South Korea Commercial Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 105.72 Million Liters |
| Market Volume (2026) | 109.74 Million Liters |
| CAGR (2024 - 2026) | 1.88 % |
| Market Concentration | High |
South Korea Commercial Vehicles Lubricants Market Analysis
The South Korea Commercial Vehicles Lubricants Market size is estimated at 105.72 Million Liters in 2024, and is expected to reach 109.74 Million Liters by 2026, growing at a CAGR of 1.88% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals. It is used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Hydraulic Fluids : The expected recovery of commercial vehicle sales and production in South Korea from 2021 is expected to drive the demand for hydraulic fluids during the forecast period.
South Korea Commercial Vehicles Lubricants Market Trends
This section covers the major market trends shaping the South Korea Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : Engine Oils
- In South Korea, commercial vehicles formed the second largest segment and accounted for about 38.4% of lubricant consumption. During 2015-2019, lubricant consumption declined at a CAGR of 2.58% in the commercial vehicle segment due to an increase in the use of synthetic oils for extending service intervals.
- In 2020, commercial vehicle lubricant consumption declined by 11.5% as the COVID-19 pandemic affected sales. The engine oil segment accounted for a 69% share in CV lubricant consumption, followed by hydraulic fluids (11.1%) and greases (10.6%). The majority dip of 13.54% was observed in the hydraulic fluids consumption from the CV segment during the year.
- Over 2021-2026, the hydraulic fluids segment is likely to be the fastest-growing segment, recording a CAGR of 4.02%. This growth is likely to be driven by the rise in service requirements due to lower synthetic lubricant penetration in the CV segment.
South Korea Commercial Vehicles Lubricants Industry Overview
The South Korea Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 68.90%. 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 Commercial Vehicles Lubricants 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 Commercial Vehicles Lubricants 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 Commercial Vehicles Lubricants 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 Product Type
4.1.1 Engine Oils
4.1.2 Greases
4.1.3 Hydraulic Fluids
4.1.4 Transmission & Gear Oils
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 Exolube
5.3.3 ExxonMobil Corporation
5.3.4 FUCHS
5.3.5 GS Caltex
5.3.6 Hyundai Oilbank
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 Commercial Vehicles Lubricants Industry Segmentation
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
South Korea Commercial Vehicles Lubricants Market Research FAQs
How big is the South Korea Commercial Vehicles Lubricants Market?
The South Korea Commercial Vehicles Lubricants Market size is expected to reach 105.72 million Liters in 2024 and grow at a CAGR of 1.88% to reach 109.74 million Liters by 2026.
What is the current South Korea Commercial Vehicles Lubricants Market size?
In 2024, the South Korea Commercial Vehicles Lubricants Market size is expected to reach 105.72 million Liters.
Who are the key players in South Korea Commercial Vehicles Lubricants Market?
ExxonMobil Corporation, GS Caltex, Hyundai Oilbank, S-Oil Corporation and SK Lubricants Co. Ltd are the major companies operating in the South Korea Commercial Vehicles Lubricants Market.
Which segment has the biggest share in the South Korea Commercial Vehicles Lubricants Market?
In the South Korea Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which is the fastest growing segment in the South Korea Commercial Vehicles Lubricants Market?
In 2024, the Hydraulic Fluids segment accounts for the fastest growing by product type in the South Korea Commercial Vehicles Lubricants Market.
What years does this South Korea Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the South Korea Commercial Vehicles Lubricants Market size was estimated at 104.24 million Liters. The report covers the South Korea Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
South Korea Commercial Vehicles Lubricants Industry Report
Statistics for the 2024 South Korea Commercial Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Commercial Vehicles Lubricants analysis includes a market forecast outlook to 2026 and historical overview. Get a sample of this industry analysis as a free report PDF download.
