South Korea Greases Market Size & Outlook, 2023-2030
South Korea greases market, 2018-2030 (US$M)
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South Korea greases market highlights
- The South Korea greases market generated a revenue of USD 90.7 million in 2023 and is expected to reach USD 116.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 3.6% from 2024 to 2030.
- In terms of segment, mineral was the largest revenue generating form in 2023.
- Mineral is the most lucrative form segment registering the fastest growth during the forecast period.
Greases market data book summary
| Market revenue in 2023 | USD 90.7 million |
| Market revenue in 2030 | USD 116.3 million |
| Growth rate | 3.6% (CAGR from 2023 to 2030) |
| Largest segment | Mineral |
| Fastest growing segment | Mineral |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Mineral, Synthetic, Bio-based |
| Key market players worldwide | Nycon, Battenfeld-Grease & Oil Corporation of New York, RichardsApex Inc., Lubriplate Lubricants Co., GB Lubricants, Eastern Oil, JAX INC., D-A Lubricant Company, Xaerus Performance Fluids, Moroil Technologies, Industrial Oils Unlimited, LLC, Primrose Oil Company, Cadillac Oil, Condat, COGELSA, Interflon |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.6% of the global greases market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China greases market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 990.5 million by 2030.
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Greases Market Scope
Greases Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea greases market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to greases market will help companies and investors design strategic landscapes.
Mineral was the largest segment with a revenue share of 58.65% in 2023. Horizon Databook has segmented the South Korea greases market based on mineral, synthetic, bio-based covering the revenue growth of each sub-segment from 2018 to 2030.
The challenges faced by the South Korean construction industry in 2023, such as a decline in construction deals and industry slowdown, can have an indirect negative impact on the greases market. According to the Construction & Economy Research Institute of Korea and the Construction Association of Korea, the construction industry was valued at USD 166 billion in 2023, witnessing a decline of 6.7% compared to 2022.
Thus, with fewer construction projects, the demand for greases in the industry could be affected. In Korea, the production of machine tools, which are vital for manufacturing processes like grinding and milling, reached USD 49.7 billion in 2019, marking a 1% increase from the previous year.
However, the years 2021 and 2022 saw a decline in both the supply and orders of machine tools, largely due to the global pandemic. This significantly impacted the machine tool market, leading to reduced demand from manufacturers and the closure of production facilities across various industries.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea greases market, including forecasts for subscribers. This country databook contains high-level insights into South Korea greases market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea greases market size, by form, 2018-2030 (US$M)
South Korea Greases Market Share, 2023 & 2030 (US$M)
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