In South Korea, the per capita market size value of lubricants for textile and leather use (excluding petroleum oil) showed a growth trend from 2013 onwards. The value increased from $1.01 in 2013 to $1.44 in 2023. Notably, there was a dip in 2020, likely due to the COVID-19 pandemic, but the market rebounded, reaching $1.44 in 2023.
The last two years (2022 to 2023) reported a year-on-year increase of 1.41%. Over the last five years, the compound annual growth rate (CAGR) was approximately 1.14%, indicating a steady growth trend in the sector.
Future trends to watch for include:
- Innovation in eco-friendly, sustainable lubricant formulations.
- Increasing regulations and environmental awareness influencing market demand.
- Technological advancements in textile and leather manufacturing processes potentially driving demand for specialized lubricants.
