Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2021

Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2021

By Product Type (Grease [E-Motors, Bearings, Constant Velocity Joints, Others], Heat Transfer Fluids [Battery, E-motors, Power Electronics, Others], Drive System Fluid [Gears, E-motors, Others], Brake Read more

  • Automotive
  • Sep 2021
  • 232
  • AT22010

The emergence of Electric Vehicles (EVs) & Hybrids has led to a profound shift in the automotive industry globally. With more power and improved battery ranges & charging speeds in EVs, standard fluids no longer can maintain their heat resistance, robustness, safety, & cooling capacity effectively. 

Like other vehicles, EVs also require lubricants that can meet the specific requirements of their powertrains. Hence, the leading companies in the industry are striving to engineer EV-only fluids & lubricants with dielectric characteristics, material protection & thermal properties, and standard lubrication.

According to MarkNtel Advisors, the Global Fluid and Lubricants for Electric Vehicle Market is anticipated to grow at around 17.5% CAGR during the forecast period, i.e., 2021-26. The market growth primarily attributes to the rising inclination of consumers toward EVs as they are eco-friendly, sustainable, & help curb CO2 emissions, coupled with the burgeoning need for durable fluids for EVs and the introduction of various types of coolants & lubricants.

Report Coverage Details
Study Period Historical Data: 2016-19
Base Year: 2020
Forecast Period: 2021-26
CAGR 17.5%
Regions Covered North America: USA, Canada, Mexico
Europe: Germany, UK, France, Italy, Spain, Others
Asia-Pacific: China, India, Japan, South Korea
South America: Brazil and others
Middle East & Africa:  UAE, Saudi Arabia, South Africa
Key Companies Profiled 3M, Exxon Mobil Corporation, Valvoline Inc., Afton Chemicals, Dober, Infineum International Limited, Klüber Lubrication, M&I Materials Limited, Motul, FUCHS, Engineered Fluids, PolySi Technologies Inc., Lubrizol, Castrol, Panolin International Inc., Petronas, Royal Dutch Shell, Total Lubricants
Unit Denominations USD Million/Billion

 

Covid-19 Impact on Global Fluid and Lubricants for Electric Vehicle Market

In 2020, the global impact of COVID-19 on the automotive sector was tremendous & unprecedented, and EVs witnessed a continuous demand drop across all regions amid the crisis due to stringent movement restrictions & lockdown imposed by governments worldwide to curb the virus spread. It led to the closure of several manufacturing units and caused cross-border trade restrictions, which impacted exports & imports of goods & services and resulted in massive revenue losses.

However, with the upliftment of lockdown in most countries, the market dynamics changed, and improved sales volume of all types of EVs, particularly of BEVs & HEVs, were observed. The upcoming years are expected to be the most optimistic ones for the EV sector, with various OEMs launching new models, which, in turn, would fuel the production & purchases of fluids & lubes required for EVs, too. Moreover, the strong support of the governments of member countries for vehicle electrification entwined with the declining battery prices is also likely to boost the market in the years to come.

Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2021

Market Segmentation

Demand for Fluids & Lubricants for Passenger EVs to Attain the Highest CAGR Through 2026

The Global Fluid and Lubricants for Electric Vehicle Market, based on Vehicle Type, bifurcates into Passenger Vehicle & Commercial Vehicle.

The rising government initiatives to provide subsidies for Passenger EVs in countries, including Canada, China, & Japan, the rapidly increasing penetration of EVs into the automotive industry, overall growing sales volume, especially the battery-based ones, and bolstering investment in EV charging solutions are the most prominent factors projected to create the fastest demand for fluids & lubricants among Passenger EVs.

Moreover, the high degree of passenger vehicle electrification worldwide, i.e., mainly driven by cheaper & more efficient batteries providing more driving range, surging number of policies to extradite ICE vehicles considering public health, and various automakers planning to put a halt on technological advancements in ICE vehicles are also likely to augment the use of fluid & lubes in Passenger EVs in the future years, further states the research report, “Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2021.”

BEVs to Dominate the Global Fluid and Lubricants for Electric Vehicle Market with Largest Share, PHEVs to Witness Highest CAGR During 2021-26

Based on Propulsion Type, the market bifurcates into Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-In Hybrid Electric Vehicles (PHEVs).

