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.
Key Segments Covered:-
Vietnam Lubricant Market
By Type of Automotive Lubricant
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
By Type of end use of industrial lubricant
By Type of distribution channel in industrial lubricant
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The future outlook of the lubricants industry is positive because as the crude oil prices increase, Nigeria's economy is expected to grow at a faster rate and hence the purchasing power of people is also expected to increase in the coming years. This would also push Nigeria's demand for synthetic lubricants, particularly for modern cars. The market is expected to gravitate towards higher-quality, specialized and synthetic lubricants with an increase in end user awareness on the importance of lubricant drains. This can primarily be attributed to pending government legislation regarding emissions, improved engine technology and equipment manufacturers' requirements for fuel efficiency. The grease market, which was earlier dominated by sodium-based products, is gradually evolving to lithium based grease in Nigeria.
The Mexico Lubricant Market is projected to show a significant growth, to contribute MXN ~ Bn by 2027F with rising export of Oil & Gas and rising infrastructural projects. The growth rate is anticipated to increase over the period with surge in more substitutes in market along with government incentives and policies. The industry is anticipated to increase as a result of rising demand from the automotive sector as well as the expansion of end-user industries like metallurgy, construction, manufacturing, and plastics. The need for lubricants is also anticipated to increase in the future due to the adoption of higher-quality synthetic and semi-synthetic lubricants. The lubricant industry is anticipated to boost spending on R&D, marketing, and strategic alliances and partnerships with other participants, OEMs, and auto insurance in order to enhance market penetration.
Increasing production and sales of light commercial vehicles as well as heavy duty vehicles, primarily for trade transport is expected to propel demand for automotive lubricants across Oman in the coming years. Additionally, growth in automotive repair services market across the country coupled with rising adoption of synthetic and semi-synthetic lubricants is further anticipated to fuel growth in Oman automotive lubricants market during the forecast period.
According to Ken Research estimates, the Kuwait Lubricant Market ? which grew from approximately USD ~ Bn in 2017 to approximately USD ~ Bn in 2022 ? is forecasted to grow further into USD ~ Bn opportunity by 2027F, owing to the favorable government initiatives, rising export of Oil & Gas and rising infrastructural projects. Growth of construction sector, increasing demand of automobile, rising private & public investment and with the increasing Governmental support for infrastructural projects have created a strong demand for the Lubricant in Kuwait. For end user applications, construction and commercial vehicles are the dominant segments in the Kuwait lubricant market.
According to Ken Research estimates, the Australia Lubricants market is growing at a steady rate with a CAGR at ~% owing to the country's high oil imports. Strong delivery network accompanied by authorized distributors to reach out to customers through both online and offline modes led to an increase in the overall sales of lubricants in the Australia. Up-scaling Manufacturing Industry, Escalating Construction, Automotive and Marine Industries are major growth drivers for Australia Lubricants Market. Bio-lubricants and lubricants with reduced fuel consumption are the major trends among end users in Australia Lubricants Market. Market is expected to witness an increase in the consumption of lubricants due to rapid growth in industrialization and infrastructural developments, rising private and government investments; cost effective manufacturing operations. Lubricants Industry concentration is at a moderate level, with the four largest companies estimated to account for approximately 40% of industry revenue in 2022-23.
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