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Philippines Automotive Lubricants Market

Philippines Automotive Lubricants Market

Philippines Automotive Lubricants Market, By Base Oil (Synthetic Lubricants, Semisynthetic Lubricants, Bio-based Lubricants, Mineral Oil Lubricants); By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles); By Application (Engine Oil, Gear & Brake Oil, Transmission Fluids, Greases), Trend Analysis, Competitive Landscape & Forecast, 2019–2030

  • Published Date: August 2024
  • Report ID: BWC24586
  • Available Format: PDF
  • Page: 200

Report Overview

The growing vehicle population, urbanization and increasing car usage, and shifting consumer preference for high-performance lubricants are expected to drive Philippines Automotive Lubricants Market during the forecast period between 2024 and 2030

Philippines Automotive Lubricants Market – Industry Trends & Forecast Report, 2030

Philippines Automotive Lubricants Market size was estimated at USD 1.7 million in 2023. During the forecast period between 2024 and 2030, Philippines Automotive Lubricants Market size is projected to grow at a CAGR of 50.9% reaching a value of USD 20.5 million by 2030. Prominent drivers of the market include the rising vehicle production, a shift in customer preference towards synthetic lubricants, and growing demand for high-performance lubricants. Synthetic lubricants offer superior performance under tough conditions, longer lifespan, and enhanced engine protection compared to traditional mineral oils, making them a preferred option. The adoption of bio-based lubricants is increasing due to their eco-friendly characteristics. These lubricants are biodegradable and non-toxic, providing performance on par with or even surpassing synthetic and mineral alternatives. Also, manufacturers in the Philippines are investing in research and development to enhance lubricant effectiveness. The focus is on developing advanced additives that improve properties such as thermal stability, wear protection, and viscosity index. Hence, such trends are expected to boost the expansion of automotive lubricants market in Philippines during the period in analysis.

Philippines Automotive Lubricants Market

Automotive Lubricants – Overview

Automotive lubricants are specialized fluids used to reduce friction, wear, and heat in the moving parts of vehicles, ensuring smooth and efficient operation. They include engine oils, transmission fluids, gear oils, and greases. These lubricants help in protecting the engine and other components from damage, improving fuel efficiency, and extending the lifespan of the vehicle. They can be derived from mineral oils, synthetic materials, or bio-based sources, each offering distinct performance characteristics to meet specific automotive needs.

Philippines Automotive Lubricants Market

Growth Drivers

Shifting Consumer Preference for High Performance Lubricants

Philippines Automotive Lubricants Market is witnessing a notable shift towards high-performance lubricants, fueled by technological advancements and growing consumer awareness. Synthetic lubricants, which offer superior engine protection, extended lifespan, and enhanced performance under extreme conditions, are increasingly preferred over traditional mineral oils. Leading companies such as Pertamina and PTT are at the forefront of this transition, leveraging digital strategies to optimize operations and elevate customer experiences. Innovations like PTT's Lube Solution and Fit Auto demonstrate how technology can streamline sales processes and facilitate data-driven decision-making. Additionally, the focus on sustainability is driving the development of eco-friendly synthetic lubricants. The evolving preference for high-quality lubricants is poised to drive market growth, meeting consumer demands for improved vehicle performance and environmental benefits.

Challenges

High Fuel Prices

High fuel prices are significantly impeding the growth of the Philippines Automotive Lubricants Market. Elevated fuel costs, influenced by factors such as OPEC+ production cuts and geopolitical tensions, lead to decreased vehicle usage as consumers and businesses seek to cut expenses. This reduced driving activity lowers the demand for automotive lubricants, constraining market growth despite rising preferences for high-performance and synthetic lubricants. As of March 2024, diesel prices in the Philippines were at PHP 60.34 per liter, up from previous months.

Impact of Escalating Geopolitical Tensions on Philippines Automotive Lubricants Market

Escalating geopolitical tensions among countries and spreading across regions could have a significant impact on the growth of Philippines Automotive Lubricants Market. Rising global oil prices, driven by conflicts such as those involving Russia and Ukraine, contribute to higher costs for base oils and lubricants. This escalation leads to increased prices for automotive lubricants in the Philippines, potentially dampening consumer spending and reducing vehicle usage. As a result, the market faces challenges in sustaining growth amidst these geopolitical uncertainties and fluctuating energy costs, affecting both supply and demand dynamics within the industry.

