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South Korea Lubricant Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2026

The report covers South Korea Lubricants Companies and the market is segmented by End User (Automotive, Heavy Equipment, Metallurgy & Metalworking, Power Generation) and by Product Type (Engine Oils, Greases, Hydraulic Fluids, Metalworking Fluids, Transmission & Gear Oils)

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South Korea Lubricants Market Size

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South Korea Lubricants Market
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svg icon Study Period 2015 - 2026
svg icon Market Volume (2024) 831.87 Million Liters
svg icon Market Volume (2026) 883.83 Million Liters
svg icon Largest Share by End User Automotive
svg icon CAGR (2024 - 2026) 3.08 %
svg icon Fastest Growing by End User Power Generation
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

Compare market size and growth of South Korea Lubricants Market with other markets in Chemicals & Materials Industry

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South Korea Lubricants Market Analysis

The South Korea Lubricants Market size is estimated at 831.87 Million Liters in 2024, and is expected to reach 883.83 Million Liters by 2026, growing at a CAGR of 3.08% during the forecast period (2024-2026).

  • Largest Segment by End-user Industry - Automotive : Automotive was the largest end-use segment in South Korea owing to the higher amount of engine oil & gear oil used in vehicles compared to industrial applications.
  • Fastest Segment by End-user Industry - Power Generation : Power generation is the fastest-growing end user of lubricants in South Korea, owing to the rising usage of natural gas reactors and wind turbines for energy generation.
  • Largest Segment by Product Type - Engine Oils : Engine oil is the most consumed product type in South Korea owing to the high volume of engine oil and high replacement frequency required to lubricate conventional engines.
  • Fastest Segment by Product Type - Transmission & Gear Oils : As the usage of automated cars and electric vehicles grows in South Korea, transmission and gear oils are predicted to rise at a quicker rate than any other product type.

South Korea Lubricants Market Trends

This section covers the major market trends shaping the South Korea Lubricants Market according to our research experts:

Largest Segment By End User : Automotive

  • In 2020, the automotive industry dominated the South Korean lubricant market, followed by the industrial manufacturing industry. During 2015-2019, lubricant consumption in the automotive industry decreased by 4.34% due to the high penetration of synthetic lubricants with extended drain intervals.
  • In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The automotive industry observed the major impact, which recorded an 8.67% dip during the year, followed by heavy equipment (6.94%).
  • Power generation is likely to be the fastest-growing end-user industry of the South Korean lubricants market during 2021-2026, with a CAGR of 5.76%, followed by automotive (2.84%). The country's increasing power generation capacity (especially renewable sources) will likely drive lubricant consumption in the power generation industry.
South Korea Lubricants Market

South Korea Lubricants Industry Overview

The South Korea Lubricants Market is moderately consolidated, with the top five companies occupying 64.90%. 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 Lubricants Market Leaders

  1. ExxonMobil Corporation

  2. GS Caltex

  3. Hyundai Oilbank

  4. S-OIL Corporation

  5. SK Lubricants Co. Ltd

*Disclaimer: Major Players sorted in no particular order

South Korea Lubricants Market
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South Korea Lubricants Market News

  • March 2022: ExxonMobil Corporation company has appointed Jay Hooley as lead managing director of the company.
  • January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
  • January 2022: Effective January 21, 2022, Royal Dutch Shell plc changes its name to Shell plc.

South Korea Lubricants Market Report - Table of Contents

  1. 1. Executive Summary & Key Findings

  2. 2. Introduction

    1. 2.1. Study Assumptions & Market Definition

    2. 2.2. Scope of the Study

    3. 2.3. Research Methodology

  3. 3. Key Industry Trends

    1. 3.1. Automotive Industry Trends

    2. 3.2. Manufacturing Industry Trends

    3. 3.3. Power Generation Industry Trends

    4. 3.4. Regulatory Framework

    5. 3.5. Value Chain & Distribution Channel Analysis

  4. 4. Market Segmentation

    1. 4.1. By End User

      1. 4.1.1. Automotive

      2. 4.1.2. Heavy Equipment

      3. 4.1.3. Metallurgy & Metalworking

      4. 4.1.4. Power Generation

      5. 4.1.5. Other End-user Industries

    2. 4.2. By Product Type

      1. 4.2.1. Engine Oils

      2. 4.2.2. Greases

      3. 4.2.3. Hydraulic Fluids

      4. 4.2.4. Metalworking Fluids

      5. 4.2.5. Transmission & Gear Oils

      6. 4.2.6. Other Product Types

  5. 5. Competitive Landscape

    1. 5.1. Key Strategic Moves

    2. 5.2. Market Share Analysis

    3. 5.3. Company Profiles

      1. 5.3.1. BP Plc (Castrol)

