South Korea Automotive Engine Oils Market Insights Forecasts to 2032

• The South Korean Automotive Engine Oils Market Size was valued at USD 190.29 Million liters in 2022.
• The Market Size is Growing at a CAGR of 2.98 % from 2022 to 2032.
• The South Korean Automotive Engine Oils Market Size is Expected to reach USD 255.15 Million liters by 2032.

The South Korea Automotive Engine Oils Market Size is expected to reach USD 255.15 Million liters by 2032, at a CAGR of 2.98 % during the forecast period 2022 to 2032.In the recent years, the South Korean automotive engine oils market has grown significantly.  

Market Overview

Automotive engine oil is the gasoline used to keep the vehicle's components lubricated. It helps with the oil in a car engine forming a lubricating film on all metallic components, allowing them to move comfortably over one another and thus reducing friction. Engine oil also removes small particles of dust and dirt, as well as other contaminants found in vehicle fuels. Moreover, it preserves the gap between both the engine and the cylinder walls, resulting in stronger fuel combustion. It also polishes all of the working components of an electrical motor to provide rust protection. The prevention of oxidation and rusting in automobile metallic materials. The viscosity index of lubricating oil generally decreases as it is used for a longer period. For the motor oil to maintain the layer on the surface between both engine components over long distances, viscosity loss should be avoided. Semi-synthetic, fully-synthetic, and mineral oil are the three types of automotive engine oil. Semi-synthetic oil is a mineral oil mixed with synthetic oils to improve engine efficiency.

Report Coverage

This research report categorizes the market for South Korean automotive engine oils market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korean automotive engine oils market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korean automotive engine oils market.

Driving Factors

The robust automotive industry in South Korea is a major driver of the engine oil market. With an expanding fleet of vehicles, demand for engine oils is expected to rise in lockstep. Rising disposable income and easy financing options have increased vehicle ownership, directly impacting engine oil demand. Consumer awareness of the importance of engine maintenance and the role of quality engine oils in improving vehicle performance is driving market growth. Lubricant formulation advancements, such as synthetic and semi-synthetic oils, provide superior performance, prompting their market adoption.

Restraining Factors

The South Korean automotive engine oils market is highly competitive, putting pricing pressures on manufacturers and reducing profit margins. Traditional engine oil sales are being challenged by changing consumer preferences, such as a shift toward electric vehicles and alternative modes of transportation.

Market Segment

• In 2022, the fully synthetic segment accounted for the largest revenue share over the forecast period.

Based on the grade, the South Korean automotive engine oils market is segmented into mineral, semi-synthetic, and fully-synthetic. Among these, the fully synthetic segment has the largest revenue share over the forecast period. Fully-Synthetic oil is superior to mineral-based engine oil. Fully-synthetic engine oil improves fuel efficiency, reduces oil consumption, and extends oil service intervals.

• In 2022, the passenger vehicles segment accounted for the largest revenue share over the forecast period.

Based on vehicle type, the South Korean automotive engine oils market is segmented into commercial vehicles, motorcycles, and passenger vehicles. Among these, the passenger vehicles segment has the largest revenue share over the forecast period. This is attributed to the growing disposable income and swiftly growing urban population. Consumer preferences in the passenger vehicle segment. Consumers now want vehicles that emit less CO2 and use less fuel while still providing excellent overall performance. These factors have resulted in significant foreign investment in the sector to develop a product that meets current market demand.

• In 2022, the gasoline segment accounted for the largest revenue share over the forecast period.

Based on engine, the South Korean automotive engine oils market is segmented into diesel, gasoline, and alternative fuel. Among these, the gasoline segment has the largest revenue share over the forecast period. Gasoline is a complex mixture of relatively volatile hydrocarbons, with or without additives, obtained by blending appropriate refinery streams to form a fuel suitable for use in spark ignition engines. This is attributed to high leaching loss resistance and excellent solubility so consumer preferences for gasoline in South Korea.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean Automotive Engine Oils market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• BP PLC (Castrol)
• ExxonMobil Corporation
• GS Caltex
• Hyundai Oilbank
• Motul
• Ravensberger Schmierstoffvertrieb GmbH
• Royal Dutch Shell Plc
• S-Oil Corporation
• SK Lubricants Co. Ltd
• Valvoline Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In January 2022, ExxonMobil Corporation was reorganized on April 1 into three business lines: ExxonMobil Upstream Company, ExxonMobil Product Solutions, and ExxonMobil Low Carbon Solutions.

• In November 2022, S-OIL introduced SEVEN electric vehicle lubricants in South Korea.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korean Automotive Engine Oils Market based on the below-mentioned segments:

South Korean Automotive Engine Oils Market, By Grade Type 

• Mineral
• Semi-synthetic
• Fully-synthetic

South Korea Automotive Engine Oils Market, By Vehicle Type

• Commercial Vehicles
• Motorcycles
• Passenger Vehicles

South Korea Automotive Engine Oils Market, By Engine Type

• Diesel
• Gasoline
• Alternative Fuel