Vietnam Commercial Vehicles Lubricants Market Analysis
The Vietnam Commercial Vehicles Lubricants Market size is estimated at 52.02 million liters in 2025, and is expected to reach 61.84 million liters by 2030, at a CAGR of 3.52% during the forecast period (2025-2030).
- Largest Segment by Product Type - Engine Oils : Engine oils form the leading product type due to their higher volume requirements and short drain intervals compared to other lubricants across all vehicle types.
- Fastest Segment by Product Type - Hydraulic Fluids : The anticipated rebound in commercial vehicle sales and usage rates in Vietnam from 2021 is expected to drive demand for hydraulic fluids over the forecast period.
Vietnam Commercial Vehicles Lubricants Market Trends
Largest Segment By Product Type : Engine Oils
- In Vietnam, commercial vehicles (CVs) formed the second largest segment in terms of lubricant consumption. During 2015-2019, lubricant consumption witnessed a CAGR growth of over 10% in the CV segment. The growth was majorly driven by the growing freight transportation in the country.
- In 2020, commercial vehicle lubricant consumption declined by 7.11% as COVID-19 affected freight transportation. Engine oil accounts for around 69% share in CV lubricant consumption. A major decline of over 18% was observed in the consumption of hydraulic fluids in the CV segment during 2020.
- During 2021-2026, the hydraulic fluid segment is likely to be the fastest-growing segment, with a CAGR of 5.61%. The recovery in production and sales of commercial vehicles is likely to drive the consumption of transmission oils over the forecast period.
Vietnam Commercial Vehicles Lubricants Industry Overview
The Vietnam Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 59.02%. The major players in this market are BP Plc (Castrol), Mekong Petrochemical JSC, Petrolimex (PLX), Royal Dutch Shell Plc and TotalEnergies (sorted alphabetically).
Vietnam Commercial Vehicles Lubricants Market Leaders
BP Plc (Castrol)
Mekong Petrochemical JSC
Petrolimex (PLX)
Royal Dutch Shell Plc
TotalEnergies
- *Disclaimer: Major Players sorted in no particular order
Vietnam 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.
- 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.
- March 2021: Hyundai Motor Company and Royal Dutch Shell PLC announced a five-year global business cooperation agreement, with a new focus on clean energy and carbon reduction, to help Hyundai continue its transformation as a Smart Mobility Solution Provider.
