Press release
Vietnam Lubricants Market Trends, Market Top Players, Market Analysis & Market Future Outlook to 2029
The Vietnamese lubricant market is booming with rapid industrialization, infrastructure development and increasing vehicle ownership. The manufacturing sector grew by 9% in 2024, generating growing demand for lubricants for machinery, construction, and energy sectors. The increasing vehicle ownership rate is also becoming a crucial driver of lubricant market. In 2024, Vietnam has 50 million registered motorcycles and 4.5 million cars on the road, highlighting growing demand for engine oils and transmission fluids. Electric vehicles sales grew 125% year-on-year in 2024, creating demand for coolants, dielectric fluids, and specialized e-transmission lubricants. Moreover, government enforcing strict environmental regulation will push industries to use low emission and energy efficient lubrication solutions.
Sector Specific Growth Drivers
• Automotive Sector: In 2024, Vietnam had over 50 million registered motorcycles and witnesses approximately 404,294 units of automobile sales. This is driving lubricant demand majorly for engine oils, transmission fluids and greases. Additionally, more vehicles are shifting to synthetic and semi-synthetic lubricants for better performance and longevity which is increasing sales for premium lubricants.
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• Industrial and Manufacturing Sector: The country is becoming an industrial hub with textiles, electronics and heavy machinery growing. This is driving demand for industrial lubricant like gear oils, hydraulic oils, and compressor lubricants. Moreover, construction sector which contributes over USD 14 billion to the country's GDP is driving lubricant consumption for its heavy machinery and infrastructure projects.
• Maritime and Aviation Sector: The maritime trade is expanding, with container throughput at ports increasing by 12% in 2024. The logistics and aviation sector require high-performing lubricants to maintain operational efficiency. The growing port and aviation infrastructure are fuelling the demand for lubricant.
Government Regulations
The government of Vietnam has mandated many strict regulations to ensure low-emission. These regulations are encouraging industries to adopt bio-based and low-emission lubricants, with eco-friendly lubricants constituted for more than 10% of total lubricant consumption in 2024. These shifts are expected to rise with industries looking for sustainable alternatives to meet with environmental standards.
Vietnam Lubricant Market Positioning
The Vietnam lubricants market is moderately concentrated and has few major players like Castrol, Shell, and Petrolimex dominating the market space. However, the market is expected to witness increased competition with entry of Chinese and Korean lubricant manufacturers offering innovative lubricant solutions. Castrol continues to dominate the market with its strong distribution network and brand loyalty. In 2024, company expanded its EV lubricant portfolio to meet the growing EV segment. Shell focuses on investing in sustainability and launched bio-based lubricant in early 2024. The company reported over 12% increase in its lubricants segment in 2024, driven by strong demand in the automotive sector. Petrolimex is a major domestic player in Vietnam lubricant market and announced new industrial-grade lubricant plant in Ho Chi Minh City in 2024. The aim is to strengthen its position in industrial sector.
Recent News
November 2024: Champion Lubricants, a brand of Belgian manufacturer Wolf Oil Corporation, entered the Vietnamese market by appointing Vietsea Company as its exclusive distributor. This move aims to tap into Vietnam's growing automotive and motorcycle sectors.
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Vietnam Lubricant Market Future Outlook
The Vietnam lubricant market is expected to transform significantly through 2029, driven by EV adoption, industrialisation, and sustainability mandates. The electric vehicle is expected to make up 10% of the country's new car sales by 2029, increasing demand for e-fluids, dielectric coolants, and low-viscosity transmission oils. The industrial lubricant will continue to dominate the market with rising foreign direct investments in major manufacturing zones. By 2029, synthetic and semi-synthetic lubricants will account for over 35% of total consumption. Market players will expand their local production to compete on rising import cost and strengthen their rural presence. Further, sustainability will be key differentiator as eco-friendly lubricant will capture 20% of the market by 2029. This will be supported by government's tax initiatives for green products and strict emissions regulations.
Consultant at TraceData Research In their latest publication "Vietnam Lubricants Market Outlook to 2029: By Product Type (Engine Oils, Greases, Hydraulic Fluids, Metalworking Fluids, Transmission & Gear Oils), By Grade of Lubricant (Mineral, Synthetic, Semi-Synthetic), and By End User (Automotive, Heavy Equipment, Metallurgy & Metalworking, Power Generation)" believe that businesses should invest in EV-specific e-fluids and localize production to capture the Vietnam lubricants market.
Get an In-Depth Analysis of Vietnam lubricants market [2023-2029] @ https://www.tracedataresearch.com/industry-report/vietnam-lubricants-market
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TraceData Research is a full-stack market research company founded by research professionals with over 15 years of industry experience. The company is recognized for its proprietary methodologies, deep consumer understanding, high-quality research, and entrepreneurial mindset.
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