1. Commercial Vehicles accumulated for a significant demand as a major Lubricant end user industry in Philippines in 2021
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In 2021, the total volume of motorcycles and scooters sold in the Philippines reached ~1.4 Mn units reflecting an increase in sales in comparison to total sales volume of ~1.21 Mn in 2020. Moreover, an increase in the sales of commercial vehicles in the country has largely contributed to the growth in overall lubricant consumption.
In addition to this, passenger vehicles have been the second largest consumers of lubricants in the Philippines 2021. The sales of passenger vehicles in the country registered significant growth. Furthermore, the presence of other vehicles in the Philippines are comparatively much more than the aircrafts and railways operating and visiting the country. Thus, these segments have a limited demand for lubricants.
2. The Philippines Lubricants Market generated high revenue in 2021 owing to the country’s high oil imports
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The boosting economy of the Philippines has been supported by the growth of revenues generated by the manufacturers offering lubricant oils to various customers across automotive and industrial sectors.
At present, the Philippines Lubricant Market is at growth stage with establishment of many national and international companies such as Phoenix, Shell, Chevron and more. It is highly dependent on crude oil import from other nations. Surprisingly crude oil prices continued to soar in May 2022 amid supply concerns and the prolonged Russia-Ukraine war.
3. Online Channel sales by companies are expected to attributed majority of share out of the total sales for automotive lubricants followed by Dealer Network in 2026F
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The global pandemic has led consumers to migrate from in-store purchasing to online which includes online purchase of industrial as well as automotive lubricants from online platforms hence online channel are expected to have comparatively more market share than dealers and distributors.
Dealers Network are expected to expand their business via online and in-shop channels to offer both local and branded lubricants in distinguished quantities demanded by the customers.
