South Korea Passenger Vehicles 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) | 3.50 % |
| Market Concentration | High |
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South Korea Passenger Vehicles Lubricants Market Analysis
The South Korea Passenger Vehicles Lubricants Market size is estimated at 180.48 Million Liters in 2024, and is expected to reach 193.32 Million Liters by 2026, growing at a CAGR of 3.5% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oils are the leading product type due to their high volume requirements and shorter drain intervals as they are used in high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Hydraulic Fluids : The expected recovery of car 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 Passenger Vehicles Lubricants Market Trends
This section covers the major market trends shaping the South Korea Passenger 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, passenger vehicle (PV) is the leading segment in terms of automotive lubricant consumption. During 2015-2019, the country recorded a negative CAGR of 0.13% in PV lubricant consumption, with the consumption of engine oils and transmission fluids remaining almost stable.
- In 2020, passenger vehicles accounted for about 60% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in PV lubricant consumption, accounting for a share of about 71% during the year. In 2020, PV lubricant consumption declined by 7% due to the COVID-19 pandemic's impact, which led to a dip in PV sales and extended service interval.
- Over the next five years, the hydraulic fluid segment is expected to be the fastest-growing segment, recording a CAGR of 4.19%. The growth is likely to be driven by an increase in annual average distance traveled and growing SUV sales in the country.
South Korea Passenger Vehicles Lubricants Industry Overview
The South Korea Passenger Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 69.38%. 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 Passenger Vehicles 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 Passenger Vehicles Lubricants Market News
- 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.
- August 2021: GS Caltex's lubricant brand, Kixx, introduced a new line of engine oils, Kixx G1 SP, to meet the latest API requirements and provide modern-day engines with the latest technology.
South Korea Passenger Vehicles 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 Product Type
- 4.1.1 Engine Oils
- 4.1.2 Greases
- 4.1.3 Hydraulic Fluids
- 4.1.4 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 AMSOIL Inc.
- 5.3.2 BP PLC (Castrol)
- 5.3.3 ExxonMobil Corporation
- 5.3.4 GS Caltex
- 5.3.5 Hyundai Oilbank
- 5.3.6 MICHANG OIL IND CO. LTD
- 5.3.7 Motul
- 5.3.8 Royal Dutch Shell Plc
- 5.3.9 S-Oil Corporation
- 5.3.10 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 Passenger Vehicles Lubricants Industry Segmentation
| By Product Type | Engine Oils |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
South Korea Passenger Vehicles Lubricants Market Research FAQs
How big is the South Korea Passenger Vehicles Lubricants Market?
The South Korea Passenger Vehicles Lubricants Market size is expected to reach 180.48 million Liters in 2024 and grow at a CAGR of 3.5% to reach 193.32 million Liters by 2026.
What is the current South Korea Passenger Vehicles Lubricants Market size?
In 2024, the South Korea Passenger Vehicles Lubricants Market size is expected to reach 180.48 million Liters.
Who are the key players in South Korea Passenger 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 Passenger Vehicles Lubricants Market.
Which segment has the biggest share in the South Korea Passenger Vehicles Lubricants Market?
In the South Korea Passenger Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which is the fastest growing segment in the South Korea Passenger Vehicles Lubricants Market?
In 2024, the Hydraulic Fluids segment accounts for the fastest growing by product type in the South Korea Passenger Vehicles Lubricants Market.
What years does this South Korea Passenger Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the South Korea Passenger Vehicles Lubricants Market size was estimated at 174.42 million Liters. The report covers the South Korea Passenger 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 Passenger Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
South Korea Passenger Vehicles Lubricants Industry Report
Statistics for the 2024 South Korea Passenger Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Passenger Vehicles 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.
