South Korea Commercial Vehicles Lubricants Market Analysis
The South Korea Commercial Vehicles Lubricants Market size is estimated at 107.71 million liters in 2025, and is expected to reach 118.22 million liters by 2030, at a CAGR of 1.88% during the forecast period (2025-2030).
- 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).
South Korea Commercial Vehicles Lubricants Market Leaders
ExxonMobil Corporation
GS Caltex
Hyundai Oilbank
S-Oil Corporation
SK Lubricants Co. Ltd
- *Disclaimer: Major Players sorted in no particular order
South Korea Commercial Vehicles Lubricants Market News
- January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
- November 2021: S-OIL introduced SEVEN electric vehicle lubricants in South Korea.
- October 2021: Valvoline and Cummins extended their long-standing marketing and technology collaboration agreement for another five years. Cummins will endorse and promote Valvoline's Premium Blue engine oil for its heavy-duty diesel engines and generators and will distribute Valvoline products through its global distribution networks.
