Article -> Article Details
| Title | Vietnam Lubricants Market Size, Share, Growth Outlook And Report 2025-2033 |
|---|---|
| Category | Business --> Chemicals |
| Meta Keywords | vietnam lubricants market |
| Owner | Imarc |
| Description | |
| Vietnam Lubricants Market Overview Base Year: 2024 Historical Years: 2019-2024 Forecast Years: 2025-2033 Market Size in 2024: USD 566.8 Million Market Forecast in 2033: USD 860.8 Million Market Growth Rate (2025-33): 4.75% Vietnam lubricants market size reached USD 566.8 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 860.8 Million by 2033, exhibiting a growth rate (CAGR) of 4.75% during 2025-2033. The rising emphasis on maintenance and machinery longevity, increasing awareness among businesses and consumers about the importance of regular maintenance and lubrication, rapid industrialization, expanding automotive sector represent and technological advancements in lubricant formulations some of the key factors driving the market. For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/vietnam-lubricants-market/requestsample Vietnam Lubricants Market Trends and Drivers: The Vietnam lubricants market is undergoing a dramatic transformation, and its rapid rate of economic growth and industrialization offer a very promising long-term demand for advanced industrial lubricants. Not only has quantity increased, but quality too, due to the more complex machinery used to manufacture them and harsher requirements of newer industries. Examples include the construction of new large factory plants, high technology semiconductor plants, electronics factories or industrial parks for the automotive and machine industries. Newer industrial products and processes require lubricants with better thermal stability, extreme pressure (EP) properties and longer drain intervals to minimize equipment down-time, reduce maintenance costs and protect the capital investments in equipment. This is also driving synthesis of high value synthetic and semi-synthetic industrial lubricants including ultra-stable hydraulic fluids with extended service life, food-grade lubricants for processing operations and specialty greases for precision engineered machinery. Refiners and blenders are moving up the value chain from commodity mineral oils to specialty application specific fluids and providing advanced technical services and fluid management services to secure contracts with more demanding industrial customers. The Vietnamese market for automotive lubricants is changing, with increasing demand for high-value consumer engine oils driven by a growing middle-class with increased disposable income, investment in infrastructure by the government, and modern ICE engines that are more power-dense and utilize higher levels of turbocharging, gasoline direct injection and start-stop functionality, all of which place greater demands on engine oils. They must therefore be low viscosity, fully synthetic engine oils that meet the latest American Petroleum Institute (API) SP and International Lubricants Standardization and Approval Committee (ILSAC) GF-6 international automotive engine oil standards and have been formulated to prevent low-speed pre-ignition (LSPI) while improving fuel economy and engine life. Together with the ambitious vehicle electrification proposals from the government, which are still in their infancy, this is starting to create demand for more specialist fluids for xEVs, and an expectation that lubricant companies must reformulate their PCMO products, persuade consumers to change their buying habits and change their long-standing habit of using mineral oil, and ultimately educate a very large system of workshops and mechanics about the importance of using the right high-performance lubricants to protect modern vehicles. Stricter environmental regulations and a shift in corporate strategy towards sustainability are the most important irreversible drivers of the future lubricants market in Vietnam, as they are worldwide. Policymakers are targeting emissions, waste and the circular economy, which affects the formulation, design, use, and recycling of lubricants along their life cycle. Industrial users are increasingly required to adopt more environmentally friendly lubrication practices to minimize oil consumption and other hazardous waste, resulting in increasing consumption of long-life re-refined base oils and application of biodegradable base oils in sensitive applications such as in mining, agriculture, and marine environments. Multinationals and large native companies are increasingly adopting ESG policies within their business models, which in turn places pressure on their supply chains to provide sustainable lubricant options. This has resulted in lubricant manufacturers investing in bio-based hydraulic fluids, Environmentally Acceptable Lubricants (EALs) and used oil recycling technologies. Regulation has shifted from a cost issue to an opportunity. It is no longer an option but rather a prerequisite to gain access to the market. Therefore, lube producers must remap the product's development, marketing, and value chain according to a more sustainable circular economy approach. Vietnam Lubricants Market Industry Segmentation: Product Type Insights:
End User Insights:
Regional Insights:
Competitive Landscape: The competitive landscape of the industry has also been examined along with the profiles of the key players. Request Customization: https://www.imarcgroup.com/request?type=report&id=13481&flag=E Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization. About Us: IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research. Contact Us: IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA Email: sales@imarcgroup.com Tel No:(D) +91 120 433 0800 United States: +1-201971-6302 | |