growing passenger vehicles and EV sales, as well as increased adoption of environment-friendly lubricants are increasing the Philippines passenger vehicles lubricants market value.

July 2024

In a move to enhance lubricant market infrastructure across Philippines, multinational company Shell has upgraded over 500 self-owned Oilchange + stations across the country where customers can find quick and hassle-free oil change services. The move aims to provide easy access to passenger vehicles customers as oil change is a frequent phenomenon and needs to be done after every couple of months.

April 2024

Multinational Company “General Petroleum” has introduced its complete range of automotive lubricant products in the Philippines including engine oils, hydraulic fluids, and other specialty lubricants. The products, formulated with high quality base oils, and additives are meant to cater to the specific needs and demands of businesses and customers in the country.

May 2023

Leading market player Motul partnered with Infiniteserv International to launch its new 100% synthetic ester based 8100 power engine oil lubricants. The new engine oil delivers high performance for daily passengers, and its development is based on customer demand across Asia due to growing awareness for vehicle maintenance.

October 2022

Japan’s leading Motor Oil Company, ENEOS officially launched its engine oil products in the Philippines market after launching its complete line of car and motorcycle lubricants in the country earlier in the year. The newly introduced line of products includes environmentally friendly synthetic motor oils as well as highly refined mineral oils for gasoline and diesel engines.

Engine Oil Dominates Growth of the Philippines Passenger Vehicles Lubricants Market

Engine oil is the most commonly used passenger vehicle lubricant and is likely to dominate the market in the upcoming years. Its growing preference stems from benefits such as high viscosity, thermal stability, and oxidation stability. Moreover, its specificity of use for passenger vehicles engines only has resulted in its high demand over other types of versatile lubricants such as grease and hydraulic fluids.  

Growing Passenger Vehicles Sales Drives Market Revenue

The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) jointly reported an increase in passenger vehicle sale across the country in the first half of 2024. Sale of passenger car segment grew at a rate of 17.8 % compared to the first half of 2023. The growth is expected to impact the Philippines passenger vehicles lubricants market revenue positively in the upcoming years.

Increased Preference for Electric Vehicles Creating New Philippines Passenger Vehicles Lubricants Market Opportunities

The Electric Vehicles Association of Phillipines (EVAP) reported 6 times increase in EV sales during the first half of 2023, owing to the new zero tariff provision on certain EV types and their components. The growth was almost 495.3% compared to EV sales throughout the year of 2022. The group further forecasted the sale volume to reach 6.6 billion by 2030 which is expected to create new growth dimension for the Philippines passenger vehicles lubricant industry.

Growing Environmental Concerns Leads to Increased Adoption of Environment-friendly Lubricants

Environment-friendly lubricants are increasingly being adopted owing to their sustainable and biodegradable nature. Growing environmental concerns are prompting market players to tap into this segment eyeing future growth. For instance, Europe-based multinational oil and gas company Shell acquired the Phillippines-based Environmentally Considerate Lubricants (ECLs) business of the PANOLIN Group, jointly forming Shell Panolin in 2022. The venture has recently launched its line of high-performance biodegradable lubricants across Philippines.

Philippines Passenger Vehicles Lubricants Industry Segmentation

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

Market Breakup by Product Type

• Engine Oils
• Greases
• Hydraulic Fluids
• Transmission and Gear Oils

Philippines Passenger Vehicles Lubricants Market Share

According to the reports, engine oils dominate the passenger vehicles lubricant market in the country. This is primarily because of the increasing number of commercial vehicles and public transport in the country, which require more engine oil. Also, engine oil is required more frequently to ensure the smooth working of the vehicles leading to a higher consumption as compared to other lubricants like greases and hydraulic fluids that are not required that often. Engine oils are suitable for preserving the mechanical components of vehicles because of their advantageous qualities, which include heat resistance, wear prevention, and superior viscosity.

Leading Companies in the Philippines Passenger Vehicles Lubricants Market

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

• Shell Plc 
• TotalEnergies SE
• Chevron Corp.
• BP Plc
• PTT Public Company Limited 
• Eneos Holdings Inc.
• Petron Corporation
• SEAOIL Philippines, Inc.
• Hinduja Group Ltd.  (Gulf Oil International Ltd.) 
• Udenna Corp. (Phoenix Petroleum Philippines, Inc.)    
• Others