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South Korea Lubricants Market Size, Share, Trends, Growth: By Base Oil: Mineral Oil, Synthetic Oil, Bio-Based Oil; By Product Type: Engine Oils, Greases, Hydraulic Fluids, Metalworking Fluids, Transmission and Gear Oils, Others; By End Use: Automotive, Heavy Equipment, Metallurgy and Metalworking, Others; Competitive Landscape; 2024-2032
South Korea Lubricants Market Outlook
The South Korea lubricants market size was nearly 819.19 million litre in 2023. The market is estimated to grow at a CAGR of 2.4% during 2024-2032, to reach nearly 1021.21 million litre by 2032.
Key Trends in the Market
Lubricants refer to substances that are used to reduce friction between different parts and minimise the wear and tear of machines. They also decrease operational downtime while increasing the overall productivity of machinery. Lubricants are used in different end-use sectors, like automotive and chemical, among others.
- The South Korea lubricants market growth can be attributed to increasing investments in metal-based manufacturing in the country. As various types of machinery experience wear and tear due to continuous use over time, lubricants such as mineral oil, grease, hydraulic oils, and gear oils, among others, are used to maintain their operational efficiency and enhance their functional capabilities.
- The robust growth of the automotive sector is propelling the South Korea lubricants market demand. Due to the presence of indigenous automotive brands like Kia, Hyundai, and Genesis, among others, the demand for lubricants to ensure the smooth functioning of vehicle parts and enhance the fuel efficiency of vehicles is increasing.
Moreover, South Korea has been a pioneer in the electric vehicles (EVs) market; reportedly 78106.60 electric car units were sold in the country in 2021. Lubricants play an essential role in surging the efficiency of vehicles, enhancing their durability, and reducing wear and tear on vehicles’ moving parts.
- One of the South Korea lubricants market trends is the shift towards sustainable alternatives, surging the demand for eco-friendly lubricants. Non-toxic lubricants derived from raw plants, such as sunflower seeds, soybeans, and canola, among others, with anti-oxidation, anti-rust, and anti-wear properties are gaining significant popularity in the country.
Market Analysis
Based on base oil, the market is divided into mineral oil, synthetic oil, and bio-based oil. On the basis of product type, the South Korea lubricants market segmentation includes engine oils, greases, hydraulic fluids, metalworking fluids, and transmission and gear oils, among others. Based on end use, the market is divided into automotive, heavy equipment, metallurgy and metalworking, and chemical, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea lubricants market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- BP Plc
- Exxon Mobil Corporation
- Shell Plc
- Exolube Lubricant Corp.
- FUCHS SE
- GS Caltex Corporation
- HD Hyundai Co. Ltd.
- SK Inc. (SK Enmove Co., Ltd.)
- S-Oil Corp.
- Michang Oil Ind. Co., Ltd.
- Others
Market Share by Product Type
Gear and transmission oils represent a significant portion of the South Korea lubricants market share as these lubricants play an essential role in the automotive sector. As both transmission and gearbox oils support gears to change and control the speed, force, and direction of a vehicle, their demand is significantly increasing.
Moreover, gear and transmission oils are widely used in sectors like aerospace, automotive, and power generation, among others, to reduce friction and protect transmission. The demand for gear and transmission oil is further expected to grow in the forecast period due to rapid industrialisation, rising infrastructure projects, and advancements in technology.
Market Share by End Use
As per the South Korea lubricants market analysis, the demand for lubricants in the automotive sector is increasing. Lubrication of automotive parts is essential to reduce the friction caused by vehicles and prevent continuous wear and tear. Lubricants can also be used to clean and cool down the engine parts and prevent them from oxidation and corrosion.
Moreover, with the increasing adoption of EVs in the country, key players in the markets are attempting to develop lubricants that can be used for electric and hybrid electric vehicles.
Competitive Landscape
FUCHS SE is a German company that was founded in the year 1931 and company deals in lubricants and related specialities. It operates in six key segments, including automotive lubricants, industrial lubricants, lubricating greases, metal processing lubricants, special application lubricants, and services.
