South Korea Automotive Engine Oils Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 201.38 Million Liters |
| Market Volume (2026) | 213.15 Million Liters |
| CAGR (2024 - 2026) | 2.88 % |
| Market Concentration | High |
South Korea Automotive Engine Oils Market Analysis
The South Korea Automotive Engine Oils Market size is estimated at 201.38 Million Liters in 2024, and is expected to reach 213.15 Million Liters by 2026, growing at a CAGR of 2.88% during the forecast period (2024-2026).
- Largest Segment by Vehicle Type - Passenger Vehicles : The passenger vehicle market is the largest market for automotive lubricants in South Korea due to the large active passenger vehicle parc, sales volumes, and usage activity.
- Fastest Segment by Vehicle Type - Motorcycles : The recovery of motorcycle usage and sales in South Korea from 2021 is likely to be at a faster rate, which is expected to boost the consumption of engine oils in the country.
South Korea Automotive Engine Oils Market Trends
This section covers the major market trends shaping the South Korea Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : Passenger Vehicles
- In South Korea, engine oils accounted for about 70% of automotive lubricants in 2020. During 2015-2019, engine oil consumption in the country recorded a negative CAGR of 0.94%. The annual mileage and production output decline during 2019 notably affected engine oils consumption in the commercial vehicles (CVs) segment.
- In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 7.1% dip in engine oil consumption. The CV segment recorded the largest decline of 10.26% in engine oil consumption during the year.
- During 2021-2026, the motorcycles segment is expected to register the highest growth of about 5.76% in engine oil consumption. The growth is likely to be driven by increasing sales of used and new motorcycles in the country.
South Korea Automotive Engine Oils Industry Overview
The South Korea Automotive Engine Oils Market is fairly consolidated, with the top five companies occupying 68.50%. The major players in this market are ExxonMobil Corporation, GS Caltex, Hyundai Oilbank, S-Oil Corporation and SK Lubricants Co. Ltd (sorted alphabetically).
South Korea Automotive Engine Oils Market Leaders
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ExxonMobil Corporation
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GS Caltex
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Hyundai Oilbank
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S-Oil Corporation
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SK Lubricants Co. Ltd
*Disclaimer: Major Players sorted in no particular order
South Korea Automotive Engine Oils Market News
- January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
- November 2021: S-OIL introduced SEVEN electric vehicle lubricants in South Korea.
- October 2021: Valvoline and Cummins extended their long-standing marketing and technology collaboration agreement for another five years. Cummins will endorse and promote Valvoline's Premium Blue engine oil for its heavy-duty diesel engines and generators and will distribute Valvoline products through its global distribution networks.
South Korea Automotive Engine Oils Market Report - Table of Contents
1. Executive Summary & Key Findings
2. Introduction
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study
2.3 Research Methodology
3. Key Industry Trends
3.1 Automotive Industry Trends
3.2 Regulatory Framework
3.3 Value Chain & Distribution Channel Analysis
4. Market Segmentation
4.1 By Vehicle Type
4.1.1 Commercial Vehicles
4.1.2 Motorcycles
4.1.3 Passenger Vehicles
4.2 By Product Grade
5. Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 BP PLC (Castrol)
5.3.2 ExxonMobil Corporation
5.3.3 GS Caltex
5.3.4 Hyundai Oilbank
5.3.5 Motul
5.3.6 Ravensberger Schmierstoffvertrieb GmbH
5.3.7 Royal Dutch Shell Plc
5.3.8 S-Oil Corporation
5.3.9 SK Lubricants Co. Ltd
5.3.10 Valvoline Inc.
6. Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
South Korea Automotive Engine Oils Industry Segmentation
| By Vehicle Type | |
| Commercial Vehicles | |
| Motorcycles | |
| Passenger Vehicles |
South Korea Automotive Engine Oils Market Research FAQs
How big is the South Korea Automotive Engine Oils Market?
The South Korea Automotive Engine Oils Market size is expected to reach 201.38 million Liters in 2024 and grow at a CAGR of 2.88% to reach 213.15 million Liters by 2026.
What is the current South Korea Automotive Engine Oils Market size?
In 2024, the South Korea Automotive Engine Oils Market size is expected to reach 201.38 million Liters.
Who are the key players in South Korea Automotive Engine Oils Market?
ExxonMobil Corporation, GS Caltex, Hyundai Oilbank, S-Oil Corporation and SK Lubricants Co. Ltd are the major companies operating in the South Korea Automotive Engine Oils Market.
Which segment has the biggest share in the South Korea Automotive Engine Oils Market?
In the South Korea Automotive Engine Oils Market, the Passenger Vehicles segment accounts for the largest share by vehicle type.
Which is the fastest growing segment in the South Korea Automotive Engine Oils Market?
In 2024, the Motorcycles segment accounts for the fastest growing by vehicle type in the South Korea Automotive Engine Oils Market.
What years does this South Korea Automotive Engine Oils Market cover, and what was the market size in 2023?
In 2023, the South Korea Automotive Engine Oils Market size was estimated at 196.25 million Liters. The report covers the South Korea Automotive Engine Oils Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Automotive Engine Oils Market size for years: 2024, 2025 and 2026.
South Korea Automotive Engine Oils Industry Report
Statistics for the 2024 South Korea Automotive Engine Oils market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Automotive Engine Oils analysis includes a market forecast outlook 202 and historical overview. Get a sample of this industry analysis as a free report PDF download.
