South Korea Automotive Engine Oils Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

The South Korea Automotive Engine Oils Market is segmented by Vehicle Type ( Commercial Vehicles, Motorcycles, Passenger Vehicles ) and by Product Grade

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Market Snapshot

https://s3.mordorlabs.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period: 2015 - 2026
https://s3.mordorlabs.com/base%20year/1629296433432_test~base_year_base_year.svg Base Year: 2020
https://s3.mordorlabs.com/passenger_vehicles/1629285650768_test~passenger_vehicles_passenger_vehicles.svg Largest Share by Vehicle Type: Passenger Vehicles
https://s3.mordorlabs.com/passenger_vehicles/1629285650768_test~passenger_vehicles_passenger_vehicles.svg Fastest Growing by Vehicle Type: Motorcycles
https://s3.mordorlabs.com/cagr/1629296433433_test~cagr_cagr.svg CAGR: 2.62 %

Key Players

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Market Overview

The South Korea Automotive Engine Oils Market stood at 187.29 million liters in 2021 and is projected to register a CAGR of 2.62% to reach 213.15 million liters in 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.

Scope of the Report

By Vehicle Type
Commercial Vehicles
Motorcycles
Passenger Vehicles

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Key Market Trends

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.

Competitive Landscape

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).

Major Players

*Disclaimer: Major Players are sorted alphabetically

Recent Developments

  • 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.

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 Regulatory Framework

    3. 3.3 Value Chain & Distribution Channel Analysis

  4. 4. Market Segmentation

    1. 4.1 By Vehicle Type

      1. 4.1.1 Commercial Vehicles

      2. 4.1.2 Motorcycles

      3. 4.1.3 Passenger Vehicles

    2. 4.2 By Product Grade

  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 ExxonMobil Corporation

      3. 5.3.3 GS Caltex

      4. 5.3.4 Hyundai Oilbank

      5. 5.3.5 Motul

      6. 5.3.6 Ravensberger Schmierstoffvertrieb GmbH

      7. 5.3.7 Royal Dutch Shell Plc

      8. 5.3.8 S-Oil Corporation

      9. 5.3.9 SK Lubricants Co. Ltd

      10. 5.3.10 Valvoline Inc.

  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

    Figure 1:  

    VEHICLE POPULATION, NUMBER OF UNITS, SOUTH KOREA, 2015 - 2026

    Figure 2:  

    COMMERCIAL VEHICLES POPULATION, NUMBER OF UNITS, SOUTH KOREA, 2015 - 2026

    Figure 3:  

    MOTORCYCLES POPULATION, NUMBER OF UNITS, SOUTH KOREA, 2015 - 2026

    Figure 4:  

    PASSENGER VEHICLES POPULATION, NUMBER OF UNITS, SOUTH KOREA, 2015 - 2026

    Figure 5:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, VOLUME IN LITERS, BY VEHICLE TYPE, 2015-2026

    Figure 6:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, VOLUME SHARE (%), BY VEHICLE TYPE, 2020

    Figure 7:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, VOLUME IN LITERS, COMMERCIAL VEHICLES, 2015-2026

    Figure 8:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, COMMERCIAL VEHICLES, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 9:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, VOLUME IN LITERS, MOTORCYCLES, 2015-2026

    Figure 10:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, MOTORCYCLES, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 11:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, VOLUME IN LITERS, PASSENGER VEHICLES, 2015-2026

    Figure 12:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, PASSENGER VEHICLES, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 13:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, VOLUME SHARE (%), BY PRODUCT GRADE, 2020

    Figure 14:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021

    Figure 15:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021

    Figure 16:  

    SOUTH KOREA AUTOMOTIVE ENGINE OILS MARKET SHARE(%), BY MAJOR PLAYERS, 2020

Market Definition

  • Vehicle Types - Passenger Vehicles, Commercial Vehicles and Motorcycles are considered under the automotive engine oils market.​
  • Product Types - For the purpose of this study, engine oils are taken into consideration.
  • Service Refill - Service/maintenance refill is considered while accounting the engine oil consumption for each vehicle type, under the study.​
  • Factory Fill - First lubricant fill-ups for newly produced vehicles 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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Frequently Asked Questions

The South Korea Automotive Engine Oils Market market is studied from 2015 - 2026.

The South Korea Automotive Engine Oils Market stood at 187.29 million liters in 2021 and is projected to register a CAGR of 2.62% to reach 213.15 million liters in 2026.

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.

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.

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