Republic of Korea: Lubricant Additives Market 2024

Lubricant Additives Market Size in Republic of Korea

In 2022, after five years of decline, there was significant growth in the South Korean lubricant additives market, when its value increased by X% to $X. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Lubricant Additives Production in Republic of Korea

In value terms, lubricant additives production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production recorded a measured expansion. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Lubricant Additives Exports

Exports from Republic of Korea

After two years of growth, shipments abroad of prepared additives for mineral oils decreased by X% to X tons in 2022. Over the period under review, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. The exports peaked at X tons in 2021, and then fell markedly in the following year.

In value terms, lubricant additives exports soared to $X in 2022. In general, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X tons), Italy (X tons) and Singapore (X tons) were the main destinations of lubricant additives exports from South Korea, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lubricant additives exported from South Korea were China ($X), Singapore ($X) and Italy ($X), with a combined X% share of total exports.

Among the main countries of destination, Italy, with a CAGR of X%, recorded the highest growth rate of 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 2022, the average lubricant additives export price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the export price, however, recorded a deep contraction. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Malaysia ($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 India (X%), while the prices for the other major destinations experienced a decline.

Lubricant Additives Imports

Imports into Republic of Korea

In 2022, purchases abroad of prepared additives for mineral oils increased by X% to X tons, rising for the second consecutive year after three years of decline. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, lubricant additives imports soared to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Singapore (X tons) constituted the largest supplier of lubricant additives to South Korea, accounting for a X% share of total imports. Moreover, lubricant additives imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. China (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Singapore stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and China (X% per year).

In value terms, Singapore ($X) constituted the largest supplier of prepared additives for mineral oils to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Singapore totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and China (X% per year).

Import Prices by Country

The average lubricant additives import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price reached 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 ($X per ton), while the price for India ($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 United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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