Vietnam automobile lubricant market beckons
With many players competing in the Southeast Asia market for motorcycle lubricants, leaders will be determined by their success in the large and fast-rising markets of Indonesia and Vietnam. These two countries account for over 80% of the region’s total motorcycle population. A few brands that stand out are Petronas, Shell, BP Castrol and Pertamina.
Leon commented that while Vietnam’s short-term growth is driven by motorcycle lubricants, long-term growth is expected to come from car lubricants as middle-class Vietnamese trade up to cars.
Vietnam’s attractive lucrative market is dominated by mineral engine oil due to price. However, synthetic and semi-synthetic engine oil saw rapid growth with a combined market share of 41% (in 2015), which is expected to rise to 56% by 2021. In early 2016, Vietnam ceased tariffs on lubricants from Association of Southeast Asian Nations member states, making the market much more competitive but also fueling growth.
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