JX Nippon Oil bullish on Thailand’s lubricant market potential
JX Nippon Oil & Energy Thailand expects to double its lubricant sales to 600,000 litres next year due to higher local demand, according to Sales Manager Suwit Trunggitvilas.
Suwit said he is forecasting Thailand’s lubricant market to grow by 5% this year to 600 million litres. About 60% of Thailand’s lubricant market is comprised of the automotive segment as Thailand is a major automotive manufacturing hub in Southeast Asia. The remaining 40% is comprised of the industrial and agricultural segments.
PTT Plc, Thailand’s state-owned oil company, has the largest market share with 20%, followed by Shell Thailand with 18%.
“Although Thailand’s automotive market is quite tough with competition from many local and overseas brands, we’re set to grow strongly this year,” Suwit said. “The company targets at least 20% growth a year between 2017 and 2021.”
JX Nippon Oil & Energy Thailand is the local arm of Japan’s largest oil company, JX Nippon Oil. Its lubricants products are sold under the brand name Eneos. Around 80% of its lubricant products in Thailand are made locally; the remaining 20% is imported.