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. Read More

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. Read More

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. Read More

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. Read More

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. Read More

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. Read More

South Korea Lubricants Market Trends

Statistics for the 2023 & 2024 South Korea Lubricants market trends, created by Mordor Intelligence™ Industry Reports. South Korea Lubricants trend report includes a market forecast to 202 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of South Korea Lubricants Industry

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

Largest Segment By End User : <span style="font-family: 'regular_bold';color:#0e7db3;">Automotive</span>

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.