South Korea Lubricants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2027

The South Korea Lubricants 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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Market Snapshot

https://s3.mordorlabs.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period: 2015 - 2027
https://s3.mordorlabs.com/base%20year/1629296433432_test~base_year_base_year.svg Base Year: 2021
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by End User: Automotive
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by End User: Metallurgy & Metalworking
https://s3.mordorlabs.com/cagr/1629296433433_test~cagr_cagr.svg CAGR: NaN %

Key Players

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Market Overview

The South Korea Lubricants Market stood at 789.77 million liters in 2022 and is projected to register a CAGR of NaN% to reach NaN liters in 2027.

  • 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 - Metallurgy & Metalworking : 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 - Greases : 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.

Scope of the Report

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

Report scope can be customized per your requirements. Click here.

Key Market Trends

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.

Competitive Landscape

The South Korea Lubricants Market is moderately consolidated, with the top five companies occupying 63.72%. 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

  • 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.

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

    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:  

    MANUFACTURING VALUE ADDED, USD BILLION (CURRENT VALUE), SOUTH KOREA, 2015 - 2020

    Figure 6:  

    POWER GENERATION CAPACITY, GIGAWATT (GW), SOUTH KOREA, 2015 - 2020

    Figure 7:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, BY END USER, 2015-2026

    Figure 8:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME SHARE (%), BY END USER, 2020

    Figure 9:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, AUTOMOTIVE, 2015-2026

    Figure 10:  

    SOUTH KOREA LUBRICANTS MARKET, AUTOMOTIVE, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 11:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, HEAVY EQUIPMENT, 2015-2026

    Figure 12:  

    SOUTH KOREA LUBRICANTS MARKET, HEAVY EQUIPMENT, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 13:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, METALLURGY & METALWORKING, 2015-2026

    Figure 14:  

    SOUTH KOREA LUBRICANTS MARKET, METALLURGY & METALWORKING, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 15:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, POWER GENERATION, 2015-2026

    Figure 16:  

    SOUTH KOREA LUBRICANTS MARKET, POWER GENERATION, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 17:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, OTHER END-USER INDUSTRIES, 2015-2026

    Figure 18:  

    SOUTH KOREA LUBRICANTS MARKET, OTHER END-USER INDUSTRIES, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 19:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, BY PRODUCT TYPE, 2015-2026

    Figure 20:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME SHARE (%), BY PRODUCT TYPE, 2020

    Figure 21:  

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

    Figure 22:  

    SOUTH KOREA LUBRICANTS MARKET, ENGINE OILS, VOLUME SHARE (%), BY END USER, 2020

    Figure 23:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, GREASES, 2015-2026

    Figure 24:  

    SOUTH KOREA LUBRICANTS MARKET, GREASES, VOLUME SHARE (%), BY END USER, 2020

    Figure 25:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, HYDRAULIC FLUIDS, 2015-2026

    Figure 26:  

    SOUTH KOREA LUBRICANTS MARKET, HYDRAULIC FLUIDS, VOLUME SHARE (%), BY END USER, 2020

    Figure 27:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, METALWORKING FLUIDS, 2015-2026

    Figure 28:  

    SOUTH KOREA LUBRICANTS MARKET, METALWORKING FLUIDS, VOLUME SHARE (%), BY END USER, 2020

    Figure 29:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, TRANSMISSION & GEAR OILS, 2015-2026

    Figure 30:  

    SOUTH KOREA LUBRICANTS MARKET, TRANSMISSION & GEAR OILS, VOLUME SHARE (%), BY END USER, 2020

    Figure 31:  

    SOUTH KOREA LUBRICANTS MARKET, VOLUME IN LITERS, OTHER PRODUCT TYPES, 2015-2026

    Figure 32:  

    SOUTH KOREA LUBRICANTS MARKET, OTHER PRODUCT TYPES, VOLUME SHARE (%), BY END USER, 2020

    Figure 33:  

    SOUTH KOREA LUBRICANTS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021

    Figure 34:  

    SOUTH KOREA LUBRICANTS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021

    Figure 35:  

    SOUTH KOREA LUBRICANTS MARKET SHARE(%), BY MAJOR PLAYERS, 2020

Market Definition

  • Vehicle Types - Passenger Vehicles, Commercial Vehicles and Motorcycles are the vehicle types considered under the automotive lubricants market.
  • Product Types - For the purpose of this study, lubricant products such as engine oils, transmission oils, greases and hydraulic fluids are taken into consideration.
  • Service Refill - Service refill is the primary factor considered while accounting the lubricant consumption for each of the vehicle segments, under the study.
  • Factory Fill - First lubricant fill-ups for newly produced vehicles are considered.

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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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03. Exhaustive Data
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Frequently Asked Questions

The South Korea Lubricants Market market is studied from 2015 - 2027.

The South Korea Lubricants Market stood at 789.77 million liters in 2022 and is projected to register a CAGR of NaN% to reach NaN liters in 2027.

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.

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.

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.

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.

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