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
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
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