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. Read More

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. Read More

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. Read More

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. Read More

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. Read More

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. Read More

South Korea Passenger Vehicles Lubricants Market Trends

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

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.