The global electric vehicle lubricant market is expected to grow from 10 million liters in 2020 to 60 million liters in 2025, driven by booming registrations of new autos, according to SK Innovation, a Korean energy chemical company.
Sales are expected to top 4 million by the end of the year, up from 2.28 million in 2020, according to a recently updated forecast by IHS Markit, a U.K.-based consultancy.
This figure should increase to 11.26 million by 2025 to gain a market share of 10%, up from an expected 3.5% in 2021. Over the same period, 100 new models are expected to be launched onto the world’s roads.
These market trends have pushed many global automakers such as GM, Volvo and VW to announce plans to convert to 100% EVs lineups.
“As the global vehicle market gets restructured around EVs, the market for lubricants for EV is emerging as the new blue ocean. With improved performances of EVs, the use of exclusive lubricant products for these cars is becoming an essential practice,” SK Innovations said in a recent news release.
Emergen Research, a United States-based firm, found that the global EV fluids and lubricants had a market size of U.S. $1.2 billion and is expected to achieve compound annual growth rate of 18.7% in the next five to six years.
EV lubricants play essential roles in power trains in boosting performance and driving experience. Products include greases, brake fluids, heat transfer fluids and drive system fluids, all of them classed as e-fluids.
Compared with conventional internal combustion engine lubricants, e-fluids cool e-motors and gears and provide insulation to electric current. Also, they extend the lifetime of each electric motor part, and extend the mileage of EVs by improving machine efficiency.
Like other lube makers, the South Korea based SK Lubricants, a sister company of SK Innovation, is attempting to capture a piece of this burgeoning e-fluid market from the global heavyweights. It has been developing e-fluids since 2010, giving it a head start in the domestic market.
As of today, the company’s products have been used in more than 700,000 EVs, while EV lubricant sales have increased by an average of 33% annually over the past two years. It expects to double sales in 2021 over last year’s figures.
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