The Thailand Lubricants Market is expected to generate THB ~8.4 Bn Revenue in 2026F, owing to the rising demand for lubricants and developing infrastructure in the country: Ken Research

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Feb 20, 2023, 03:10 ET

GURUGRAM, India, Feb. 20, 2023 /PRNewswire/ -- The Thailand Lubricants market is expanding as a result of the up-scaling manufacturing industry, developing infrastructure, and development in the palm oil industry. The Thailand Lubricants market is a concentrated market with PTT Oil and Retail & The Shell Company of Thailand Limited having a major share in the market. All other players such as Chevron, Idemitsu, BP-Castrol, Eneos, Siam-Pan Group and more are niche players focusing on a small segment in the market.

Passenger Vehicle lubricants have second major share in the market as they are lower in viscosity than diesel engine oils as they required for providing swift response.
Thailand's auto-related businesses, which employ significant number are reopening after months of coronavirus shutdowns. Thailand's shift toward electric vehicles (EVs) could pummel the local auto industry.
Thailand's central government is working to develop its palm oil industry, and the strategy includes promoting demand for bio-lubricants, -greases and -transformer oils, the National Palm Oil Policy Committee announced recently.

Benefits from Partnership: TotalEnergies, NEXUS Automotive Extend Strategic Partnership for a period of five years. As part of this partnership, TotalEnergies Lubricants will be expanding its presence in the burgeoning community, which has seen rapid growth in sales from 2015 to 2021. In 2022, PTT announced its partnership with Aramco to strengthen cooperation across crude oil sourcing and the marketing of refining and petrochemical products and liquefied natural gas (LNG) in Thailand.

Promotion if B10 Diesel: The government continues to promote the use of B10 diesel in a bid to support palm oil farmers and to prevent oil smuggling. Government has adopted a standard for B10 diesel – diesel containing 10% renewable ingredients. B10, a 10 percent biodiesel blend, is a standard fuel that the government says supports energy sustainability in Thailand.

Emergence of EVs: Emergence of Electric Vehicle in the country. Commercial EVs are expected to be launched in the Thai market by 2025. By 2036, the Thai government aims to have significant charging stations and electric vehicles nationwide. Introduction of Electric Vehicles and advanced machinery will increase the use of grease but plays a threat to existence of engine oil. There is still Low threat of Substitution.

Expanding Network: The expanding network of dealers and distributors has also been considered among the most preferred distribution channels to purchase automotive lubricants in the country. Majority of the automotive lubricants were consumed through Dealer network, where consumers can purchase the lubricants for their vehicles. Lubricant market players sell oils either through their online platforms or through an e-commerce player operating in Thailand. Hence the demand for online platforms have generated more sales in comparison to the Supermarts and Hypermarts channel.

The report titled "Thailand Lubricants Market Outlook to 2026:-Driven By Growth in demand for Bio-Lubricants and Major Share of Passenger Vehicle Lubricant in the Country" provides an exhaustive analysis of the Lubricant market in Thailand. The market is expected to expand over the period 2022-2026F in Thailand to fulfill the consumption requirements of both industrial and automotive sectors by processing mineral oils into semi-synthetic and synthetic oils. The market is expected to witness enhancing use of synthetic lubricants over the long term, due to the growing awareness of people to switch to better quality lube oils for long-term protection of the engines, still, mineral grade lubricants are expected to be preferred end user's choice. The Thailand Lubricants Market is expected to grow at 3.7% CAGR over the forecasted period 2021-2026F.

Key Segments Covered in the report:-

Thailand Lubricants Market

By Type, on the Basis of Sales Volume (Mn Lts)

Industrial Lubricant
Automotive Lubricant

By Grade, on the Basis of Sales Volume (Mn Lts)

Mineral
Semi-Syntenic
Synthetic

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Thailand Industrial Lubricants Market

By Type, on the Basis of Sales Volume (Mn Lts)

Hydraulic Fluid
Gear Oil
Grease
Metalworking Fluid
Others (Turbine Oil, Compressor Oil, etc.)

By End Use, on the Basis of Sales Volume (Mn Lts)

Construction and Mining
General Manufacturing
Metal Production
Power Generation
Food Processing
Others (Agriculture, Medical, etc.)

