South Korea Commercial Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

South Korea Commercial Vehicles Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

The South Korea Commercial Vehicles Lubricants Market size is estimated at 105.72 Million Liters in 2024, and is expected to reach 109.74 Million Liters by 2026, growing at a CAGR of 1.88% during the forecast period (2024-2026).

Key Highlights

• Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type due to its high volume requirements and shorter drain intervals. It is used for high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Hydraulic Fluids : The expected recovery of commercial vehicle sales and production in South Korea from 2021 is expected to drive the demand for hydraulic fluids during the forecast period.

South Korea Commercial Vehicles Lubricants Market Trends

Largest Segment By Product Type : Engine Oils

• In South Korea, commercial vehicles formed the second largest segment and accounted for about 38.4% of lubricant consumption. During 2015-2019, lubricant consumption declined at a CAGR of 2.58% in the commercial vehicle segment due to an increase in the use of synthetic oils for extending service intervals.
• In 2020, commercial vehicle lubricant consumption declined by 11.5% as the COVID-19 pandemic affected sales. The engine oil segment accounted for a 69% share in CV lubricant consumption, followed by hydraulic fluids (11.1%) and greases (10.6%). The majority dip of 13.54% was observed in the hydraulic fluids consumption from the CV segment during the year.
• Over 2021-2026, the hydraulic fluids segment is likely to be the fastest-growing segment, recording a CAGR of 4.02%. This growth is likely to be driven by the rise in service requirements due to lower synthetic lubricant penetration in the CV segment.

South Korea Commercial Vehicles Lubricants Industry Overview

The South Korea Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 68.90%. 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
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