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The Vietnam passenger vehicles lubricants market is projected to grow at a CAGR of 5.70% between 2024 and 2032.
The growing production of passenger vehicles, the shift in the Vietnamese consumer preference towards eco-efficient lubricants, and the rising demand for high-performance lubricants that enhance the operational efficiency of passenger vehicles are some of the crucial drivers propelling the demand of Vietnam passenger vehicles market. The rapid urbanization is another key factor influencing the growth of the market in the country. Growing urban areas drive up the demand for personal vehicles and, consequently, for automotive lubricants.
The burgeoning popularity of bio-based lubricants is fuelling their demand as they are non-toxic and environmentally friendly in nature and offer similar or better performance to conventional lubricants. Market players are developing lubricants with extended drain intervals to increase the oil change interval as well as the frequency of vehicle maintenance. Furthermore, due to the growing deployment of EVs in the country, there is a surge in EV lubricants which can lubricate gears, bearings, and other moving components in the EVs and hybrid vehicles. This is also positively influencing the Vietnam passenger vehicles lubricants market dynamics and trends.
Growing shift towards synthetic and semi-synthetic lubricants along with increasing technological advancements and expanding e-commerce channels are boosting the Vietnam passenger vehicles lubricants industry revenue
June 2024
Vietnam Oil and Gas Group (Petrovietnam or PVN) signed multiple agreements with its partners to proceed with the integrated development project, comprising a gas field off the coast of Vietnam and a pipeline connection to a nearby power plant.
May 2024
On May 6, the Vietnam Oil and Gas Group (Petrovietnam) announced the discovery of two new oil and gas fields, Rong and Bunga Aster. Preliminary assessments suggest a potential increase of 16.5 million barrels of oil in the Rong fields, aiding the passenger vehicles lubricants demand.
March 2024
Japan's Mitsui Oil Exploration (MOECO) has decided to develop Vietnam gas field for USD 740 million. The project, 330 km off southwest Vietnam, will comprise a gas field and a pipeline linking it to a gas-fired thermal power plant.
June 2022
Abu Dhabi National Oil Company (ADNOC), one of the world's leading energy producers, has announced its official entry into Vietnam lubricants market through their arm ADNOC Distribution Lubricants Division.
Growing shift towards synthetic and semi-synthetic lubricants
Synthetic and semi-synthetic oils are outgrowing conventional oils in popularity. These advanced lubricants offer superior engine protection, fuel efficiency, and longevity. Growing consumer awareness of these benefits, coupled with longer oil change intervals, is driving a shift towards synthetic options. The trend is particularly evident and visible in the premium vehicle segment, where higher disposable incomes fuel demand for higher quality products.
Increase in number of technological advancements
As vehicle manufacturers and consumers become more focused on fuel efficiency, there is a growing demand for lubricants that contribute to better fuel economy. Advancements in lubricant formulations are improving vehicle performance attributes such as engine efficiency, protection under extreme conditions, as well as fuel economy. Innovations also include smart lubricants that can monitor their condition and notify users when a change is needed, which plays a key role in contributing to more efficient vehicle maintenance. Additionally, the rise of electric and hybrid vehicles is also impacting lubricant formulations. Although these vehicles generally require less lubrication, the development of specialized lubricants for these types of engines is expected to boom.
Growth of Online Sales Channels
The rapid rise of e-commerce is positively impacting Vietnam passenger vehicles lubricants market value. With the greater availability and accessibility to these products through online platforms, consumers are increasingly purchasing lubricants online. This trend is driven by the greater convenience coupled with better prices that are offered online. Adding to this, brands are increasingly investing in digital marketing strategies to reach consumers through online platforms, social media, and targeted advertising.
Rising popularity of eco-friendly and green products
Rising environmental awareness and concerns are leading to a higher demand for eco-friendly lubricants. Consumers and businesses are increasingly looking for products that minimize environmental impact and have a lower carbon-footprint. The market is also witnessing an increase in the availability of biodegradable and low-toxicity lubricants, which is driven both by consumer preferences and stringent regulations and restrictions.
“Vietnam 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
Market Breakup by Region
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 due to their rising demand for the lubrication of ICEs in automobiles. The favourable properties of engine oils such as heat resistance, wear protection, and superior viscosity make them appropriate for maintaining the mechanical parts of vehicles. The demand for grease is also anticipated to rise due to its rising usage in industrial parts such as bearings and conveyors.
The market participants are readily offering synthetic lubricants to gain a competitive edge in the market.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Vietnam Passenger Vehicles Lubricants Market Size
Vietnam Passenger Vehicles Lubricants Market Growth
Vietnam Passenger Vehicles Lubricants Market Share
Vietnam Passenger Vehicles Lubricants Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Passenger Vehicles Lubricants Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Passenger Vehicles Lubricants Historical Market (2018-2023)
8.3 Asia Pacific Passenger Vehicles Lubricants Market Forecast (2024-2032)
9 Vietnam Passenger Vehicles Lubricants Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Passenger Vehicles Lubricants Historical Market (2018-2023)
9.3 Vietnam Passenger Vehicles Lubricants Market Forecast (2024-2032)
10 Vietnam Passenger Vehicles Lubricants Market by Product Type
10.1 Engine Oils
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Greases
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Hydraulic Fluids
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Transmission and Gear Oils
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
11 Vietnam Passenger Vehicles Lubricants Market by Region
11.1 Southeast
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Red River Delta
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Mekong River Delta
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 South Central Coast
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Shell Plc
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 TotalEnergies SE
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Idemitsu Kosan Co., Ltd.
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Motul S.A.
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Chevron Corp.
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 BP Plc
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Petrolimex Petrochemical Corporation
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Eneos Holdings Inc.
13.2.8.1 Company Overview
13.2.8.2 Product Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 AP SAIGON PETRO
13.2.9.1 Company Overview
13.2.9.2 Product Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 MEKONG PETROCHEMICAL JSC
13.2.10.1 Company Overview
13.2.10.2 Product Portfolio
13.2.10.3 Demographic Reach and Achievements
13.2.10.4 Certifications
13.2.11 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Passenger Vehicles Lubricants Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Passenger Vehicles Lubricants Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Passenger Vehicles Lubricants Historical Market: Breakup by Product Type (USD Million), 2018-2023
4. Vietnam Passenger Vehicles Lubricants Market Forecast: Breakup by Product Type (USD Million), 2024-2032
5. Vietnam Passenger Vehicles Lubricants Historical Market: Breakup by Region (USD Million), 2018-2023
6. Vietnam Passenger Vehicles Lubricants Market Forecast: Breakup by Region (USD Million), 2024-2032
7. Vietnam Passenger Vehicles Lubricants Market Structure
The market is estimated to grow at a CAGR of 5.70% between 2024 and 2032.
The market is being driven due to growing production of passenger vehicles, a shift in the Vietnamese consumer preference towards eco-efficient lubricants, and rising demand for high-performance lubricants.
The key trends aiding the market include the burgeoning popularity of bio-based lubricants, the growth of lubricants with extended drain intervals, and the surge in EV lubricants.
Regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
Based on product type, market segmentations include engine oils, greases, hydraulic fluids, and transmission and gear oils.
The major players in the market are Shell Plc, TotalEnergies SE, Idemitsu Kosan Co., Ltd., Motul S.A., Chevron Corp., BP Plc, Petrolimex Petrochemical Corporation, Eneos Holdings Inc., AP SAIGON PETRO, and MEKONG PETROCHEMICAL JSC, among others.
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