Philippines Automotive Lubricants Market

Segmental Coverage

Philippines Automotive Lubricants Market – By Base Oil

On the basis of base oil, Philippines Automotive Lubricants Market is divided into Synthetic Lubricants, Semisynthetic Lubricants, Bio-based Lubricants, and Mineral Oil Lubricants segments. The synthetic lubricants segment holds the highest share in Philippines Automotive Lubricants Market by base oil, driven by their exceptional performance and alignment with industry trends. Their advanced formulations offer superior thermal stability, reduced friction, and enhanced oxidation resistance compared to traditional mineral-based oils, leading to improved engine efficiency and extended equipment life. Technological advancements in synthetic lubricants, including innovations in base oils and additives, meet the stringent demands of modern engines such as turbocharged and start-stop systems. Additionally, the growing emphasis on sustainability and regulatory compliance has bolstered the adoption of synthetic lubricants, as they support environmental goals by reducing energy consumption and emissions. The expanding automotive industry in the Philippines further fuels this trend, as synthetic lubricants cater to advanced engine designs and contribute to fuel efficiency. Consequently, synthetic lubricants have become the preferred choice, maintaining a dominant position in the market.

Philippines Automotive Lubricants Market Size

Philippines Automotive Lubricants Market – By Vehicle Type

Based on vehicle type, Philippines Automotive Lubricants Market is divided into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles segments. The passenger cars segment holds the highest share in Philippines Automotive Lubricants Market by vehicle type. Passenger cars rely on lubricants, such as engine oil and transmission fluid, to ensure smooth and efficient operation. These lubricants reduce friction between moving parts, dissipate heat, and prevent wear and tear, thus extending the vehicle's lifespan and maintaining optimal performance. Regular oil changes are essential for sustaining fuel efficiency and meeting emission standards. Additionally, lubricants help lower harmful emissions by improving engine efficiency, which supports environmental and regulatory objectives. The rising global demand for passenger cars further drives market growth for lubricants, reflecting their critical role in modern automotive maintenance.

Philippines Automotive Lubricants Market Demand

Philippines Automotive Lubricants Market – By Applications

Based on applications, Philippines Automotive Lubricants Market is divided into Engine Oil, Gear and Brake Oil, Transmission Fluids, and Greases segments. The engine oil segment holds the highest share in Philippines Automotive Lubricants Market by application. Engine oil plays a crucial role in maintaining engine performance and longevity through several key functions. It provides essential lubrication, which reduces friction and wear between moving parts, thereby enhancing the engine's efficiency and lifespan. Engine oil also aids in cooling by dissipating heat generated from combustion and friction, complements the coolant system, and supports overall engine temperature regulation. Also, engine oil performs cleaning functions by suspending and removing microscopic deposits and contaminants, protecting against corrosion caused by combustion acids, and ensuring proper sealing of pistons and cylinders. These functions contribute to smoother engine operation, reduced maintenance costs, and improved fuel efficiency.

Competitive Landscape

Major players operating in Philippines Automotive Lubricants Market include Petron Corporation, Pilipinas Shell Petroleum Corporation, Caltex, BP Plc, Phoenix Petroleum Philippines, Inc, PTT Lubricants, TotalEnergies, and Unioil Petroleum Philippines Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2030

Base Year – 2023

Estimated Year – 2024

Forecast Period – 2024–2030

Facts Covered

Revenue in USD Million

Market Coverage

Philippines

Product/ Service Segmentation

Base Oil, Vehicle Type, Application

Key Players

Petron Corporation, Pilipinas Shell Petroleum Corporation, Caltex, BP Plc, Phoenix Petroleum Philippines, Inc, PTT Lubricants, TotalEnergies, Unioil Petroleum Philippines Inc

 