GS Caltex Corporation was founded in 1967 and is headquartered in Seoul, South Korea. The company started producing lubricants in 1969. It produces engine oils for passenger and commercial cars, hydraulic fluid for industrial application and lubricating oils for automotive and industrial use. The company launched Kixx, an automotive lubricants brand in 2005.
HD Hyundai Co. Ltd., headquartered in Ulsan, South Korea, is a company that deals in four major business lines, including marine, energy, industrial, and support and service. Hyundai and Shell Base Oil is a joint venture company which produces high-quality lubricant base oil. The company supplies its high-quality products to around 30 countries throughout the world.
Other South Korea lubricants market players include BP Plc, Exxon Mobil Corporation, Shell Plc, Exolube Lubricant Corp., SK Inc. (SK Enmove Co., Ltd.), S-Oil Corp., and Michang Oil Ind. Co., Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Base Oil |
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| Breakup by Product Type |
|
| Breakup by End Use |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Lubricants Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Lubricants Historical Market (2018-2023)
8.3 Asia Pacific Lubricants Market Forecast (2024-2032)
8.4 Asia Pacific Lubricants Market Breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 South Korea
8.4.7 Others
9 South Korea Lubricants Market Overview
9.1 Key Industry Highlights
9.2 South Korea Lubricants Historical Market (2018-2023)
9.3 South Korea Lubricants Market Forecast (2024-2032)
10 South Korea Lubricants Market by Base Oil
10.1 Mineral Oil
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Synthetic Oil
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Bio-Based Oil
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 South Korea Lubricants Market by Product Type
11.1 Engine Oils
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Greases
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Hydraulic Fluids
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Metalworking Fluids
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Transmission and Gear Oils
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 South Korea Lubricants Market by End Use
12.1 Automotive
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Heavy Equipment
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Metallurgy and Metalworking
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Power Generation
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Chemical
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 BP Plc
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Exxon Mobil Corporation
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Shell Plc
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Exolube Lubricant Corp.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 FUCHS SE
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 GS Caltex Corporation
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 HD Hyundai Co. Ltd.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 SK Inc. (SK Enmove Co., Ltd.)
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 S-Oil Corp.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Michang Oil Ind. Co., Ltd.
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Lubricants Market: Key Industry Highlights, 2018 and 2032
2. South Korea Lubricants Market: Key Industry Highlights, 2018 and 2032
3. South Korea Lubricants Historical Market: Breakup by Base Oil (USD Million Litre), 2018-2023
4. South Korea Lubricants Market Forecast: Breakup by Base Oil (USD Million Litre), 2024-2032
5. South Korea Lubricants Historical Market: Breakup by Product Type (USD Million Litre), 2018-2023
6. South Korea Lubricants Market Forecast: Breakup by Product Type (USD Million Litre), 2024-2032
7. South Korea Lubricants Historical Market: Breakup by End Use (USD Million Litre), 2018-2023
8. South Korea Lubricants Market Forecast: Breakup by End Use (USD Million Litre), 2024-2032
9. South Korea Lubricants Market Structure
Key Questions Answered in the Report
In 2022, the market reached an approximate volume of 819.19 million litre.
The market is estimated to grow at a CAGR of 2.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of around 1021.21 million litre by 2032.
The market is being driven by the rise in the use of lubricants in industrial applications and the rising demand for lubricants in the automotive sector.
The key trends aiding the market expansion include the use of lubricants to ensure smooth functioning of machinery, the presence of major automotive brands like Hyundai and Kia in the country, and the rising demand for environment friendly lubricants derived from raw plants.
The major base oils in lubricants market are mineral oil, synthetic oil, and bio-based oil.
The major product types in the market are engine oils, greases, hydraulic fluids, metalworking fluids, and transmission and gear oils, among others.
The key players in the market are BP Plc, Exxon Mobil Corporation, Shell Plc, Exolube Lubricant Corp., FUCHS SE, GS Caltex Corporation, HD Hyundai Co. Ltd., K Inc. (SK Enmove Co., Ltd.), S-Oil Corp., and Michang Oil Ind. Co., Ltd., among others.
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