Singapore Commercial Vehicles Lubricants Market Analysis
The Singapore Commercial Vehicles Lubricants Market size is estimated at 7.16 million liters in 2025, and is expected to reach 8.44 million liters by 2030, at a CAGR of 3.34% during the forecast period (2025-2030).
- Largest Segment by Product Type - Engine Oils : In the commercial vehicles segment, engine oils are leading in terms of demand, owing to the large volumes of oil and service cycles required for commercial vehicles.
- Fastest Segment by Product Type - Hydraulic Fluids : The anticipated rebound in commercial vehicle sales and activity in Singapore from 2021 is predicted to drive the demand for hydraulic fluids over the forecast period.
Singapore Commercial Vehicles Lubricants Market Trends
Largest Segment By Product Type : Engine Oils
- In Singapore, commercial vehicles (CVs) formed the largest segment and accounted for about 49.67% of lubricant consumption in 2020. During 2015-2019, lubricant consumption recorded a 7.14% drop in the CV segment. The drop was majorly caused by the declining usage of commercial vehicles due to their high maintenance costs.
- In 2020, lubricant consumption of commercial vehicles declined by 17.26% as the COVID-19 pandemic affected freight transportation. Engine oils accounted for an 86.91% share in CV lubricant consumption. A major decline of 22.11% was also observed in the consumption of hydraulic fluids in the CV segment during the year.
- Over the next five years, the hydraulic fluids segment is likely to be the fastest-growing segment, with a CAGR of 3.96%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of hydraulic fluids over the forecast period.
Singapore Commercial Vehicles Lubricants Industry Overview
The Singapore Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 44.59%. The major players in this market are BP Plc (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).
Singapore Commercial Vehicles Lubricants Market Leaders
BP Plc (Castrol)
Chevron Corporation
ExxonMobil Corporation
Royal Dutch Shell Plc
TotalEnergies
- *Disclaimer: Major Players sorted in no particular order
Singapore Commercial Vehicles Lubricants Market News
- January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
- September 2021: ExxonMobil Asia Pacific Pte Ltd established the MobilSM Fleet Care (MFC) program for its lubricant clients, which provides fleet owners and operators with a holistic picture of their fleet's operating performance.
- March 2021: Castrol announced the launch of Castrol ON (a Castrol e-fluid range that includes e-gear oils, e-coolants, and e-greases) to its product portfolio. This range is specially designed for electric vehicles.
