Vietnam Lubricants Market Research Report And Future Outlook: Ken Research

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How Lubricants Market Is Positioned in Vietnam?

Vietnam lubricants market is currently in its growth stage, with demand exceeding supply and therefore leading to a rise in lubricant price over a period of time. Majority of the lubricant produced in Vietnam is done by importing base oil from neighboring countries such as China, Singapore and Japan. The base oil is then blended accordingly with the required additives, domestically to transform the base oil into the lubricant end product. The market has been growing majorly due to rising vehicle sales and healthy industrial sector growth over a sustained period. Over the review period, Vietnam lubricants market observed a healthy growth both in terms of revenues as well as sales volume. In the year 2018, the market generated revenues worth USD ~ million alongside a sales volume of ~ million litres.

A rising retail price of lubricants caused by a spike in crude oil prices worldwide supported growth in the sales revenue of lubricants in Vietnam through the period. The market garnered maximum interest post liberalization of trade and the recent removal of barriers on trade within ASEAN nations.

A rising middle income segment in Vietnam supported a healthy rise in the sale of passenger cars over the period, leading to a spike in the demand for automotive lubricant in Vietnam. The growth in lubricant demand for industrial applications was stimulated by the set-up of a number of manufacturing and industrial plants in Vietnam, along with a huge chunk of incoming FDI from the manufacturing and processing sector. Low labor costs, high ease of setting up business and low government restrictions in the form of trade barriers supported the transformation of Vietnam into a production hub, much like its neighbor China.

Vietnam Lubricants Market

Competitive Landscape in Vietnam Lubricants Market

Competition stage in the country’s lubricant market was witnessed to be moderately concentrated with major international players capturing over half of the demand for lubricants in Vietnam during 2018. Local players are limited but maintain a presence in the market catering to their differentiated customer segments.  The total number of players manufacturing and supplying lubricants in Vietnam was observed to be over ~ manufacturers, both, domestic and international as of 31st December 2018. The origin of international companies ranges from European nations such as Netherlands, Germany and UK to neighboring countries such as China, Japan, Thailand, Taiwan and Indonesia. A high growth rate of lubricant demand and an impressive ease of doing business rank of Vietnam stimulated entry of international players in the market. Some of the major international and domestic players operating within the market include Castrol BP Petco, Petrolimex, Shell, Chevron Lubricants, Total, Mekong Lubricants, JX Nippon, Idemitsu, ExxonMobil and Sinopec among others. Pricing, brand reputation as well as distribution strategy adopted by a particular company are considered as of high importance in order to reach a wider target audience in the market.

Market Share of Major Players Operating in Vietnam Lubricants Market

A joint venture between BP and local player Petrolimex, Castrol BP Petco leads the market accruing a share close to ~% on the basis of sales volume in the year 2018. Other international players such as Shell, Chevron and Total complemented Castrol’s dominance as majority of the market is dominated by the presence of international lubricant players.

Key Segments Covered:-

By Grade

Mineral based Lubricants

Semi-Synthetic Lubricants

Synthetic Lubricants

By Application

Automotive Lubricants

Industrial Lubricants

By Automotive Lubricant Type

Heavy Duty Diesel Engine Oil

Motorcycle Oil

Passenger Car Motor Oil

Hydraulic Oil

Gear Oil

Greases

By Automotive Lubricant End User

Commercial Vehicles

Motorcycles

Passenger Cars

Marine Vessels

By Automotive Lubricant Distribution Channel

Dealer and Distributor Network

OEM Workshops and Service Stations

Supermarket and Online Retail

By Industrial Lubricant Type

Hydraulic Oil

Metal Cutting Fluid

Industrial Gear Oil

Industrial Grease

Turbine Oil

Transformer Oil

Compressor Oil

Others (Anti Rust Oil and Cleaner Oil)

By Industrial Lubricant End User

Manufacturing

Steel Projects

Construction

Power Generation

Others (Textiles, Chemicals and Auto Parts primarily)

By Industrial Lubricant Distribution Channel

Direct Sales

Dealer and Distributor Network

Key Target Audience:-

Auto And Auto Component Manufacturers

Manufacturing Companies

Steel Production Companies

Metal Working Companies

Auto And Auto Component Manufacturers

Construction Companies

Textile Companies

Cement Companies

Mining Companies

Power Generation Companies

Food & Beverage Companies

Petroleum and Lubricant Associations

Time Period Captured in the Report:-

Historical Period – 2013-2018

Forecast Period – 2018-2023E

Companies Covered:-

Castrol BP Petco

Petrolimex Petrochemical Corporation (PLC)

Shell Vietnam

Chevron

Total

Mekong Lubricants

Idemitsu Lube Vietnam

JX Nippon Oil and Energy

ExxonMobil

Vilube Motul

Valvoline

Honda

Yamaha Lube

Sinopec

For more information on the research report, refer to below link:-

Vietnam Lubricants Market

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Ken Research
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Sales@kenresearch.com
+91-9015378249

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