In 2023, the South Korean market size for lubricants used in textiles and leather, exclusive of petroleum oil, stood at 75.138 million USD. Over the previous two years, the market experienced moderate growth with a year-on-year increase of 7.1% in 2022 followed by a 1.68% rise in 2023. The calculated 5-year compound annual growth rate (CAGR) was modest at 1.37%, reflecting a steady but limited upward trajectory after various fluctuations, prominently the significant decline observed in 2020.
Future trends to watch for include the potential for increased demand driven by enhancements in textile and leather production technologies that require specific lubricant properties. Additionally, the global shift towards sustainable and environmentally friendly products might stimulate innovations in the development of non-petroleum-based lubricants that could further influence the market scale positively.
