Vietnam's population is anticipated to grow to 98.5 Mn with 49.9% male population and 50.7% female population. About 62.9% population is urban and the rest lives in rural area.
Manufacturing sector contribute majority of 25% to the country's GDP, with wholesale and retail at second spot (9.3%) and construction at third (5.9%). Oil Gear Pump Company
Electrical machinery & equipment, clothing & accessories are the major items exported and Electrical Machinery & Equipment, machinery including computers, and plastics are the items imported to Vietnam which stand at 400 Bn. VND and 300 Bn. VND respectively.
GURUGRAM, India , Feb. 7, 2023 /PRNewswire/ --
Market size of Vietnam lubricants: More market players are expected to enter into lubricant industry independently or with collaboration to cater rising demand from end users. Also, the direct sales of lubricants in Vietnam are expected to grow at a faster rate as companies started focusing on increasing margins and overall profits by reducing middleman. The demand of lubricants in construction industry accounts nearly several million liters in 2021 which is further expected to increase in coming years. The construction industry projected to grow by over ~% CAGR in coming years.
Segmentation in lubricant market: The lubricant market in Vietnam in basically divided into automotive & industrial lubricants. The market for synthetic grade lubricants is projected to increase faster at ~% CAGR as compared to other grades by 2026 owing to increasing lubricant quality standard awareness among consumers and high-performance machinery are driving the growth of synthetic oils. Increasing demand for raw material such as Process Oil, used in various industries which are expanding viz., polymer industry, agriculture etc., is further pushing the demand forward.
Future Trends in Vietnam lubricant Market: The automotive segment anticipated to maintain its dominance in the Vietnam Lubricants market during forecast period 2026 owing to increasing automobiles sales whereas the growth in Industrial lubricants market is expected to increase at a faster pace during 2021-2026. With fluctuations in prices of crude oil, the prices for Automotive as well as Industrial lubricants will increase in the forthcoming years. Increasing sales of vehicles in the country further expected to increase lubricants demand by 2026.
Analysts at Ken Research in their latest publication "Vietnam Lubricant Market Outlook to 2026F-Driven by Growth in Crude Oil Import and Rising Sales of Motorcycles in the Country" by Ken Research observed that lubricant market is at rise in Vietnam at a rebounding stage from the economic crisis after pandemic. The increase in the demand of bio lubricant and increasing awareness of lubricant quality standard will further drive the market in the coming years. The Vietnam Lubricant Market is expected to grow at ~% CAGR over the forecasted period 2021-2026F.
By Type of Automotive Lubricant
Heavy duty diesel engine oil
By Type of Industrial Lubricant
By Type of end use of automotive lubricant
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By Type of distribution channel in automotive lubricant
OEM workshops and service station
By Type of end use of industrial lubricant
By Type of distribution channel in industrial lubricant
Lubricant companies aiming to establish into Vietnam
Government Bodies & Regulating Authorities
Time Period Captured in the Report:-
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Castrol BP Petco Co Ltd
JX Nippon Oil & Energy Vietnam Co Ltd
Katsum Trading & Service JSC
Key Topics Covered in the Report
Lubricants Supply and Demand Statistics, 2020
Harvey Ball Analysis of Preferred Lubricants Companies in ASEAN Countries
Region wise Cars and motorcycles Registration in Vietnam , 2021
Cross comparison of Southeast Asian Countries on the basis of Number of Motor Vehicles and Sold by Country in 2021
Ecosystem of major Entities in Vietnam Lubricants Market
Business Cycle and Genesis of Vietnam Lubricants Market
Timeline of major Players in Vietnam Lubricants Market
Value Chain Analysis for Vietnam Lubricants Market
Vietnam Automotive & Industrial Lubricants Market Segmentation, 2021
SWOT Analysis for Vietnam Lubricants Market
Porter's Five Forces Analysis of Vietnam Lubricants Market
Growth Enablers in Vietnam Lubricants Market
Bottlenecks and Challenges in Vietnam Lubricants Market
Trends and Developments in Vietnam Lubricants Market
Tax Rates for Lubricants in Vietnam , 2018-2020
End User Analysis of Vietnam Lubricants Market
Pricing Analysis of Automotive and Industrial Lubricants, 2021
Strengths and Weaknesses of the major Industrial & Automotive Lubricant market Players
Cross Comparison of Major Players in Vietnam Lubricants Market
Covid-19 Impact on Vietnam Lubricant Market
Future Outlook and market Size for Vietnam Lubricant Market, 2021-2026F
Future Segmentation for Vietnam Industrial Lubricant Market, 2026F
Future Segmentation for Vietnam Automotive Lubricant Market, 2026F
Market Opportunities and Analyst Recommendations
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Ken Research Private Limited Ankur Gupta , Director Strategy and Growth Ankur@kenresearch.com +91-9015378249
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