South Korea Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 831.87 Million Liters |
| Market Volume (2026) | 883.83 Million Liters |
| CAGR (2024 - 2026) | 3.08 % |
| Market Concentration | High |
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 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
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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 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. 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 Manufacturing Industry Trends
3.3 Power Generation Industry Trends
3.4 Regulatory Framework
3.5 Value Chain & Distribution Channel Analysis
4. Market Segmentation
4.1 By End User
4.1.1 Automotive
4.1.2 Heavy Equipment
4.1.3 Metallurgy & Metalworking
4.1.4 Power Generation
4.1.5 Other End-user Industries
4.2 By Product Type
4.2.1 Engine Oils
4.2.2 Greases
4.2.3 Hydraulic Fluids
4.2.4 Metalworking Fluids
4.2.5 Transmission & Gear Oils
4.2.6 Other Product Types
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 MICHANG OIL IND CO. LTD
5.3.8 Royal Dutch Shell Plc
5.3.9 S-OIL Corporation
5.3.10 SK Lubricants Co. Ltd
6. Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
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 |
South Korea Lubricants Market Research FAQs
How big is the South Korea Lubricants Market?
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.
What is the current South Korea Lubricants Market size?
In 2024, the South Korea Lubricants Market size is expected to reach 831.87 million Liters.
Who are the key players in South Korea 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 Lubricants Market.
Which segment has the biggest share in the South Korea Lubricants Market?
In the South Korea Lubricants Market, the Automotive segment accounts for the largest share by end user.
Which is the fastest growing segment in the South Korea Lubricants Market?
In 2024, the Power Generation segment accounts for the fastest growing by end user in the South Korea Lubricants Market.
What years does this South Korea Lubricants Market cover, and what was the market size in 2023?
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
