Market Trends of South Korea Commercial Vehicles Lubricants Industry
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 : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>
- 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.
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