Vietnam Lubricants Market Research Report And Future Outlook: Ken Research

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.

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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