The Vietnamese market for lubricants for textile and leather use, excluding petroleum oil, stood at 44.324 million US dollars in 2023. The market experienced fluctuations, with a notable dip in 2020. However, post-2020 recovery was marked by a 15.18% growth in 2021 and sustained growth through 2023, albeit at a slower pace of 0.6%. The five-year CAGR showed a modest 0.63% growth, indicating the sector is stable but not booming.
Future trends to watch for include technological innovations improving product efficiency, the shift towards environmentally friendly formulations, and increased use in high-demand industry verticals. These could drive growth beyond traditional levels.
