Lubricant demand in South Korea is forecast to increase 1.2 percent in 2015 to 1,062,174 kiloliters, the Korea Lubricating Oil Industries Association said in its annual report released last month. The group estimates that demand in 2014 is on track to reach 1,049,559 kilolitersfor the full year.
The Seoul-based group, which represents suppliers of lubricants, lube additives and oil products, projects that demand for automotive lubricants will rise fastest, increasing 2.1 percent from this year to 370,178 kiloliters. Demand for marine oils is expected to rise 1.3 percent to 128,955 kiloliters and electrical insulating oils 0.9 percent to 20,720 kiloliters.
Meanwhile, the association forecasted demand for other categories to decrease – industrial lubricants by 0.1 percent to 207,251 kiloliters, metalworking fluid and rust preventives by 0.2 percent to 128,602 kiloliters and grease by 0.9 percent to 18,632 kiloliters.
In consideration of the lingering economic uncertainties at home and abroad, [the downward trend for motorists in] average distance traveled, improving fuel efficiency and so on, growthin the countrys consumption of lube products has limitations, the report said. It concluded that South Korean lubricant suppliers must focus more on overseas markets and high-grade products if they want to succeed in the future.