South Korea Automotive Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Forecast Data Period | 2024 - 2026 |
| Historical Data Period | 2015 - 2019 |
| CAGR (2024 - 2026) | 2.95 % |
| Market Concentration | High |
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South Korea Automotive Lubricants Market Analysis
The South Korea Automotive Lubricants Market size is estimated at 291.66 Million Liters in 2024, and is expected to reach 309.11 Million Liters by 2026, growing at a CAGR of 2.95% during the forecast period (2024-2026).
- Largest Segment by Vehicle Type - Passenger Vehicles : The passenger vehicles 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 production and sales in the country from 2021 is expected to be at a fast rate. Hence, the lubricant consumption growth rate is likely to be high.
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals, as it is used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Hydraulic Fluids : The expected recovery of automotive sales and production in South Korea from 2021 is likely to drive the demand for hydraulic fluids in the country during the forecast period.
South Korea Automotive Lubricants Market Trends
This section covers the major market trends shaping the South Korea Automotive Lubricants Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- In South Korea, passenger vehicles (PVs) accounted for the largest share of 74.51% in the total number of on-road vehicles in 2020, followed by commercial vehicles (CVs) and motorcycles, which held shares of 16.91% and 8.58%, respectively.
- The PV segment accounted for the highest share of 59.96% in total lubricant consumption in 2020, followed by commercial vehicles (38.42%) and motorcycles (1.62%). In 2020, the COVID-19 outbreak led to a notable dip in lubricants consumption, of which commercial vehicle lubricant consumption recorded the highest dip of 11.52%, followed by passenger vehicles (6.82%).
- The motorcycles segment is projected to be the fastest-growing lubricant consumer, recording a CAGR of 5.71% during 2021-2026. The expected growth in sales of electric mopeds and motorcycles and a reduced consumption tax are expected to drive motorcycle lubricants consumption in the country.
South Korea Automotive Lubricants Industry Overview
The South Korea Automotive Lubricants Market is fairly consolidated, with the top five companies occupying 68.67%. 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 Automotive 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 Automotive Lubricants Market News
- 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.
- August 2021: Renault Samsung Motors launched Castrol synthetic engine oil designed specifically for Renault engines, to be sold at a discount at 439 Renault Samsung Motors after-sales service (AS) locations across the country.
South Korea Automotive 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 Regulatory Framework
- 3.3 Value Chain & Distribution Channel Analysis
4. Market Segmentation
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4.1 By Vehicle Type
- 4.1.1 Commercial Vehicles
- 4.1.2 Motorcycles
- 4.1.3 Passenger Vehicles
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4.2 By Product Type
- 4.2.1 Engine Oils
- 4.2.2 Greases
- 4.2.3 Hydraulic Fluids
- 4.2.4 Transmission & Gear Oils
5. Competitive Landscape
- 5.1 Key Strategic Moves
- 5.2 Market Share Analysis
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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 Motul
- 5.3.8 Ravensberger Schmierstoffvertrieb GmbH
- 5.3.9 Royal Dutch Shell Plc
- 5.3.10 S-Oil Corporation
- 5.3.11 SK Lubricants Co. Ltd
- *List Not Exhaustive
6. Appendix
- 6.1 Appendix-1 References
- 6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
** Subject To AvailablitySouth Korea Automotive Lubricants Industry Segmentation
| By Vehicle Type | Commercial Vehicles |
| Motorcycles | |
| Passenger Vehicles | |
| By Product Type | Engine Oils |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
South Korea Automotive Lubricants Market Research FAQs
How big is the South Korea Automotive Lubricants Market?
The South Korea Automotive Lubricants Market size is expected to reach 291.66 million Liters in 2024 and grow at a CAGR of 2.95% to reach 309.11 million Liters by 2026.
What is the current South Korea Automotive Lubricants Market size?
In 2024, the South Korea Automotive Lubricants Market size is expected to reach 291.66 million Liters.
Who are the key players in South Korea Automotive 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 Automotive Lubricants Market.
Which segment has the biggest share in the South Korea Automotive Lubricants Market?
In the South Korea Automotive Lubricants Market, the Passenger Vehicles segment accounts for the largest share by vehicle type.
Which is the fastest growing segment in the South Korea Automotive Lubricants Market?
In 2024, the Motorcycles segment accounts for the fastest growing by vehicle type in the South Korea Automotive Lubricants Market.
What years does this South Korea Automotive Lubricants Market cover, and what was the market size in 2023?
In 2023, the South Korea Automotive Lubricants Market size was estimated at 283.84 million Liters. The report covers the South Korea Automotive Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Automotive Lubricants Market size for years: 2024, 2025 and 2026.
South Korea Automotive Lubricants Industry Report
Statistics for the 2024 South Korea Automotive Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Automotive Lubricants analysis includes a market forecast outlook to 2026 and historical overview. Get a sample of this industry analysis as a free report PDF download.
