Vietnam Lubricants Market Report and Forecast 2025-2034
Description
The Vietnam lubricants market attained a volume of 305.15 Million Liters in 2024. The industry is expected to grow at a CAGR of 5.20% during the forecast period of 2025-2034 to attain a volume of 506.61 Million Liters by 2034.
Vietnam Lubricants Market Growth
The rising demand for synthetic lubricants which offer superior fuel efficiency compared to conventional lubricants, the growing demand for EV lubricants, and the increased adoption of bio-based lubricants, amid rising environmental concerns are a few of the influential market drivers that are aiding in influencing the Vietnam lubricants market dynamics and trends. Bio-based lubricants are mainly made of animal fats or plant oils and offer a low carbon footprint and reduced toxicity which makes them an attractive option among Vietnamese customers.
Another set of key drivers boosting the Vietnam lubricants market revenue is the rapid adoption of IoT-enabled sensors and telematic systems to monitor the condition of engine health and lubricant operations by automakers. Moreover, with the aid of these systems, they can analyse the data and identify the most appropriate lubricant for the proper functioning of the vehicles. Additionally, there is rising interest in customised lubricants that are tailor-made to meet specific requirements for various vehicles and their operating conditions to deliver optimal performance which boosts the growth of the Vietnam lubricants industry.
Key Trends and Recent Developments
Shift towards high-efficiency lubricants, fuels that are economy focused, and increase in domestic manufacturing are providing several Vietnam lubricants market opportunities.
August 2024
Tokio Marine Insurance Vietnam (TMIV) partnered with Motul in Vietnam to offer free accident insurance to customers using Motul motorcycle lubricants for the first three months.
May 2024
Vietnam's oil company, PetroVietnam announced the discovery of two new oil fields with a combined estimated reserve of 100.5 million barrels of oil. This significant find is crucial for Vietnam's oil industry as it faces rising fuel demand.
April 2024
Hibiscus Petroleum Berhad’s subsidiary Hibiscus Oil & Gas Malaysia Limited (HML) has successfully completed the drilling of the Bunga Aster-1 exploration well. The group makes its second oil discovery from Bunga Aster exploration well offshore Malaysia, Vietnam.
November 2023
SK Earthon, an exploration and production (E&P) subsidiary of SK Innovation, has successfully discovered crude oil in an offshore block in Vietnam after four years. The discovery was made during the exploration stage, following the success of crude oil production from Block 17/03 in China last September.
A shift towards premium high-performance lubricants
Consumers are progressively choosing high-performance and synthetic lubricants to improve engine longevity and efficiency. There is a notable trend toward high-performance lubricants, as consumers show a growing willingness to invest in products that provide enhanced engine protection, better fuel efficiency, and overall improved performance. Additionally, synthetic lubricants are becoming more popular due to their exceptional characteristics, resulting in a rise in demand for these products.
Energy Efficiency
There is a growing demand for lubricants designed to enhance fuel economy. Consumers are increasingly looking for products that can improve their vehicle's fuel efficiency. Additionally, government regulations promoting fuel-efficient vehicles are indirectly driving the lubricants demand and sales that support these initiatives, as consumers seek solutions that align with their desire for better fuel performance and compliance with environmental standards.
Domestic Manufacturing
Domestic lubricant production in Vietnam is on the rise, driven by the expanding manufacturing and automotive sectors. Increased industrial activity and rising car ownership have created a robust demand for lubricants, prompting local companies to capitalize on these opportunities. Domestic production offers cost advantages compared to imports, further propelling the lubricants industry in Vietnam.
Emphasis on Environmentally Friendly Products
There's a rising preference for environmentally friendly lubricants. Driven by growing environmental concerns, consumers and businesses are demanding lubricants with minimal environmental impact. Lubricant manufacturers are responding by developing products that are biodegradable, low-emission, and compliant with stringent environmental regulations.
Vietnam Lubricants Industry Segmentation
“Vietnam Lubricants Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Base Oil
Mineral Oil Lubricants
Synthetic Lubricants
Bio-Based Lubricants
Market Breakup by Product Type
Engine Oils
Greases
Hydraulic Fluids
Metalworking Fluids
Transmission and Gear Oils
Others
Market Breakup by End Use
Automotive
Metallurgy and Metalworking
Power Generation
Textile
Others
Market Breakup by Region
Southeast
Red River Delta
Mekong River Delta
South Central Coast
Others
Vietnam Lubricants Market Share
Based on product type, the market is divided into engine oils, greases, hydraulic fluids, metalworking fluids, and transmission and gear oils, among others. Engine oils account for a major market share owing to their rising demand for the proper functioning of the engine as these oils prevent the engine parts from being corroded or damaged due to continuous usage and also ensure the smooth running of engines. Additionally, engine oil ensures engine efficiency, reduces friction and maintains optimal fuel consumption.