      2. 5.3.2. Exolube

      3. 5.3.3. ExxonMobil Corporation

      4. 5.3.4. FUCHS

      5. 5.3.5. GS Caltex

      6. 5.3.6. Hyundai Oilbank

      7. 5.3.7. MICHANG OIL IND CO. LTD

      8. 5.3.8. Royal Dutch Shell Plc

      9. 5.3.9. S-OIL Corporation

      10. 5.3.10. SK Lubricants Co. Ltd

  6. 6. Appendix

    1. 6.1. Appendix-1 References

    2. 6.2. Appendix-2 List of Tables & Figures

  7. 7. Key Strategic Questions for Lubricants CEOs

List of Tables & Figures

  1. Figure 1:  
  2. VEHICLE POPULATION, NUMBER OF UNITS, SOUTH KOREA, 2015 - 2026
  1. Figure 2:  
  2. COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, SOUTH KOREA, 2015 - 2026
  1. Figure 3:  
  2. MOTORCYCLES POPULATION, NUMBER OF UNITS, SOUTH KOREA, 2015 - 2026
  1. Figure 4:  
  2. PASSENGER VEHICLES POPULATION, NUMBER OF UNITS, SOUTH KOREA, 2015 - 2026
  1. Figure 5:  
  2. MANUFACTURING VALUE ADDED, USD BILLION (CURRENT VALUE), SOUTH KOREA, 2015 - 2020
  1. Figure 6:  
  2. POWER GENERATION CAPACITY, GIGAWATT (GW), SOUTH KOREA, 2015 - 2020
  1. Figure 7:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, BY END USER, 2015-2026
  1. Figure 8:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 9:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, AUTOMOTIVE, 2015-2026
  1. Figure 10:  
  2. SOUTH KOREA LUBRICANTS MARKET, AUTOMOTIVE, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 11:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, HEAVY EQUIPMENT, 2015-2026
  1. Figure 12:  
  2. SOUTH KOREA LUBRICANTS MARKET, HEAVY EQUIPMENT, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 13:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, METALLURGY & METALWORKING, 2015-2026
  1. Figure 14:  
  2. SOUTH KOREA LUBRICANTS MARKET, METALLURGY & METALWORKING, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 15:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, POWER GENERATION, 2015-2026
  1. Figure 16:  
  2. SOUTH KOREA LUBRICANTS MARKET, POWER GENERATION, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 17:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, OTHER END-USER INDUSTRIES, 2015-2026
  1. Figure 18:  
  2. SOUTH KOREA LUBRICANTS MARKET, OTHER END-USER INDUSTRIES, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 19:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2026
  1. Figure 20:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2020
  1. Figure 21:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, ENGINE OILS, 2015-2026
  1. Figure 22:  
  2. SOUTH KOREA LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 23:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2026
  1. Figure 24:  
  2. SOUTH KOREA LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 25:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2026
  1. Figure 26:  
  2. SOUTH KOREA LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 27:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, METALWORKING FLUIDS, 2015-2026
  1. Figure 28:  
  2. SOUTH KOREA LUBRICANTS MARKET, METALWORKING FLUIDS, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 29:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION & GEAR OILS, 2015-2026
  1. Figure 30:  
  2. SOUTH KOREA LUBRICANTS MARKET, TRANSMISSION & GEAR OILS, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 31:  
  2. SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, OTHER PRODUCT TYPES, 2015-2026
  1. Figure 32:  
  2. SOUTH KOREA LUBRICANTS MARKET, OTHER PRODUCT TYPES, VOLUME SHARE (%), BY END USER, 2020
  1. Figure 33:  
  2. SOUTH KOREA LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 34:  
  2. SOUTH KOREA LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 35:  
  2. SOUTH KOREA LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2020

South Korea Lubricants Industry Segmentation

By End User
Automotive
Heavy Equipment
Metallurgy & Metalworking
Power Generation
Other End-user Industries
By Product Type
Engine Oils
Greases
Hydraulic Fluids
Metalworking Fluids
Transmission & Gear Oils
Other Product Types
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Market Definition

  • Vehicle Types and Industrial Equipment - Automotive (Passenger Vehicles, Commercial Vehicles and Motorcycles), Power Generation, Heavy Equipment, Metallurgy & Metalworking and Other End-user Industries (Marine, Aviation etc.) are considered under the lubricants market.​
  • Product Types - For the purpose of this study, lubricant products such as engine oils, transmission & gear oils, hydraulic fluids, metalworking fluids, and greases are taken into consideration.​
  • Service Refill - Service/maintenance refill is considered while accounting the lubricant consumption for each of the vehicle and equipment, under the study.​
  • Factory Fill - First lubricant fill-ups for newly produced vehicles and industrial equipment are considered under the study.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
  • Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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South Korea Lubricants Market Research FAQs

The South Korea Lubricants Market size is expected to reach 831.87 million Liters in 2024 and grow at a CAGR of 3.08% to reach 883.83 million Liters by 2026.

In 2024, the South Korea Lubricants Market size is expected to reach 831.87 million Liters.

ExxonMobil Corporation, GS Caltex, Hyundai Oilbank, S-OIL Corporation and SK Lubricants Co. Ltd are the major companies operating in the South Korea Lubricants Market.

In the South Korea Lubricants Market, the Automotive segment accounts for the largest share by end user.

In 2024, the Power Generation segment accounts for the fastest growing by end user in the South Korea Lubricants Market.

In 2023, the South Korea Lubricants Market size was estimated at 809.87 million Liters. The report covers the South Korea Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Lubricants Market size for years: 2024, 2025 and 2026.

South Korea Lubricant Industry Report

Statistics for the 2024 South Korea Lubricant market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Lubricant analysis includes a market forecast outlook 202 and historical overview. Get a sample of this industry analysis as a free report PDF download.

South Korea Lubricant Market Report Snapshots

South Korea Lubricant Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2026