Republic of Korea: Lubricating Oil Additive Market 2024

Lubricating Oil Additive Market Size in Republic of Korea

The South Korean lubricating oil additive market fell modestly to $X in 2021, dropping by -4.6% against the previous year. Over the period under review, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.2% against 2018 indices. Lubricating oil additive consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Lubricating Oil Additive Production in Republic of Korea

In value terms, lubricating oil additive production declined modestly to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 278%. Over the period under review, production attained the maximum level at $X in 2020, and then fell in the following year.

Lubricating Oil Additive Exports

Exports from Republic of Korea

In 2021, approx. X tons of additives for lubricating oils were exported from South Korea; growing by 47% compared with 2020 figures. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 49% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, lubricating oil additive exports skyrocketed to $X in 2021. Overall, exports saw significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 55%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons), Italy (X tons) and Singapore (X tons) were the main destinations of lubricating oil additive exports from South Korea, with a combined 72% share of total exports. These countries were followed by the United States, Vietnam, Malaysia, India and Thailand, which together accounted for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +83.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lubricating oil additive exported from South Korea were China ($X), Singapore ($X) and Italy ($X), with a combined 68% share of total exports. These countries were followed by the United States, Vietnam, India, Malaysia and Thailand, which together accounted for a further 22%.

Among the main countries of destination, the United States, with a CAGR of +75.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average lubricating oil additive export price amounted to $X per ton, reducing by -9.3% against the previous year. Over the period under review, the export price recorded a noticeable setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 3.7% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (-0.7%), while the prices for the other major destinations experienced a decline.

Lubricating Oil Additive Imports

Imports into Republic of Korea

In 2021, supplies from abroad of additives for lubricating oils increased by 15% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports showed a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, lubricating oil additive imports surged to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Singapore (X tons) constituted the largest lubricating oil additive supplier to South Korea, with a 47% share of total imports. Moreover, lubricating oil additive imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.4% per year) and China (+46.6% per year).

In value terms, Singapore ($X), the United States ($X) and China ($X) appeared to be the largest lubricating oil additive suppliers to South Korea, with a combined 74% share of total imports.

In terms of the main suppliers, China, with a CAGR of +46.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average lubricating oil additive import price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 2.8% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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