By Base Oil

  • Synthetic Lubricants

  • Semisynthetic Lubricants

  • Bio-based Lubricants

  • Mineral Oil Lubricants

By Vehicle Type

  • Passenger Cars

  • Light Commercial Vehicles

  • Heavy Commercial Vehicles

By Application

  • Engine Oil

  • Gear & Brake Oil

  • Transmission Fluids

  • Greases

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Philippines Automotive Lubricants Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing vehicle population
        2. Urbanization and increasing car usage
        3. Shifting Consumer Preference for High-Performance Lubricants
      2. Restraints
        1. High fuel prices
        2. Consumer price sensitivity
      3. Opportunities
        1. Expanding commercial vehicle segment
        2. Growing demand for synthetic lubricants
      4. Challenges
        1. Economic volatility
        2. Competition from counterfeit products
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Philippines Automotive Lubricants Market: Marketing Strategies
  5. Philippines Automotive Lubricants Market: Pricing Analysis
  6. Philippines Automotive Lubricants Market Overview
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Base Oil
        1. Synthetic Lubricants
        2. Semisynthetic Lubricants
        3. Bio-based Lubricants
        4. Mineral Oil Lubricants
      2. By Vehicle Type
        1. Passenger Cars
        2. Light Commercial Vehicles
        3. Heavy Commercial Vehicles
        4. Others
      3. By Application
        1. Engine Oil
        2. Gear & Brake Oil
        3. Transmission Fluids
        4. Greases
        5. Others
  7. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Philippines Automotive Lubricants Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  8. Impact of Escalating Geopolitical Tensions on Philippines Automotive Lubricants Market
  9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Petron Corporation
    2. Pilipinas Shell Petroleum Corporation
    3. Caltex
    4. BP Plc
    5. Phoenix Petroleum Philippines, Inc
    6. PTT Lubricants
    7. TotalEnergies
    8. Unioil Petroleum Philippines Inc
    9. Other Prominent Players
  10. Key Strategic Recommendations
  11. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

 

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures

 

Figure 1 Philippines Automotive Lubricants Segmentation

Figure 2 Philippines Automotive Lubricants Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2023

Figure 4 Philippines Automotive Lubricants Market Size, By Value (USD Million), 2019–2030

Figure 5 Philippines Automotive Lubricants Market Share, By Base Oil, By Value, 2019–2030

Figure 6 Philippines Automotive Lubricants Market Share, By Vehicle Type, By Value, 2019–2030

Figure 7 Philippines Automotive Lubricants Market Share, By Application, By Value, 2019–2030

 

List of Tables

 

Table 1 Philippines Automotive Lubricants Market Size, By Value (USD Million), 2019–2030

Table 2 Philippines Automotive Lubricants Market Share, By Base Oil, By Value, 2019–2030

Table 3 Philippines Automotive Lubricants Market Share, By Vehicle Type, By Value, 2019–2030

Table 4 Philippines Automotive Lubricants Market Share, By Application, By Value, 2019–2030

Table 5        Petron Corporation Company Overview

Table 6        Petron Corporation Financial Overview

Table 7        Pilipinas Shell Petroleum Corporation Company Overview

Table 8        Pilipinas Shell Petroleum Corporation Financial Overview

Table 9        Caltex Company Overview

Table 10      Caltex Financial Overview

Table 11      BP Plc Company Overview

Table 12      BP Plc Financial Overview

Table 13      Phoenix Petroleum Philippines, Inc Company Overview

Table 14      Phoenix Petroleum Philippines, Inc Financial Overview

Table 15      PTT Lubricants Company Overview

Table 16      PTT Lubricants Financial Overview

Table 17      TotalEnergies Company Overview

Table 18      TotalEnergies Financial Overview

Table 19      Unioil Petroleum Philippines Inc Company Overview

Table 20      Unioil Petroleum Philippines Inc Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

Ans: Philippines Automotive Lubricants Market size by value was estimated at USD 1.7 million in 2023.
Ans: Philippines Automotive Lubricants Market is expected to grow at CAGR of 50.9% period between 2024 and 2030.
Ans: By 2030, Philippines Automotive Lubricants Market size is forecast to reach a value of USD 20.5 million.
Ans: The growth of Philippines Automotive Lubricants Market is primarily driven by the growing vehicle population, urbanization and increasing car usage, and shifting consumer preference for high-performance lubricants.
Ans: The synthetic lubricants segment is expected to grow at the fastest CAGR in Philippines Automotive Lubricants Market during the forecast period between 2024 and 2030.
Ans: Key players in Philippines Automotive Lubricants Market include Petron Corporation, Pilipinas Shell Petroleum Corporation, Caltex, BP Plc, Phoenix Petroleum Philippines, Inc, PTT Lubricants, TotalEnergies, and Unioil Petroleum Philippines Inc.
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