The petroleum-based lubricant market in South Korea showed a variable growth trend over the past decade. Starting with a value of $538.06 million in 2012, it experienced fluctuations, reaching a peak of $690.61 million by 2022. Year-on-year variations included significant increases, such as a 16.13% growth in 2014 and a notable 15.78% rise in 2021, offset by substantial drops like the -14.5% decrease in 2020. The compound annual growth rate (CAGR) over the last five years was 0.74%.
Future trends to watch for include:
- Increased adoption of synthetic and bio-based lubricants due to environmental regulations.
- Technological advancements in lubricant formulations for better performance and efficiency.
- Potential market recovery influenced by industrial expansion and automotive sector growth in South Korea.
| # | 43 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 8,304,600,000 | 2023 | -5.15% | -5.77% | View data |
| 2 | 2 Japan | 3,222,400,000 | 2023 | -0.53% | -0.65% | View data |
| 3 | 3 Germany | 2,383,500,000 | 2023 | +0.11% | -1.38% | View data |
| 4 | 4 France | 1,868,800,000 | 2023 | +0.13% | -0.45% | View data |
| 5 | 5 India | 1,796,200,000 | 2023 | +2.95% | +1.81% | View data |
| 9 | 9 Poland | 731,920,000 | 2023 | +3.41% | +0.12% | View data |
| 10 | 10 Indonesia | 729,640,000 | 2023 | +0.11% | -1.52% | View data |
| 11 | 11 South Korea | 698,100,000 | 2023 | +1.08% | +0.32% | |
| 12 | 12 Spain | 590,420,000 | 2023 | -0.48% | -2.41% | View data |
| 13 | 13 Thailand | 525,140,000 | 2023 | +2.61% | +0.98% | View data |
