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HD Hyundai Oilbank taps North American lubricant market

Collected: 2024.01.25

Distributed: 2024.01.26

Source: Go Direct

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[Courtesy of HD Hyundai Oilbank]

South Korea’s HD Hyundai Oilbank made a strategic entry into the North American lubricant market by supplying industrial vehicle lubricants to HD Hyundai XiteSolution, a global industrial vehicle manufacturing company under HD Hyundai Group.

According to an announcement on Wednesday, HD Hyundai Oilbank has supplied its lubricant product, XTeer, to HD Hyundai XiteSolution since the end of December 2023. XTeer is used for industrial vehicles, enhancing their efficiency by providing lubrication for components including hydraulic fluid and transmission oil. The supply decision was made in September 2023 and was followed by a pilot supply.

Despite North America being the world’s largest market for industrial lubricants, Korean manufacturers have less than 0.1 percent of the market share, largely due to the dominance of major companies. HD Hyundai Oilbank sees this collaboration as breaking the entry barriers into the North American market, creating a foundation for expanding the industrial vehicle lubricant market.

By Jung You-jung and Minu Kim

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