South Korea Lubricants Market Overview
Base Year: 2024
Historical Years: 2019–2024
Forecast Years: 2025–2033
Market Growth Rate: 2.90% (2025–2033)
The South Korea lubricants market is expanding due to increasing industrialization, growing automotive production, and rising demand for high-performance synthetic lubricants. South Korea lubricants market size reached USD 2.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 3.5 Billion by 2033, exhibiting a growth rate (CAGR) of 2.90% during 2025-2033.
South Korea Lubricants Industry Trends and Drivers:
Lubricants market in South Korea is growing steadily, driven by automotive and industrial sectors. Valued at USD 2.45 billion in 2024, IMARC Group projects it to reach USD 3.12 billion by 2032, with a CAGR of 3.1%. Automotive lubricants, especially engine oils, lead the market with a 50% share. This growth comes from 25 million registered vehicles in 2024, according to the Korea Transport Institute. Industrial growth, with manufacturing contributing 28% to GDP, boosts demand for hydraulic and gear oils. E-commerce platforms, such as Coupang, enhance accessibility, with online sales rising 15% annually. Challenges include fluctuations in raw material prices. Base oil costs rose 12% in 2024. Also, imports make up 30% of the supply, increasing competition. North America’s dominance in synthetic lubricant technology influences local innovation.
Rising focus on sustainability and technological advancements shapes South Korea lubricants market. Government mandates aim for 50% electric vehicle adoption by 2030. This pushes the demand for specialized EV lubricants. One example is GS Caltex’s Kixx EV Fluid, which launched in 2023. Industrial uses, like robotics and shipbuilding, make up 35% of the demand. Hyundai Heavy Industries leads in marine lubricant sales. The market faces challenges from strict emission standards. These rules need costly reformulations. Also, traditional vehicle sales are declining. This decline affects the demand for engine oil. S-Oil and SK Innovation invest USD 300 million each year in R&D. They focus on eco-friendly products to support carbon neutrality goals. Retail and B2B channels, like auto repair shops, have a 60% distribution share. Digital marketing helps brands reach millennials better. Global partnerships, like ExxonMobil’s work with Kia, improve product options. Future growth depends on balancing cost, compliance, and innovation. Bio-lubricants are expected to take 15% of the market by 2032. This growth is fueled by a focus on the environment and industrial expansion.
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South Korea Lubricants Industry Segmentation:
The report has segmented the market into the following categories:
Product Type Insights:
- Engine Oils
- Greases
- Hydraulic Fluids
- Metalworking Fluids
- Transmission and Gear Oils
- Others
End User Insights:
- Automotive
- Heavy Equipment
- Metallurgy and Metalworking
- Power Generation
- Others
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2019–2024)
- Market Outlook (2025–2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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