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

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

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).

Key Highlights

• 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

Largest Segment By Product Type : Engine Oils

• 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).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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