South Korea Automotive Lubricants Market Introduction and Overview
According to SPER Market Research, the South Korea Automotive Lubricants Market is estimated to reach USD XX billion by 2033 with a CAGR of 4.18%.
The report includes an in-depth analysis of the South Korea Automotive Lubricants Market, including market size and trends, product mix, distribution channels, and supplier analysis. Automotive lubricants are specialized oils used to lubricate an automobile's axles, transmissions, and engines. The composition of these oils usually consists of base oils and additives that offer different qualities including viscosity, thermal stability, and anti-wear qualities. Engine performance and efficiency are improved by these lubricants, which guarantee that friction between moving components is kept to a minimum. Car components last longer and require less maintenance when properly lubricated.
- January 2022: ExxonMobil Upstream Company, ExxonMobil Product Solutions, and ExxonMobil Low Carbon Solutions were the three business lines that comprised the organization of ExxonMobil Corporation as of April 1.
- In August 2021, 439 Renault Samsung Motors after-sales service (AS) outlets nationwide will sell Castrol synthetic engine oil, which is specially made for Renault engines and is available at a discounted price.
Market Opportunities and Challenges
Opportunities: The expansion and development of the South Korean automotive lubricants market is fueled by a number of variables that also create opportunities. The growing automobile industry in South Korea presents one important opportunity. Major automakers are based in the nation, and as car sales and production rise, there is a significant need for automotive lubricants. Specialized lubricant products can benefit from the increasing demand for high-performance lubricants in automobiles due to their increasing technical sophistication and need for optimum engine longevity and efficiency. Additionally, the drive toward fuel efficiency and environmental sustainability offers still another opportunity for industry expansion.
Challenges: A number of factors could hinder the South Korean automotive lubricants market's expansion and advancement. The growing complexity of environmental legislation is one major obstacle. Lubricant producers in South Korea must make investments in R&D to create products that satisfy the increasingly demanding national and international environmental regulations. For market participants, creating eco-friendly lubricants while upholding performance requirements can present financial and technical difficulties. An additional challenge arises from the competitive environment. There is fierce competition because both local and foreign lubricant makers operate in the South Korean market. It becomes essential to differentiate items based on their performance, quality, and brand awareness.
Market Competitive Landscape
The top five businesses own 68.67% of the relatively concentrated automotive lubricants market in South Korea. According to alphabetical order, the leading companies in this industry are GS Caltex, ExxonMobil Corporation, S-Oil Corporation, Hyundai Oilbank, and SK Lubricants Co. Ltd.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Product Type
|
| Regions covered | Southern Region, Northern Region, Eastern Region, Western Region
|
| Companies Covered | BP PLC, Exolube, ExxonMobil Corporation, FUCHS, GS Caltex, Hyundai Oilbank, Motul, Ravensberger Schmierstoffvertrieb GmbH, Royal Dutch Shell Plc, SK Lubricants Co. Ltd, Others
|
COVID-19 Impact on South Korea Automotive Lubricants Market
The COVID-19 epidemic had a major effect on the South Korean automotive lubricants market in a number of ways. Vehicle production and sales significantly decreased as a result of the pandemic-induced lockdowns that resulted in temporary closures and reduced capacity in the automotive manufacturing sector. Because fewer cars were being produced and sold, this in turn had an impact on the need for automotive lubricants. There were hiccups in the lubricants industry's complex worldwide supply chains, which delayed the acquisition of raw materials and the delivery of completed goods. Lockdowns and work-from-home policies led to a general decline in vehicle usage, which further reduced demand for lubricants, especially in the aftermarket sector where regular maintenance and oil replacements were postponed.
Key Target Audience:
- Manufacturers and Suppliers
- Automotive Industry
- Aftermarket Service Providers
- Distributors and Retailers
- Research and Development Professionals
- Regulatory Authorities
- Investors and Financial Institutions
- Environmental and Sustainability Organizations
- Government Agencies
Our in-depth analysis of the South Korea Automotive Lubricants Market includes the following segments:
|
By Vehicle Type:
|
Commercial Vehicles
Motorcycles
Passenger Vehicles
|
|
By Product Type:
|
Engine Oils
Greases
Hydraulic Fluids
Transmission & Gear Oils
|
|
By Region:
|
Eastern
Western Region
Northern
Southern
|
Key Topics Covered in the Report:
- South Korea Automotive Lubricants Market Size (FY’2024-FY’2033)
- Overview of South Korea Automotive Lubricants Market
- Segmentation of South Korea Automotive Lubricants Market By Vehicle Type (Commercial Vehicles, Motorcycles, Passenger Vehicles)
- Segmentation of South Korea Automotive Lubricants Market By Product Type (Engine Oils, Greases, Hydraulic Fluids, Transmission & Gear Oils)
- Segmentation of South Korea Automotive Lubricants Market By Type (Lysine,
- Expansion Analysis of South Korea Automotive Lubricants Market
- Problems and Obstacles in South Korea Automotive Lubricants Market
- Competitive Landscape in the South Korea Automotive Lubricants Market
- Impact of COVID-19 and Demonetization on South Korea Automotive Lubricants Market
- Details on Current Investment in South Korea Automotive Lubricants Market
- Competitive Analysis of South Korea Automotive Lubricants Market
- Prominent Players in the South Korea Automotive Lubricants Market
- SWOT Analysis of South Korea Automotive Lubricants Market
- South Korea Automotive Lubricants Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Automotive Lubricants Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Automotive Lubricants Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Automotive Lubricants Market
7. South Korea Automotive Lubricants Market, By Vehicle Type (USD Million)
7.1. South Korea Automotive Lubricants Market Value Share and Forecast, By Vehicle Type, 2024-2033
7.2. Commercial Vehicles
7.3. Motorcycles
7.4. Passenger Vehicles
8. South Korea Automotive Lubricants Market, By Product Type (USD Million)
8.1. South Korea Automotive Lubricants Market Value Share and Forecast, By Product Type, 2024-2033
8.2. Engine Oils
8.3. Greases
8.4. Hydraulic Fluids
8.5. Transmission & Gear Oils
9. South Korea Automotive Lubricants Market Forecast, 2019-2033 (USD Million)
9.1. South Korea Automotive Lubricants Market Size and Market Share
10. South Korea Automotive Lubricants Market, By Vehicle Type, 2019-2033 (USD Million)
10.1. South Korea Automotive Lubricants Market Size and Market Share By Vehicle Type (2020-2026)
10.2. South Korea Automotive Lubricants Market Size and Market Share By Vehicle Type (2027-2033)
11. South Korea Automotive Lubricants Market, By Product Type, 2019-2033 (USD Million)
11.1. South Korea Automotive Lubricants Market Size and Market Share By Product Type (2020-2026)
11.2. South Korea Automotive Lubricants Market Size and Market Share By Product Type (2027-2033)
12. South Korea Automotive Lubricants Market, By Region, 2019-2033 (USD Million)
12.1. South Korea Automotive Lubricants Market Size and Market Share By Region (2020-2026)
12.2. South Korea Automotive Lubricants Market Size and Market Share By Region (2027-2033)
12.3. Eastern
12.4. Western Region
12.5. Northern
12.6. Southern
13. Company Profile
13.1. BP PLC
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Exolube
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. ExxonMobil Corporation
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. FUCHS
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. GS Caltex
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Hyundai Oilbank
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Motul
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Ravensberger Schmierstoffvertrieb GmbH
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Royal Dutch Shell Plc
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. SK Lubricants Co. Ltd
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
