South Korea Lubricants Market Insights Forecasts to 2032

• The South Korean Lubricants Market Size was valued at USD 785.52 Million liters in 2022.
• The Market Size is Growing at a CAGR of 2.4 % from 2022 to 2032.
• The South Korean Lubricants Market Size is Expected To Reach USD 998.83 Million liters by 2032.

The South Korea Lubricants Market Size is Expected To Reach USD 998.83 Million liters by 2032, at a CAGR of 2.4% during the forecast period 2022 to 2032. In recent years, the South Korean automotive lubricants Market has Grown significantly.

Market Overview

Lubricant is a substance that reduces friction between surfaces in contact, thus reducing the heat generated as the surfaces move. It may even be capable of transmitting forces, moving foreign particles, and warming or cooling surfaces. Lubricity may be a quality that helps in friction reduction. Lubricants are used for a variety of purposes aside from industrial applications. Lubricants are primarily used to reduce friction and help a high-performance device run smoothly and efficiently. Grease is created by combining oil, usually oil, and thickeners like lithium-based soaps. They intend to push out between the surfaces of the long chains, but they will use oil to create a slippery barrier. The weight of oils is determined by their viscosity. The lower the flow, the simpler it is. Oils are specifically designed to enter small gaps on surfaces, promote lubrication, and reduce friction.

Report Coverage

This research report categorizes the market for South Korean lubricants 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 lubricants 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 lubricants market.

Driving Factors

The automotive industry in South Korea has experienced a surge in vehicle sales, fueling demand for automotive lubricants. The growing number of passenger cars, commercial vehicles, and two-wheelers on the road increases lubricant consumption. A higher vehicle utilization has resulted from the expansion of transportation infrastructure, such as highways and expressways. As a result, regular vehicle maintenance and lubricant replacements become more important. Consumers' increased awareness of the importance of vehicle maintenance has contributed to the demand for high-quality lubricants.

Restraining Factors

The fluctuating prices of raw materials such as base oils and additives have an impact on the automotive lubricants industry. Manufacturers' profit margins can be impacted by volatile raw material costs. Electric vehicle popularity has created a challenge to the traditional automotive lubricants market.

Market Segment

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

Based on the product type, the South Korean lubricants market is segmented into engine oils, transmission and gear oils, hydraulic oils, and brake oils. Among these, the engine oils segment has the largest revenue share over the forecast period. Engine oil is critical to the proper operation of an automobile's engine. It aids in the proper operation of moving parts and also keeps the engine cool. As a result, frequent oil changes are required to extend engine life and prevent sludge and contaminants from accumulating. As a result, engine oil is widely used in comparison to other products.

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

Based on end users, the South Korean lubricants market is segmented into automotive, heavy equipment, metallurgy, metalworking, and power generation. Among these, the automotive segment has the largest revenue share over the forecast period. This trend is expected to boost demand for commercial automotive lubricants even more. Rising sales of commercial vehicles such as heavy-duty trucks and construction vehicles such as cranes, bulldozers, and concrete mixers are expected to boost the South Korea growth during the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean lubricants 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

• ExxonMobil Corporation
• GS Caltex
• Hyundai Oilbank
• S-OIL Corporation
• SK Lubricants Co. Ltd
• Others

Key Target Audience

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

Market Segment

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

South Korean Lubricants Market, By Product Type

• engine oils
• Transmission and gear oils
• Hydraulic oils
• Brake oils

South Korea Lubricants Market, By End User

• Automotive
• Heavy equipment
• Metallurgy
• Metalworking
• Power generation