Vietnam Commercial Vehicles Lubricants Growth Analysis - Market Size, Share, Forecast Trends and Outlook Report (2024-2032)

Vietnam Commercial Vehicles Lubricants Market Growth

The rapid growth of e-commerce and logistics fuelling the demand for commercial fleets, the expansion of the industrial sector boosting the growth of commercial automobiles for transporting raw materials and goods, and stringent government regulations necessitating the need for low-emission lubricants are some of the major drivers supporting the demand of Vietnam commercial vehicles lubricants market.

The surge of public and private commercial vehicle fleets such as trucks, buses, and delivery vans, requires a steady supply of lubricants for their effective operation. Moreover, fleet managers are placing more emphasis on fuel efficiency and emission control to meet environmental standards and cut down on operational expenses, which has boosted the demand for high-performance lubricants that can improve fuel efficiency and decrease emissions.

Key Trends and Recent Developments

Increased commercial vehicle sales, rising import, along with a growing preference for sustainable lubricants are increasing the Vietnam commercial vehicles lubricants market value.

September 2023

The FUCHS Group, a global leader in the lubricants industry, opened a new plant in the Vietnamese province of Ba Ria Vung Tau with an investment of over EUR 9 million. The plant began its manufacturing in 2023 for a range of heavy-duty commercial vehicle lubricants including engine oils, greases, and transmission oils intending to meet their growing regional demand.

February 2023

Total Energies, a leading supplier of automotive lubricants in the Philippines launched a new range of truck engine oils RUBIA OPTIMA. These oils comply with the stringent specifications of API and ACEA ecological as well as technical standards and are supporting the use of sustainable lubricant practices among commercial vehicles.

January 2023

Indian company Assurance Intl collaborated with US-based Goodyear Tire & Rubber Company to introduce a new range of heavy-duty lubricant oil and extend its distribution across south and southeast Asian nations, including Vietnam. The products are being developed with Assurances’ latest technologies and are sustainable, ensuring no harmful impact on the environment by eliminating oil drainage and waste into the soil.

January 2022

Leading market player, Motul announced its new Tekma line of heavy-duty engine oil lubricants for commercial vehicles designed to reduce fuel consumption, enhance engine protection, and extend drain intervals. The product line includes 100% synthetic diesel engine oil Techma Ultima+, low-SAPS Technosynthese diesel engine oil Techma Futura, and mineral diesel engine lubricant Tekma Mega+ 15W40 which are ideal for trucks, buses, and boat engines running with low-sulfur fuel.

Increased Commercial Vehicle Sales Driving Market Growth

The growth of the Vietnam commercial vehicles lubricants market is driven by the country’s increasing commercial vehicle sales. According to the Vietnam Automobile Manufacturers Association (VAMA), commercial vehicle sales in May 2024 recorded a year-on-year growth of 6.1%. As the sales volume rises further in the coming years, the commercial vehicle lubricant segment is expected to register positive growth.

Rising Export-Import Trade Propelling Commercial Vehicles Lubricants Demand Growth

Commercial vehicles such as pickup trucks, ships, and marine vessels are commonly used to carry shipments traded as imports and exports. Thus, an increase in export and import trade is expected to positively impact the market for commercial vehicle lubricants. According to the Vietnam Customs Office, the country’s import-export trade in June 2023 grew by 3.2% from the preceding month. The value is estimated to grow in the coming months of the forecast period.

Increase in E-commerce Trade Creating New Market Opportunities

Increasing B2B e-commerce sales within the country is creating several Vietnam commercial vehicles lubricants market opportunities. According to the Federation of Business Information Services, Vietnam is expected to become the fastest-growing e-commerce market in Southeast Asia by 2026, with a gross merchandise value estimated to reach USD 56 billion. The growth of e-commerce sales will increase transportation using commercial vehicles, driving the commercial vehicle lubricants market growth.

Increased Preference for Sustainable Lubricants

Growing concerns over environmental stability are increasing the demand for sustainable commercial vehicle lubricants such as bio-based, mineral-based, and synthetic engine oils. According to Vietnam commercial vehicles lubricants industry analysis, major industry players are increasingly investing in the research and development of sustainable lubricants. As the trend continues to grow, the market is expected to witness significant revenue growth.

Vietnam Commercial Vehicles Lubricants Market Segmentation

“Vietnam Commercial 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

Market Breakup by Region

• Southeast
• Red River Delta
• Mekong River Delta
• South Central Coast
• Others

Vietnam Commercial Vehicles Lubricants Market Share

Based on product type, the market is divided into engine oils, greases, hydraulic fluids, and transmission and gear oils. Engine oils occupy a significant market share as they are essential in maintaining fuel efficiency and minimising emissions, which are some of the major priorities for fleet operators in Vietnam. Additionally, the demand for greases is anticipated to grow due to their rising applications in wheel bearings and chassis components.

Leading Companies in the Vietnam Commercial Vehicles Lubricants Market

The market players are developing advanced lubricants that offer better mileage and enhance the longevity of the vehicle components to gain a competitive edge in the market.

• Shell Plc
• TotalEnergies SE
• Exxon Mobil Corp.
• Motul S.A.
• Chevron Corp.
• BP Plc
• Petrolimex Petrochemical Corporation
• AP SAIGON PETRO
• MEKONG PETROCHEMICAL JSC
• Phuc Thanh Trading & Manufacturing Co. (Nikko Lubricant Vietnam)
• Others