South Korea Lubricants Market Trends

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

This section covers the major market trends shaping the South Korea Lubricants Market according to our research experts:

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.
South Korea Lubricants Market : Largest Segment By End User : <span style="font-family: 'regular_bold';color:#0e7db3;">Automotive</span>

South Korea Lubricant Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2026