Leading Companies in the Vietnam Lubricants Market
The market participants are readily developing bio-based lubricants amid the rising environmental issues related to traditional lubricants.
Shell Plc
TotalEnergies SE
Motul S.A.
Chevron Corp.
BP Plc
Petrolimex Petrochemical Corporation
Eneos Holdings Inc.
AP SAIGON PETRO
MEKONG PETROCHEMICAL JSC
Phuc Thanh Trading & Manufacturing Co. (Nikko Lubricant Vietnam)
Others
Vietnam Lubricants Market Report Snapshots
Vietnam Lubricants Market Size
Vietnam Lubricants Market Growth
Vietnam Lubricants Market Share
Vietnam Lubricants Companies
Vietnam Lubricants Market Growth
The rising demand for synthetic lubricants which offer superior fuel efficiency compared to conventional lubricants, the growing demand for EV lubricants, and the increased adoption of bio-based lubricants, amid rising environmental concerns are a few of the influential market drivers that are aiding in influencing the Vietnam lubricants market dynamics and trends. Bio-based lubricants are mainly made of animal fats or plant oils and offer a low carbon footprint and reduced toxicity which makes them an attractive option among Vietnamese customers.
Another set of key drivers boosting the Vietnam lubricants market revenue is the rapid adoption of IoT-enabled sensors and telematic systems to monitor the condition of engine health and lubricant operations by automakers. Moreover, with the aid of these systems, they can analyse the data and identify the most appropriate lubricant for the proper functioning of the vehicles. Additionally, there is rising interest in customised lubricants that are tailor-made to meet specific requirements for various vehicles and their operating conditions to deliver optimal performance which boosts the growth of the Vietnam lubricants industry.
Key Trends and Recent Developments
Shift towards high-efficiency lubricants, fuels that are economy focused, and increase in domestic manufacturing are providing several Vietnam lubricants market opportunities.
August 2024
Tokio Marine Insurance Vietnam (TMIV) partnered with Motul in Vietnam to offer free accident insurance to customers using Motul motorcycle lubricants for the first three months.
May 2024
Vietnam's oil company, PetroVietnam announced the discovery of two new oil fields with a combined estimated reserve of 100.5 million barrels of oil. This significant find is crucial for Vietnam's oil industry as it faces rising fuel demand.
April 2024
Hibiscus Petroleum Berhad’s subsidiary Hibiscus Oil & Gas Malaysia Limited (HML) has successfully completed the drilling of the Bunga Aster-1 exploration well. The group makes its second oil discovery from Bunga Aster exploration well offshore Malaysia, Vietnam.
November 2023
SK Earthon, an exploration and production (E&P) subsidiary of SK Innovation, has successfully discovered crude oil in an offshore block in Vietnam after four years. The discovery was made during the exploration stage, following the success of crude oil production from Block 17/03 in China last September.
A shift towards premium high-performance lubricants
Consumers are progressively choosing high-performance and synthetic lubricants to improve engine longevity and efficiency. There is a notable trend toward high-performance lubricants, as consumers show a growing willingness to invest in products that provide enhanced engine protection, better fuel efficiency, and overall improved performance. Additionally, synthetic lubricants are becoming more popular due to their exceptional characteristics, resulting in a rise in demand for these products.
Energy Efficiency
There is a growing demand for lubricants designed to enhance fuel economy. Consumers are increasingly looking for products that can improve their vehicle's fuel efficiency. Additionally, government regulations promoting fuel-efficient vehicles are indirectly driving the lubricants demand and sales that support these initiatives, as consumers seek solutions that align with their desire for better fuel performance and compliance with environmental standards.
Domestic Manufacturing
Domestic lubricant production in Vietnam is on the rise, driven by the expanding manufacturing and automotive sectors. Increased industrial activity and rising car ownership have created a robust demand for lubricants, prompting local companies to capitalize on these opportunities. Domestic production offers cost advantages compared to imports, further propelling the lubricants industry in Vietnam.
