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SOUTH KOREA BASE OIL MARKET FORECAST 2022-2028

The South Korea base oil market is anticipated to grow with a CAGR of 5.81% in terms of revenue and 6.50% in terms of volume during the forecasting period, capturing a revenue share of $1027.48 million by 2028. The base year regarded for the studied market is 2021, while the forecasted years are from 2022 to 2028.

SOUTH KOREA BASE OIL MARKET FORECAST 2022-2028

South Korea Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V) Market by Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Greases, Hydraulic Oil, Other Applications)

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The South Korea base oil market is anticipated to grow with a CAGR of 5.81% in terms of revenue and 6.50% in terms of volume during the forecasting period, capturing a revenue share of $1027.48 million by 2028. The base year regarded for the studied market is 2021, while the forecasted years are from 2022 to 2028.

South Korea Base Oil Market

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The market growth of the country is primarily fuelled by the strong presence of key industry players as well as the strategic initiatives undertaken by them.

South Korea is home to major players active in the country’s base oil market. These include S-Oil Corporation, GS Caltex Corporation, and others, focused on undertaking a wide range of strategic initiatives for further augmenting the demand and consumption of base oil in South Korea. Subsequently, this factor is anticipated to have a positive impact on the growth of the base oil market in the country during the forecast period.

For instance, S-OIL signed four MOUs with Saudi Aramco in order to collaborate on alternative energy business in the year 2022. These agreements entail cooperation in research and development for the production of lower-carbon future energy, chemicals technology, thermal crude, as well as venture capital investment. Moreover, the MOUs will also enable S-OIL to improve its competitiveness, primarily across sectors like oil refining, lube base oil, and petrochemicals. Therefore, these factors are expected to provide the market in South Korea with lucrative growth opportunities during the forecasted period.

The South Korea base oil market is segmented into application and group. The application category is further classified into industrial oil, hydraulic oil, automotive oil, metalworking fluids, greases, and other applications.

Metalworking fluids are characterized as lubricants used to minimize heat and friction while removing metal particles in grinding operations and industrial machining. Their variety of formulations range from straight oils, like petroleum oils, to water-based fluids, including semisynthetic/synthetic fluids as well as soluble oils. The majority of the metalworking fluids are mineral oil-based fluids that enhance the productivity and quality of production operations through the process of cooling and lubrication. In addition, there has also been substantial growth in manufacturing activities across the globe, further projected to increase the adoption of metalworking fluids in the market.

Conversely, other applications in the global base oil market include detergents/dispersants, agriculture, additives, and others. In this regard, the base oil utilized within the agriculture sector, including agricultural spray oil, is blended from specially selected additives as well as high-quality base oil.

The top enterprises operating in the South Korea base oil market are GS Caltex Corporation, S-Oil Corporation, Hyundai and Shell Base Oil Co Ltd, etc.

GS Caltex Corporation, headquartered in South Korea, is a fully-integrated energy company with leadership positions in petrochemicals, petroleum refining, and lubricants. As the fourth-largest single-site oil refinery globally, the company supplies high-quality gasoline, in addition to various other innovative products, by continually improving the technology used and investing in strategic research and development projects as well as initiatives.

The company’s product Kixx LUBO Gr.II is a base oil with superior low-temperature properties and a high viscosity index.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2028
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Million) and Volume (Kilotons)
Segments Analyzed Application and Group
Country Analyzed South Korea
Companies Analyzed

GS Caltex Corporation, S-Oil Corporation, Hyundai and Shell Base Oil Co Ltd, SK Lubricants, Nongshim Co Ltd

