Republic of Korea: Lubricant Additives Market 2024

Lubricant Additives Market Size in Republic of Korea

In 2021, the South Korean lubricant additives market increased by 4% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Lubricant Additives Production in Republic of Korea

In value terms, lubricant additives production dropped markedly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a significant expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 306% against the previous year. Lubricant additives production peaked at $X in 2020, and then contracted significantly in the following year.

Lubricant Additives Exports

Exports from Republic of Korea

In 2021, approx. X tons of prepared additives for mineral oils were exported from South Korea; declining by -12.9% compared with the previous year. Overall, exports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 91%. The exports peaked at X tons in 2020, and then declined in the following year.

In value terms, lubricant additives exports stood at $X in 2021. Over the period under review, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2016 when exports increased by 103%. 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) was the main destination for lubricant additives exports from South Korea, with a 54% share of total exports. Moreover, lubricant additives exports to China exceeded the volume sent to the second major destination, Italy (X tons), fourfold. Singapore (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+37.1% per year) and Singapore (+5.2% per year).

In value terms, China ($X) remains the key foreign market for prepared additives for mineral oils exports from South Korea, comprising 40% of total exports. The second position in the ranking was taken by Singapore ($X), with a 15% share of total exports. It was followed by Italy, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+8.7% per year) and Italy (+55.7% per year).

Export Prices by Country

The average lubricant additives export price stood at $X per ton in 2021, growing by 25% against the previous year. Overall, the export price saw a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Lubricant Additives Imports

Imports into Republic of Korea

In 2021, purchases abroad of prepared additives for mineral oils was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, saw a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, lubricant additives imports expanded markedly to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Singapore (X tons) constituted the largest supplier of lubricant additives to South Korea, accounting for a 42% share of total imports. Moreover, lubricant additives 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 held by China (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.2% per year) and China (+16.9% per year).

In value terms, Singapore ($X), the United States ($X) and China ($X) were the largest lubricant additives suppliers to South Korea, with a combined 67% share of total imports.

Among the main suppliers, China, with a CAGR of +15.3%, recorded the highest growth rate of 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 lubricant additives import price amounted to $X per ton, stabilizing at the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 1.9%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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