Various electric vehicle fluid and lubricant manufacturers are collaborating with different electric vehicle powertrain and battery technology providers to study and commercialize cooling technologies for batteries.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study APAC Fluids and Lubricants Market for Electric Vehicles - A Regional Analysis.
According to this study, the APAC fluids and lubricants market for electric vehicles was valued at $182.8 million in 2022 and is projected to reach $2.36 billion by 2031.
The following factors are responsible for the increase in demand for fluids and lubricants for electric vehicles:
- Need for corrosion-resistant solutions in electric vehicle batteries.
- Increasing demand to further extend the range of electric vehicles.
- Rapid adoption of immersive cooling for the electric vehicle batteries
- Improved durability of the powertrain in electric vehicles.
- Increasing demand for high-performance grease in hybrid electric vehicles.
- Growing need for enhanced electrification components.
- Rapid increase in electric two-wheelers and three-wheelers fleet.
The detailed study is a compilation of 120 market data tables and 75 figures spread through 215 pages.
Check out the detailed table of content here:
Analyst's Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst- BIS Research, "The demand for fluids and lubricants in EVs are anticipated to grow with the increase in electric vehicle sales. Since electric vehicles do not require engine oil, many Internal Combustion Engine vehicle fluids and lubricants manufacturing companies are diversifying their product portfolios to meet EV requirements. In the past few years, the companies have changed their business strategies toward developing and investing in electric vehicle applications and their products. An important observation was the steady change in demand for fluids and lubricants in the electric vehicle industry. Surging growth in sales of electric-powered two-wheelers in India and Vietnam is expected to boost the market growth in upcoming years. The increasing fleet of electric vehicles may have an optimistic impact on the aftermarket segment of the APAC fluids and lubricants market for EVs."
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Drive System Fluids to Witness Higher Demand as a Product for Lubrication for EVs
The prominent types of fluids that are being developed for application in electric vehicles are greases, thermal fluids, driver system fluids, and brake fluids. The application of these types of fluids is in various components such as e-motors, battery systems, bearings, constant velocity joints, power electronics, gears, and the braking system of electric vehicles.
The new EV fluids have added additives and dielectric properties, which makes them suitable for application in electric vehicle components. These specialized fluids are able to provide better thermal management properties than regular coolants.
Drive system fluids are expected to be the largest segment since they are essential for electric vehicles to cool their electric powertrain components and increase their range.
Major Existing Industry Leaders in the APAC Fluids and Lubricants Market for Electric Vehicles
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are
- SK Lubricants Co., Ltd. (SK Inc.)
- GS Caltex Corporation
- S-OIL CORPORATION
- Klüber Lubrication
- Panolin AG
- Idemitsu Kosan Co., Ltd.
- Exxon Mobil Corporation
- Repsol SA
- ENEOS Corporation (ENEOS Holdings, Inc.)
- The Lubrizol Corporation
- Petroliam Nasional Berhad (PETRONAS)
- Shell plc
- TotalEnergies SE
- Valvoline Inc.
Recent Developments in the APAC Fluids and Lubricants Market for Electric Vehicles
- In November 2021, The Lubrizol Corporation partnered with Intel to develop the industry's first hydrocarbon collaboration for immersion fluid technology. The company's new immersion fluid solutions will be warrantied on Intel Xeon and Core microarchitectures.
- In November 2021, Petroliam Nasional Berhad (PETRONAS) unveiled its next-generation range of electric vehicle fluid solutions at its Global Research & Technology Centre in Turin, Italy.
- In July 2021, TotalEnergies SE launched a dedicated hybrid transmission fluid for Great Wall Motors. Great Wall Motors, China's leading car manufacturer, is a key player in the development of electric vehicles.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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