South Korea Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The South Korea Lubricants Market stood at 771.52 million liters in 2021 and is projected to register a CAGR of 2.76% to reach 883.83 million liters in 2026.

Key Highlights

• Largest Segment by End-user Industry - Automotive: Automotive was the largest end-use segment in South Korea owing to the higher amount of engine oil & gear oil used in vehicles compared to industrial applications.
• Fastest Segment by End-user Industry - Power Generation: Power generation is the fastest-growing end user of lubricants in South Korea, owing to the rising usage of natural gas reactors and wind turbines for energy generation.
• Largest Segment by Product Type - Engine Oils: Engine oil is the most consumed product type in South Korea owing to the high volume of engine oil and high replacement frequency required to lubricate conventional engines.
• Fastest Segment by Product Type - Transmission & Gear Oils: As the usage of automated cars and electric vehicles grows in South Korea, transmission and gear oils are predicted to rise at a quicker rate than any other product type.

Key Market Trends

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.

Competitive Landscape

The South Korea Lubricants Market is moderately consolidated, with the top five companies occupying 64.90%. The major players in this market are ExxonMobil Corporation, GS Caltex, Hyundai Oilbank, S-OIL Corporation and SK Lubricants Co. Ltd (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support