Republic of Korea: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Republic of Korea

The South Korean market for petroleum lubricating oil and grease fell slightly to $X in 2022, which is down by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Petroleum Lubricating Oil And Grease in Republic of Korea

In value terms, petroleum lubricating oil and grease production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of X%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from Republic of Korea

In 2022, shipments abroad of petroleum lubricating oil and grease increased by X% to X tons, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, petroleum lubricating oil and grease exports soared to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), Vietnam (X tons) and India (X tons) were the main destinations of petroleum lubricating oil and grease exports from South Korea, together comprising X% of total exports. Uzbekistan, Indonesia, Taiwan (Chinese), Thailand, Mexico, Hong Kong SAR and Japan lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Uzbekistan (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for petroleum lubricating oil and grease exported from South Korea were China ($X), Vietnam ($X) and India ($X), with a combined X% share of total exports. Indonesia, Taiwan (Chinese), Uzbekistan, Thailand, Mexico, Hong Kong SAR and Japan lagged somewhat behind, together comprising a further X%.

Uzbekistan, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for petroleum lubricating oil and grease stood at $X per ton in 2022, flattening at the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Uzbekistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into Republic of Korea

In 2022, the amount of petroleum lubricating oil and grease imported into South Korea fell to X tons, dropping by X% against 2021. Overall, imports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, petroleum lubricating oil and grease imports totaled $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of petroleum lubricating oil and grease imports to South Korea, with a combined X% share of total imports. China, France, Spain, Singapore, Switzerland, Belgium, Italy and the Netherlands lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum lubricating oil and grease suppliers to South Korea were the United States ($X), Japan ($X) and Germany ($X), with a combined X% share of total imports. France, Singapore, China, Belgium, Switzerland, Spain, Italy and the Netherlands lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Singapore, with a CAGR of X%, recorded 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

The average import price for petroleum lubricating oil and grease stood at $X per ton in 2022, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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