Thailand Commercial Vehicles Lubricants Market Analysis
The Thailand Commercial Vehicles Lubricants Market size is estimated at 350.67 million liters in 2025, and is expected to reach 389.07 million liters by 2030, at a CAGR of 2.1% during the forecast period (2025-2030).
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals. It is used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Hydraulic Fluids : The expected recovery of commercial vehicle sales and activity in Thailand from 2021 is likely to drive the demand for hydraulic fluids during the forecast period.
Thailand Commercial Vehicles Lubricants Market Trends
Largest Segment By Product Type : Engine Oils
- In Thailand, commercial vehicles (CVs) formed the largest segment and accounted for over 78% of lubricant consumption. During 2015-2019, lubricant consumption recorded a CAGR of 1.23% in the CV segment. In 2019, lubricant consumption declined by 1% due to a dip in production, thus, marginalizing the growth during this period.
- In 2020, commercial vehicle lubricant consumption declined by 11.5%, as the COVID-19 outbreak affected sales. Engine oils account for a 62% share in CV lubricant consumption, followed by hydraulic fluids and greases, respectively. A major dip of 13.5% was observed in hydraulic fluid consumption in the CV segment during the year.
- During 2021-2026, the hydraulic fluids segment is likely to be the fastest-growing segment with a CAGR of 4.42%. Growing investments are likely to boost CV production, thus, driving hydraulic fluid consumption in the country.
Thailand Commercial Vehicles Lubricants Industry Overview
The Thailand Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 58.99%. The major players in this market are Bangchak Corporation, CHEVRON CORPORATION, ExxonMobil Corporation, PTT Lubricants and Royal Dutch Shell Plc (sorted alphabetically).
Thailand Commercial Vehicles Lubricants Market Leaders
Bangchak Corporation
CHEVRON CORPORATION
ExxonMobil Corporation
PTT Lubricants
Royal Dutch Shell Plc
- *Disclaimer: Major Players sorted in no particular order
Thailand 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.
- October 2021: Valvoline and Cummins extended their long-standing marketing and technology collaboration agreement for another five years. Cummins will endorse and promote Valvoline's Premium Blue engine oil for its heavy-duty diesel engines and generators and will distribute Valvoline products through its global distribution networks.
- 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.
