In Vietnam, the per capita market value of lubricants, excluding those used for textiles and leather, without petroleum oil, was $1.24 in 2023. Observing trends from 2013 to 2023, a dip in 2014 and 2020 was noted, although the overall trajectory points towards steady growth. The market experienced a year-on-year increase of 9.0% from 2022 to 2023. The compound annual growth rate over the last five years stands at 2.18%, signifying stable expansion.
Looking ahead, factors such as industrial development, environmental regulation, and innovation in lubricant technology could propel further growth. Monitoring sustainability and eco-friendly lubricant alternatives will be crucial.