Emphasis on Environmentally Friendly Products
There's a rising preference for environmentally friendly lubricants. Driven by growing environmental concerns, consumers and businesses are demanding lubricants with minimal environmental impact. Lubricant manufacturers are responding by developing products that are biodegradable, low-emission, and compliant with stringent environmental regulations.
Vietnam Lubricants Industry Segmentation
“Vietnam Lubricants Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Base Oil
Mineral Oil Lubricants
Synthetic Lubricants
Bio-Based Lubricants
Market Breakup by Product Type
Engine Oils
Greases
Hydraulic Fluids
Metalworking Fluids
Transmission and Gear Oils
Others
Market Breakup by End Use
Automotive
Metallurgy and Metalworking
Power Generation
Textile
Others
Market Breakup by Region
Southeast
Red River Delta
Mekong River Delta
South Central Coast
Others
Vietnam Lubricants Market Share
Based on product type, the market is divided into engine oils, greases, hydraulic fluids, metalworking fluids, and transmission and gear oils, among others. Engine oils account for a major market share owing to their rising demand for the proper functioning of the engine as these oils prevent the engine parts from being corroded or damaged due to continuous usage and also ensure the smooth running of engines. Additionally, engine oil ensures engine efficiency, reduces friction and maintains optimal fuel consumption.
Leading Companies in the Vietnam Lubricants Market
The market participants are readily developing bio-based lubricants amid the rising environmental issues related to traditional lubricants.
Shell Plc
TotalEnergies SE
Motul S.A.
Chevron Corp.
BP Plc
Petrolimex Petrochemical Corporation
Eneos Holdings Inc.
AP SAIGON PETRO
MEKONG PETROCHEMICAL JSC
Phuc Thanh Trading & Manufacturing Co. (Nikko Lubricant Vietnam)
Others
Vietnam Lubricants Market Report Snapshots
Vietnam Lubricants Market Size
Vietnam Lubricants Market Growth
Vietnam Lubricants Market Share
Vietnam Lubricants Companies
Table of Contents
125 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Lubricants Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Lubricants Historical Market (2018-2024)
- 5.3 Asia Pacific Lubricants Market Forecast (2025-2034)
- 6 Vietnam Lubricants Market Overview
- 6.1 Key Industry Highlights
- 6.2 Vietnam Lubricants Historical Market (2018-2024)
- 6.3 Vietnam Lubricants Market Forecast (2025-2034)
- 7 Vietnam Lubricants Market by Base Oil
- 7.1 Mineral Oil Lubricants
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Synthetic Lubricants
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Bio-Based Lubricants
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 8 Vietnam Lubricants Market by Product Type
- 8.1 Engine Oils
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Greases
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Hydraulic Fluids
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Metalworking Fluids
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Transmission and Gear Oils
- 8.5.1 Historical Trend (2018-2024)
- 8.5.2 Forecast Trend (2025-2034)
- 8.6 Others
- 9 Vietnam Lubricants Market by End Use
- 9.1 Automotive
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Metallurgy and Metalworking
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Power Generation
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Textile
- 9.4.1 Historical Trend (2018-2024)
- 9.4.2 Forecast Trend (2025-2034)
- 9.5 Others
- 10 Vietnam Lubricants Market by Region
- 10.1 Southeast
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 Red River Delta
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 Mekong River Delta
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 South Central Coast
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 Shell Plc
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 TotalEnergies SE
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 Motul S.A.
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Chevron Corp.
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 BP Plc
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 Petrolimex Petrochemical Corporation
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 Eneos Holdings Inc.
- 12.5.7.1 Company Overview
- 12.5.7.2 Product Portfolio
- 12.5.7.3 Demographic Reach and Achievements
- 12.5.7.4 Certifications
- 12.5.8 AP SAIGON PETRO
- 12.5.8.1 Company Overview
- 12.5.8.2 Product Portfolio
- 12.5.8.3 Demographic Reach and Achievements
- 12.5.8.4 Certifications
- 12.5.9 MEKONG PETROCHEMICAL JSC
- 12.5.9.1 Company Overview
- 12.5.9.2 Product Portfolio
- 12.5.9.3 Demographic Reach and Achievements
- 12.5.9.4 Certifications
- 12.5.10 Phuc Thanh Trading & Manufacturing Co. (Nikko Lubricant Vietnam)
- 12.5.10.1 Company Overview
- 12.5.10.2 Product Portfolio
- 12.5.10.3 Demographic Reach and Achievements
- 12.5.10.4 Certifications
- 12.5.11 Others
Pricing
Currency Rates
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