Hyundai Oilbank, led by CEO Chu Young-min, has embarked on entering the North American market by supplying lubricant products, specifically the XTeer series, to the global industrial vehicle manufacturing company HD Hyundai XiteSolution.
The supplied products include lubricants such as hydraulic oil and transmission oil, essential for improving the efficiency of industrial vehicles. The annual supply volume is set at 25 TEUs, or twenty-foot equivalent units, based on containers.
While the North American market stands as the world’s largest demand region for lubricants, major companies have already established their presence, leaving domestic manufacturers with a market share of less than 0.1 percent. The latest collaboration project is seen as a stepping stone to breaking down the high entry barriers of the North American market, paving the way for the expansion of the industrial vehicle lubricant market.
The two HD Hyundai affiliates have been continuously expanding their global business scope by initiating supply collaboration projects in a total of seven countries, including Qatar and Honduras, in 2022.
Cho Hwi-jun, head of the lubricant business division at HD Hyundai Oilbank, said, “The entry of our XTeer brand into the high-entry-barrier North American market is highly meaningful. In the future, we aim to solidify our position as a recognized export brand by supplying our lubricants to global industrial vehicle manufacturers through collaboration within the HD Hyundai affiliates.”