By Distribution Channel, on the Basis of Sales Volume (Mn Lts)

Dealer Network
Direct Sales

Thailand Automotive Lubricants Market:

By Type, on the Basis of Sales Volume (Mn Lts)

Heavy-Duty Diesel Engine Oil
Passenger Vehicle Motor Oil
Transmission Fluids
Hydraulic Oil
Greases
Others

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By End Use, on the Basis of Sales Volume (Mn Lts)

Commercial Vehicles
Passenger Cars
Motor Cycles
Marine
Others (Aviation, etc.)

By Distribution Channel, on the Basis of Sales Volume (Mn Lts)

Service stations/Local Workshops
OEMs
Supermarkets/ Hypermarkets
Online

Key Target Audience

Lubricants Manufacturers
Lubricants Distributors Refining Companies
Construction and Mining Industry
General Manufacturing Industry
Metal Production Industry Base-oil Companies
Additive Companies
Metal Production Industry
Power Generation Industry
Food Processing Industry
Agriculture Industry
Medical Industry
Automotive OEMs
Automotive Dealerships
Government Agencies
Consulting and Advisory Firms

Time Period Captured in the Report:-

Historical Year: 2016-2021
Base Year: 2021
Forecast Period: 2021– 2026F

Companies Covered:-

PTT Oil and Retail
The Shell Company of Thailand
Bangchak Corporation
BP-Castrol (Thailand)
Esso (Thailand)
Idemitsu Lubricants (Thailand)
Siam Pan Group
Chevron Thailand
Thai Petroleum &Trading
Valvoline

Key Topics Covered in the Report:-

Thailand Lubricants Market Overview
Ecosystem of Lubricants Market
Business Cycle, Value Chain and Genesis of Thailand Lubricants Market Overview
SWOT Analysis for Thailand Lubricants Market
Porter's Five Forces Analysis Thailand Lubricants Market
Growth Drivers in Thailand Lubricants Market
Bottlenecks and Challenges in Thailand Lubricants Market
Trends and Developments in Thailand Lubricants Market
Government Regulations
End User Analysis of Thailand Lubricants Market
Covid-19 Impact on Thailand Lubricants Market
Competitive Landscape in Thailand Lubricants Market
Detailed Analysis of Thailand Lubricants Market (Market Size and Segmentation, 2016-2022; Future Market Size and Segmentation, 2022-2026F)
Market Opportunity and Analyst Recommendations

For more insights on the market intelligence, refer to below link:-

Thailand Lubricant Market

Related Reports By Ken Research:-

Oman Lubricants Market Outlook to 2027F- By Type of automotive lubricant (Heavy duty diesel engine oil/ Motorcycle oil/ Passenger vehicle motor oil/ Grease); By Type of Industrial Lubricant (Process oil/ Hydraulic oil/ Gear oil/ Grease);By End users and Distribution Channels

According to Ken Research estimates, the Oman 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. 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. Upstream sector has dominated the Oman oil and gas market in recent years and is expected to continue to do so during the forecast period too.

Kuwait Lubricant Market Outlook to 2027F- Segmented by Origin (Mineral, Synthetic & Semi-Synthetic), By Lubricant Type (Automotive & Industrial), By Automotive Lubricants (By Product Type, By End-Users & By Distribution Channels) and By Industrial Lubricants

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.

Kenya Lubricants Market Outlook to 2027F- Segmented by Origin (Mineral, Synthetic & Semi-Synthetic), By Lubricant Type (Automotive & Industrial), By Automotive Lubricants (By Product Type, By End-Users & By Distribution Channels) and By Industrial Lubricants

According to Ken Research estimates, the Kenya Lubricants Market 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 new car sales in the country and increasing demand from industrial and construction segments. Consumption of electricity over the past few years has been gradually increasing due to the growth of various industries in Kenya in recent times. Continuous investment in research & development and marketing activities by the lubricant manufacturers is positively impacting the industry's growth.

Philippines Lubricants Market Outlook to 2026F- Driven by Growth in Crude Oil Import and Rising Sales of Commercial Vehicles in the Country

According to Ken Research estimates, the Philippines Lubricants market is growing at a steady rate with a CAGR at 9.4% 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 Philippines. Up-scaling Manufacturing Industry, Escalating Construction, Automotive and Marine Industries are major growth drivers for Philippines Lubricants Market. Bio-lubricants and lubricants with reduced fuel consumption are the major trends among end users in Philippines Lubricants Market.

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SOURCE Ken Research