How big is the South Korea Commercial Vehicles Lubricants Market?

The South Korea Commercial Vehicles Lubricants Market size is expected to reach 105.72 million Liters in 2024 and grow at a CAGR of 1.88% to reach 109.74 million Liters by 2026. Read More

What is the current South Korea Commercial Vehicles Lubricants Market size?

In 2024, the South Korea Commercial Vehicles Lubricants Market size is expected to reach 105.72 million Liters. Read More

Who are the key players in South Korea Commercial Vehicles 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 Commercial Vehicles Lubricants Market. Read More

Which segment has the biggest share in the South Korea Commercial Vehicles Lubricants Market?

In the South Korea Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type. Read More

Which is the fastest growing segment in the South Korea Commercial Vehicles Lubricants Market?

In 2024, the Hydraulic Fluids segment accounts for the fastest growing by product type in the South Korea Commercial Vehicles Lubricants Market. Read More

What years does this South Korea Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?

In 2023, the South Korea Commercial Vehicles Lubricants Market size was estimated at 104.24 million Liters. The report covers the South Korea Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026. Read More

South Korea Commercial Vehicles Lubricants Market Trends

Statistics for the 2023 & 2024 South Korea Commercial Vehicles Lubricants market trends, created by Mordor Intelligence™ Industry Reports. South Korea Commercial Vehicles 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 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.