Vietnam Lubricants Market Forecast 2030: Key Players & Emerging Trends

Future Vietnam Lubricants Market: Key Dynamics, Size & Share Analysis

The Vietnam Lubricants Market size was valued at around 319.57 million liters in 2024 and is expected to reach 423.38 million liters by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.80% during the forecast period, i.e., 2025-30. The Vietnam Lubricants Market is significantly growing due to several growth factors, including the high vehicle density, especially the motorbikes across the country, the continuous development of the industrial and manufacturing sector, the rising adoption of green and bio-based lubricants, etc. One of the most prominent growth factors is the rising demand by the automotive industry due to rapid urbanization and transportation. In Vietnam, motorbike and car ownership is substantially rising, which is significantly increasing the demand for lubricants, such as gear oils, engine oils, and others. Additionally, the growing infrastructure development in the country, including logistics, electronics, and textiles, is increasing the use of heavy machinery, which further increases the demand for various lubricants, thus offering ample growth opportunities for the market players to grow significantly.

Top Market Challenges Impacting the Vietnam Lubricants Market Growth

Limited Oil Base Production & Counterfeit Products – The market is facing some major challenges, including the absence of well-established oil production units in the country. This has led to the high dependence of Vietnam on oil imports from other countries like South Korea, Japan, Singapore, and some parts of the Middle East. In 2023, Vietnam received about 2,40,000 metric tons of oil from other countries, which has increased the price volatility, fragmented supply chains, and overall production costs in the country.

Additionally, the presence of low-quality and counterfeit products in the country is another major challenge to this market. For instance, in mid-2025, in Ho Chi Minh City, the police exposed a fake oil production company used for motor vehicles that was mixing low-grade oil and selling those under famous brand names, and roughly produced over 2,00,000 fake bottles. Additionally, in 2024, the higher authorities of Hai Duong damaged approximately 500 bottles of counterfeit RP7 multi-purpose lubricant. This is leading to damaged customers’ trust and undermining brand reputation, thus hindering market growth & development.

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Understanding the Core Segments in the Vietnam Lubricants Market

Vietnam Lubricants Market Size, Share & Industry Trends Analysis- By Product Type, (Automotive Lubricants, Industrial Lubricants), By Distribution Channel, (Direct Sales, Indirect Sales ), By End-User, (Automotive, Industrial, Mining, Marine, Others) and Others.

Geographical Analysis of the Vietnam Lubricants Market

By Region

Northern
Central
Southeast
Mekong Delta.

Who Dominates the Vietnam Lubricants Market Insights on Key Industry Players?

Companies are strengthening their presence in the Vietnam Lubricants market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

Castrol BP Petco Ltd.
Petrolimex Petrochemical Corporation (PLC)
Motul Vietnam Co., Ltd.
Chevron Lubricants Vietnam Ltd. (Caltex)
Shell Vietnam Ltd.
TotalEnergies Marketing Vietnam Limited
Mekong Petrochemical JSC
JX Nippon Oil & Energy Vietnam
Idemitsu
Sinopec

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