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