Lubricant sales in Thailand are expected to recover to pre-Covid levels, said an official from the Department of Energy Business in Thailand.
Thailand was the second country to report a case of COVID-19 in early 2020. After initially being able to contain the spread of the disease, subsequent waves ravaged public health. The resulting loss of life, jobs, businesses and income battered the economy, including lubricants.
Before Covid, engine oil sales were around 300 million liters per year in 2018-2019. In 2022, sales gradually increased and climbed back to 280 million L/y, an increase of 12% compared with 2020.
“For this year, we expected an increase of sales back to 300 million liters again,” Director General Sarawut Kaewtathip saidat the ICIS Asian Base Oils and Lubricants Conference in Singapore last month.
Diesel engine oil accounted for 61% of sales, followed by gasoline engine oil at 31% and gasoline-diesel engine oils at 8% in 2022. In terms of oil standards, American Petroleum Institute accounts for the majority of sales at 85%. This is followed by European Automobile Manufacturers Association oils at about 8% and Japan Automobile Standards Organization oils about 6%. Original equipment manufacturer standards from BMW, Volvo and Mercedes Benz accounted for 1%.
Thailand’s total lubricants market size is estimated at 794.24 million litres in 2024, according to market research company GII.