The market size of lubricants (except for textile and leather use) made of less than 70% petroleum oil in Vietnam reached approximately $46.151 million in 2023. Over the last decade, the market experienced fluctuations with significant growth in certain years, such as 2021 with a 15.42% increase, while 2020 saw a significant drop of 16.28%. The five-year compound annual growth rate (CAGR) indicates a modest growth trend at 0.84% annually from 2018 to 2023, demonstrating overall market resilience amid global economic disruptions.

Future trends to watch for include:

Increasing demand for eco-friendly and synthetic lubricants due to stricter environmental regulations and increased awareness among consumers.
Technological advancements in lubrication products enhancing efficiency and performance.
Potential market expansion driven by growth in key sectors such as manufacturing and automotive industries in Vietnam.