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
      • COUNTRY SNAPSHOT
      • COUNTRY ANALYSIS
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
    3. KEY ANALYTICS
      • IMPACT OF COVID-19 ON BASE OIL MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • PESTLE ANALYSIS – SOUTH KOREA
      • KEY BUYING CRITERIA
        • TYPE
        • VISCOSITY GRADE
        • OIL STANDARDS
        • PERFORMANCE
    1. MARKET BY GROUP (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • GROUP I
      • GROUP II
      • GROUP III
      • GROUP IV
      • GROUP V
    2. MARKET BY APPLICATION (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • AUTOMOTIVE OIL
      • INDUSTRIAL OIL
      • METALWORKING FLUIDS
      • GREASES
      • HYDRAULIC OIL
      • OTHER APPLICATIONS
    3. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • GS CALTEX CORPORATION
        • HYUNDAI AND SHELL BASE OIL CO LTD
        • NONGSHIM CO LTD
        • SK LUBRICANTS
        • S-OIL CORPORATION

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – BASE OIL

    TABLE 2: SOUTH KOREA BASE OIL MARKET, BY GROUP, HISTORICAL YEARS, 2018-2021 (IN KILOTONS)

    TABLE 3: SOUTH KOREA BASE OIL MARKET, BY GROUP, FORECAST YEARS, 2022-2028 (IN KILOTONS)

    TABLE 4: SOUTH KOREA BASE OIL MARKET, BY GROUP, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 5: SOUTH KOREA BASE OIL MARKET, BY GROUP, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 6: SOUTH KOREA BASE OIL MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2021 (IN KILOTONS)

    TABLE 7: SOUTH KOREA BASE OIL MARKET, BY APPLICATION, FORECAST YEARS, 2022-2028 (IN KILOTONS)

    TABLE 8: SOUTH KOREA BASE OIL MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 9: SOUTH KOREA BASE OIL MARKET, BY APPLICATION, FORECAST YEARS, 2022-2028 (IN $ MILLION          

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: KEY BUYING CRITERIA

    FIGURE 5: SOUTH KOREA BASE OIL MARKET, GROWTH POTENTIAL, BY GROUP, IN 2021

    FIGURE 6: SOUTH KOREA BASE OIL MARKET, BY GROUP I, 2022-2028 (IN $ MILLION)

    FIGURE 7: SOUTH KOREA BASE OIL MARKET, BY GROUP II, 2022-2028 (IN $ MILLION)

    FIGURE 8: SOUTH KOREA BASE OIL MARKET, BY GROUP III, 2022-2028 (IN $ MILLION)

    FIGURE 9: SOUTH KOREA BASE OIL MARKET, BY GROUP IV, 2022-2028 (IN $ MILLION)

    FIGURE 10: SOUTH KOREA BASE OIL MARKET, BY GROUP V, 2022-2028 (IN $ MILLION)

    FIGURE 11: SOUTH KOREA BASE OIL MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2021

    FIGURE 12: SOUTH KOREA BASE OIL MARKET, BY AUTOMOTIVE OIL, 2022-2028 (IN $ MILLION)

    FIGURE 13: SOUTH KOREA BASE OIL MARKET, BY INDUSTRIAL OIL, 2022-2028 (IN $ MILLION)

    FIGURE 14: SOUTH KOREA BASE OIL MARKET, BY METALWORKING FLUIDS, 2022-2028 (IN $ MILLION)

    FIGURE 15: SOUTH KOREA BASE OIL MARKET, BY GREASES, 2022-2028 (IN $ MILLION)

    FIGURE 16: SOUTH KOREA BASE OIL MARKET, BY HYDRAULIC OIL, 2022-2028 (IN $ MILLION)

    FIGURE 17: SOUTH KOREA BASE OIL MARKET, BY OTHER APPLICATIONS, 2022-2028 (IN $ MILLION)       

    1. MARKET BY GROUP (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • GROUP I
      • GROUP II
      • GROUP III
      • GROUP IV
      • GROUP V
    2. MARKET BY APPLICATION (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • AUTOMOTIVE OIL
      • INDUSTRIAL OIL
      • METALWORKING FLUIDS
      • GREASES
      • HYDRAULIC OIL
      • OTHER APPLICATIONS

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    We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.


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