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· PTT boosts market share and sales volume despite fall in Thailand’s total demand
· Shell’s market share falls, while PSP’s edges higher, even as both suppliers saw sales volumes decline
· Thailand’s stagnating lubricants market pushes blenders to target other regional growth markets
PTT Oil and Retail (PTT) remained Thailand’s largest lubricants supplier in 2025 for a third straight year, widening its lead in a contracting market.
PTT increased both its sales volume and market share even as Thailand’s total lubricants consumption of 456,000 kilolitres (404,000 tonnes) dipped by 2.6% year on year and for the second time in three years.
Key Highlights
· PTT’s market share climbed to 32% in 2025, up from just over 30% in 2024, as its lubricants sales volume edged 0.3% higher.
· Shell Company of Thailand’s market share fell below 26%, down from 28% in 2024 and 30% in 2023, afters its lubricants sales volumes dipped by 13% in 2025.
· PSP Specialties, Thailand’s largest independent lubricants manufacturer, saw its market share edge above 21%, from just below that level in 2024, even as sales volume slipped by 2%.
· Thailand’s lube demand weakness in 2025 was driven by a continued contraction in heavy-duty engine oil consumption (HDEO), which fell by 5% and for a fourth straight year.
· The slowdown outpaced a 0.7% decline in sales of passenger car motor oils and 2% drop in consumption of other lubricants.
· The country’s total lubricants consumption remained in a narrow range over the past five years, with 2025 demand broadly in line with 2021 levels.
Market Repercussions
The absence of meaningful market growth intensified competition, forcing blenders to focus on market share gains as a key driver of growth.
The dynamic boosted the incentive for blenders to target regional expansion, focusing on markets where lubricants consumption is growing more strongly.
