Showing posts with label Passenger Car Lubricants Market Vietnam. Show all posts
Showing posts with label Passenger Car Lubricants Market Vietnam. Show all posts

Monday, October 14, 2019

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:-

Related Reports:-


Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249

Wednesday, October 9, 2019

Removal of Tax on Import of Lubricants from South-East Asian Nations has Stimulated the Competition and Hence the Growth in the Lubricants Industry in Vietnam: Ken Research


“Rapid Industrialization and Rising Passenger Vehicle Sales have led to rise in demand for both Automotive and Industrial Lubricants simultaneously in Vietnam.”

Analysts at Ken Research in their latest publication Vietnam Lubricants Market Outlook to 2023 - By Grade (Mineral, Semi-Synthetic and Synthetic Lubricants), By Application (Automotive and Industrial) By Type of Automotive and Industrial Lubricants, By End User of Automotive and Industrial Lubricants End User, and By Distribution Channel of Automotive and Industrial Lubricants believe that rising vehicle sales, increasing industrial capabilities, growing quantum of incoming FDI from ASEAN and other countries, improving sales and promotion / advertising of lubricants, introducing facilities for recycling and effective disposal of used oil will aid the lubricants market in Vietnam. The market is expected to register a positive CAGR of 9.2% in terms of revenue and 6.7% in terms of sales volume during the forecasted period 2018-2023.

Key Findings
The ASEAN Economic Community’s Trade in Goods Agreement (ATGI), which abolished tariffs on trade of lubricants within ASEAN nations, supplemented the re-design of the competition scenario in the market, with multiple companies from neighboring nations such as China, Taiwan, Indonesia, Singapore and Japan entering the Vietnamese market.

CAGR in the automotive segment of the lubricants market in Vietnam of around 2.0% was stimulated by healthy sales growth of passenger cars owing to the rising personal disposable income of the ever expanding middle income segment of the population in Vietnam.

Emergence of Vietnam as a manufacturing and production hub, as evident in the all time-high USD 39.2 billion GDP contribution of the manufacturing sector to the GDP of Vietnam in the year 2018, spearheaded growth in demand for industrial lubricants in Vietnam.

Low level of customer awareness regarding lubricant quality and overt dependence on brand name and reputation for decision making puts the consumer on the back foot with respect to holding bargaining power in the market.

Bio Based Lubricants are the newest product segment to be introduced in the market, with an increasing focus on sustainability and on curtailing environment degradation. Environment-friendly and made from bio-degradable substances, bio-based lubricants have been introduced by number of lubricant-providing companies in the market. For instance, Green Lube Vietnam and others introduced bio-based lubes within Vientam.

Rising Passenger Car Sales were observed during the period, accruing to a rise in the personal disposable income of Vietnamese citizens and a rise in the middle income segment in Vietnam. Sales of passenger cars grew at a compounded rate of 27.0% year-on-year during the period 2013-2018. A shift in consumer’s mindset towards more comfortable mobility solutions and a perceived slowdown in the growth of the two-wheeler retail segment in the country were also behind the increasing demand for passenger cars and therefore lubricants for passenger cars.

Major industrial end users such as construction, manufacturing, steel and power generation utilize machineries that require usage of lubricants to stimulate heat resistance and smooth running of machinery. Industrial growth in terms of a high value added by the industrial sector to GDP, has led to an increasing demand for industrial use lubricants in the country.

The spread of Used Oil and Re-Used Lubricants has prompted the Vietnamese government to mandate the collection and proper treatment of used oil. The guidelines have encouraged lubricant companies towards developing used oil treatment and collection plants and facilities in addition to encouraging the entry of waste management companies in Vietnam.

Competitive landscape within the market has evolved with increasing number of international companies entering the space. Major Players in the market include joint venture Castrol BP Petco and other international companies such as Shell, Total, Chevron, JX Nippon and Idemitsu among others. Local competitive presence includes state-run Petrolimex Petrochemical Corporation (PLC) and Mekong Lubricants primarily.

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 Period2018-2023E

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:-

Related Reports:-



Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249