South Korea Automotive Engine Oils Industry

South Korea Automotive Engine Oils Market Analysis

The South Korea Automotive Engine Oils Market size is estimated at 207.18 million liters in 2025, and is expected to reach 238.78 million liters by 2030, at a CAGR of 2.88% during the forecast period (2025-2030).

• Largest Segment by Vehicle Type - Passenger Vehicles : The passenger vehicle market is the largest market for automotive lubricants in South Korea due to the large active passenger vehicle parc, sales volumes, and usage activity.
• Fastest Segment by Vehicle Type - Motorcycles : The recovery of motorcycle usage and sales in South Korea from 2021 is likely to be at a faster rate, which is expected to boost the consumption of engine oils in the country.

South Korea Automotive Engine Oils Market Trends

Largest Segment By Vehicle Type : Passenger Vehicles

• In South Korea, engine oils accounted for about 70% of automotive lubricants in 2020. During 2015-2019, engine oil consumption in the country recorded a negative CAGR of 0.94%. The annual mileage and production output decline during 2019 notably affected engine oils consumption in the commercial vehicles (CVs) segment.
• In 2020, the COVID-19 outbreak led to a massive decline in the usage rate of the existing vehicle fleets in the country, which led to a 7.1% dip in engine oil consumption. The CV segment recorded the largest decline of 10.26% in engine oil consumption during the year.
• During 2021-2026, the motorcycles segment is expected to register the highest growth of about 5.76% in engine oil consumption. The growth is likely to be driven by increasing sales of used and new motorcycles in the country.

South Korea Automotive Engine Oils Industry Overview

The South Korea Automotive Engine Oils Market is fairly consolidated, with the top five companies occupying 68.50%. 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 Automotive Engine Oils Market Leaders

South Korea Automotive Engine Oils 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.