South Korea Base Oil Market Size, Share, and COVID-19 Impact Analysis, By Type (Mineral Oil, Synthetic Oil, and Bio-based Oil), By Viscosity Grade (Low Viscosity, Medium Viscosity, and High Viscosity), By Application (Automotive Lubricants, Industrial Lubricants, Marine Lubricants, and Other Lubricants), By End Use (Automotive, Industrial, Aerospace, Marine, and Railway), and South Korea Base Oil Market Insights, Industry Trend, Forecasts to 2035.

South Korea Base Oil Market Insights Forecasts to 2035

• The South Korea Base Oil Market Size Was Estimated at USD 1.505 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 5.92% from 2025 to 2035
• The South Korea Base Oil Market Size is Expected to Reach USD 2.834 Billion by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Base Oil Market Size is anticipated to reach USD 2.834 Billion by 2035, growing at a CAGR of 5.92 % from 2025 to 2035. The growing focus on sustainability and environmental regulations, which encourage producers to create more environmentally friendly base oils, is one of the major factors propelling the market. This is in line with South Korea's initiative to reduce carbon emissions and promote green growth, which is encouraging local producers to make investments in the creation of synthetic and bio-based base oils that adhere to higher environmental requirements.

Market Overview

The market for refined petroleum or synthetic materials used as the main components of lubricants is known as the base oil market. These refinery-produced base oils make up 70–97% of the formulation of many lubricants and are an essential part of their composition. The need for base oils is driven by the expansion of sectors including industrial machinery and the automotive industry, as well as the rising demand for premium lubricants. These factors present manufacturers with substantial growth prospects. The search of higher-performance lubricants, like synthetic and renewable base oils, motivates producers to innovate in refining methods and develop new base oil kinds. The need for high-performance engine oils and other lubricants based on base oils is driven by the growth of the automobile industry, particularly in emerging nations. Growing urbanization and industry, particularly in the Asia-Pacific area, raise the need for lubricants in a variety of industrial settings. By encouraging natural gas, renewable fuels (such as ethanol and biodiesel), and electric vehicles, government policies seek to diversify the energy mix and lessen dependency on crude oil as a feedstock and fuel. In line with the need to lower carbon emissions and address global environmental issues, the Extended Producer Responsibility (EPR) framework promotes the use of re-refined base oils.

Report Coverage

This research report categorizes the market for South Korea base oil market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea base oil market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each South Korea base oil market sub-segment.

Driving Factors

The need for specialist base oils is derived from the automotive industry's push for new engine technologies and fuel efficiency, which calls for high-performance lubricants. Opportunities for novel base oil compositions are also presented by the growing popularity of electric vehicles. Demand for sustainable base oil choices is rising as such of the industry's shift to more environmentally friendly and biodegradable lubricants due to tighter emissions standards and growing environmental consciousness. The creation of synthetic lubricants and other innovations in base oil production methods are improving product performance and quality, which is propelling market expansion.

Restraining Factors

Some lubricants used in internal combustion engine (ICE) vehicles are seeing slower after-sales growth as a result of the move to electric vehicles (EVs). Since base oil is a crucial ingredient in the formulation of conventional lubricants, the market for base oil is impacted by the drop in demand for these products. Because base oils are mostly produced by refining crude oil, their prices are subject to change. Price fluctuations for crude oil have a direct effect on base oil availability and cost, which can upset supply chains and demand.

Market Segmentation

The South Korea base oil market share is classified into type, viscosity grade, application, and end-use.

• The mineral oil segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea base oil market is segmented by type into mineral oil, synthetic oil, and bio-based oil. Among these, the mineral oil segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Due to its well-known uses in industrial oils and automobile lubricants, mineral oil which has historically been preferred for its affordability and accessibility has gained a sizable market share.

• The low viscosity segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea base oil market is segmented by viscosity grade into low viscosity, medium viscosity, and high viscosity. Among these, the low viscosity segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Low viscosity oils are advantageous for improving fuel economy and cutting emissions, which is consistent with South Korea's strict environmental laws meant to encourage sustainability.

• The automotive lubricant segment held dominated share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea base oil market is segmented by application into automotive lubricants, industrial lubricants, marine lubricants, and other lubricants. Among these, the automotive lubricant segment held dominated share in 2024 and is expected to grow at a significant CAGR during the forecast period. Automotive lubricants are crucial for the longevity and smooth operation of automobiles, especially as the industry seeks more ecologically friendly and efficient goods. Numerous production processes are supported by industrial lubricants, which greatly improve machinery performance and decrease downtime in a variety of industries.

• The automotive segment held majority share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea base oil market is segmented by end-use into automotive, industrial, aerospace, marine, and railway. Among these, the automotive segment held majority share in 2024 and is expected to grow at a significant CAGR during the forecast period. Automotive is propelled by the ongoing manufacture of automobiles and the demand for lubricants with improved performance and efficiency.

 Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea base oil market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• GS Caltex
• S-Oil Corporation
• SK Energy
• Hyundai Oil bank
• GS Caltex Lubricant Plant
• Hankook Shell Oil
• Lotte Chemical
• Hanwha Total Energies Petrochemical
• Kumho Petrochemical
• Hyosung Corporation
• SK Lubricants
• S-Oil Lubricants
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea base oil market based on the below-mentioned segments:

South Korea Base Oil Market, By Type

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

South Korea Base Oil Market, By Viscosity Grade

• Low Viscosity
• Medium Viscosity
• High Viscosity

South Korea Base Oil Market, By Application

• Automotive Lubricant
• Industrial Lubricants
• Marine Lubricants
• Other Lubricants

South Korea Base Oil Market, By End-Use

• Automotive
• Industrial
• Aerospace
• Marine
• Railway