Press release
Petroleum Liquid Feedstock Market in South Korea Set for Steady Growth, Driven by Refining Demand
Demand for Petroleum Liquid Feedstock in South Korea
Market Snapshot (2026-2036)
• Market size 2026: USD 11.1 billion
• Market size 2036: USD 16.5 billion
• CAGR (2026-2036): 4.1%
• Leading product segment: Heavy Naphtha (30%)
• Leading type: Crude Oil-Derived Feedstock (66.5%)
• Leading end use: Petroleum Refining and petrochemical integration (core applications include aromatics production, hydrocracking, and fuel blending)
• Key growth regions: Jeju (leading CAGR ~4.9%), South Gyeongsang, South Jeolla, North Jeolla
• Top companies: ExxonMobil Corporation, Saudi Aramco, Royal Dutch Shell plc, TotalEnergies SE, Reliance Industries Limited
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Market Momentum (YoY Path)
The Market demonstrates a steady upward trajectory between 2025 and 2035, reflecting controlled expansion across refining and petrochemical sectors. Growth through 2025 and 2028 is supported by stable refinery operations and consistent naphtha demand for chemical processing. By 2030, incremental efficiency improvements and feedstock optimization strategies maintain moderate expansion.
From 2031 onward, the Market continues its gradual progression, with limited volatility as industrial buyers maintain established procurement patterns. By 2033, capacity additions in petrochemical facilities contribute to incremental gains. The Market ultimately reaches USD 16.5 billion by 2035, reflecting a structurally stable growth curve driven by long-term industrial demand.
Why the Market is Growing
The Market is primarily driven by South Korea's large-scale refining and petrochemical ecosystem, where petroleum liquid feedstock serves as a foundational input. Refineries convert crude into fuels, lubricants, and intermediates, while petrochemical plants rely on feedstock to produce olefins and aromatics used in plastics, synthetic fibers, and rubber.
Strong industrial sectors, including shipbuilding, automotive, and consumer goods, sustain steady demand for refined intermediates. Additionally, the push for cleaner fuels and stricter emissions standards encourages refiners to adjust feedstock selection, often increasing reliance on specific low-sulfur streams. Expansion of petrochemical capacities and evolving trade dynamics further reinforce demand, ensuring the Market remains structurally significant.
Segment Spotlight
1) Product Type
Heavy Naphtha leads the Market with a 30% share, reflecting its critical role in steam cracking, catalytic reforming, and aromatics production. It supports the production of ethylene, propylene, benzene, toluene, and xylene, making it essential for petrochemical output. Its compatibility with refining infrastructure and consistent yield profile ensures continued preference among industrial users.
2) Material Type
Crude Oil-Derived Feedstock dominates the Market with a 66.5% share. Established refining systems are designed around crude distillation and conversion processes, providing predictable volumes of naphtha, gas oil, and other intermediates. This segment benefits from stable procurement contracts, consistent quality, and alignment with South Korea's import-dependent energy structure.
3) End Use
Petroleum Refining and petrochemical applications remain the primary end uses, including fuel blending, hydrocracking, aromatics production, and lubricant manufacturing. These applications drive consistent demand as refiners balance fuel output with chemical production, supporting both domestic consumption and export-oriented industries.
Drivers, Opportunities, Trends, Challenges
Drivers:
The Market is supported by large integrated refining complexes and strong petrochemical production, requiring continuous feedstock supply for fuels and chemical intermediates.
Opportunities:
Expansion of petrochemical downstream capacities and upgrades in processing technologies create opportunities for increased feedstock utilization and higher throughput.
Trends:
Refiners are optimizing feedstock slates to balance fuel and chemical outputs, with growing attention to low-sulfur streams and integration of renewable and alternative feedstocks at an early stage.
Challenges:
The Market faces constraints from price volatility, competition from alternative feedstocks, regulatory pressures on emissions, and logistical limitations such as storage and port capacity.
Competitive Landscape
The Market is characterized by competition based on supply reliability, refinery integration, and long-term contracts. ExxonMobil Corporation maintains a strong position through consistent crude supply and integration with petrochemical systems. Saudi Aramco leverages a diverse crude slate and strategic partnerships with refiners. Royal Dutch Shell plc focuses on flexible trading operations, supplying condensate and light distillates.
TotalEnergies SE and Reliance Industries Limited target specialized demand segments, offering a range of feedstock streams aligned with refinery and petrochemical requirements. Across the Market, suppliers emphasize product specifications, consistent quality, and compatibility with refining processes to secure long-term relationships.
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Frequently Asked Questions
What is the projected growth of the Market through 2036?
The Market is expected to grow at a CAGR of 4.1%, reaching USD 16.5 billion by 2036.
What is the Market size in 2026?
The Market is valued at USD 11.1 billion in 2026.
Which product segment leads the Market?
Heavy Naphtha leads with a 30% share due to its role in petrochemical production.
Which source type dominates the Market?
Crude Oil-Derived Feedstock holds the largest share at 66.5%.
What factors drive Market demand?
Demand is driven by refining capacity, petrochemical production, and steady industrial activity across key sectors.
Which region shows the fastest growth?
Jeju records the highest CAGR at approximately 4.9% during the forecast period.
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