Burgeoning sales of BEVs, the presence of leading OEMs, and various initiatives by the government to increase the number of BEVs are the prime factors to lead the segment to dominate the market and surge the production & sales fluid & lubricants for BEVs in the coming years.

BEVs do not have an ICE (Internal Combustion Engine), i.e., they are pollution-free & have less vehicle noise, and involve low running costs. Hence, their demand has been substantial so far, and the same trend is likely to be followed in the coming years, which, in turn, would further add to the market size.

On the other hand, PHEVs are expected to witness the highest growth rate during 2021-26 due to the growing requirements for low emission vehicles, increased investments in PHEV production by EV manufacturers entwined with various initiatives by governments across the emerging & developed economies to promote using Plug-in HEVs.

Regional Landscape

Asia-Pacific to Dominate the Global Market with Largest Share During 2021-26

The Global Fluid and Lubricants for Electric Vehicle Market expands across North America, South America, Asia-Pacific, Europe, & Middle East & Africa. Of them all, Asia-Pacific shows more potential of dominating the market with the largest share during 2021-26. It primarily owes to the rising shift of consumers toward environmentally-friendly lifestyles due to the alarming rate of CO2 emissions triggered by developing countries like India, China, & Malaysia due to overpopulation and extensive industrial activities. It has induced the need for sustainable mobility options like EVs in the region across both the passenger & commercial segments to curb pollution levels and reduce vehicle running costs.

In the region, China is the largest market of fluids & lubricants. The rising focus of the Chinese government on discarding aging vehicles is leading to the surging inclination toward green mobility options and improved & high-performance fluids & lubricants across the country. Moreover, the favorable policies by Chinese authorities and the facility to purchase cars online entwined with subsidies for EV buyers have also ramped up EV sales in the country, which has further augmented the production & sales of fluids & lubricants.

On the other hand, India is expected to become the region's fastest-growing EV market in the coming years. The country's new vehicle scrappage policy in which owners who scrap their old vehicles and plan to buy a new one will get incentives, coupled with other upcoming policies, is leading to the rapid adoption of EVs by consumers. Hence, with the rising EV sales and favorable government norms, the demand for fluids & lubricants is likely to propel significantly in India during 2021-26, further states the research report, "Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2021."

Some other facts that would boost the market in Asia-Pacific include:

  • In 2020, China announced its plan for carbon neutrality by 2060, which also includes electrification of transportation.
  • In 2021, the government of South Korea introduced its plan to lower the prices of EVs by at least USD 9,000 and announce leases for EV batteries to reduce the initial purchase costs.

Europe's Fluids & Lubricants for Electric Vehicle Market Witnessed Fastest Growth Rate in Previous Few Years

The various initiatives by governments in the UK, Germany, & France to reduce carbon emissions and propagate knowledge to the public about the benefits of using EVs is the most prominent factor behind the fastest market growth in Europe. It has resulted in the rapid adoption of fuel-efficient vehicles in the region and, in turn, has fueled the production & sales of fluids & lubricants needed for them. Besides, the growing climate changes leading to favorable government policies for EV buyers, coupled with the paradigm shift in consumer attitudes, have also propelled EV sales in Europe.

Moreover, the well-established charging infrastructure and capital availability in UK, Germany, France, Netherlands, and Nordic countries also acted as a catalyst to the regional market extension in the previous years. Additionally, the market in Europe's Northern & Western areas has more potential than in Southern & Eastern areas in the future years owing to more affluent countries (cited above) massively investing in infrastructure and offering better incentives.

Market Dynamics

Key Drivers

The burgeoning demand for effective & reliable EV fluids & lubes to achieve better EV performance & driving experience is the primary factor expected to drive the Global Fluid and Lubricants for Electric Vehicle Market over the forecast period. Also, the growing need for better thermal management in EVs is another crucial aspect that would expand the market size. The different components in EVs like electric motors & battery systems producing massive heat while driving, thereby requiring efficient thermal management in EVs and making it necessary to top up Coolant Fluid frequently. Hence, the aspects cited above are expected to drive the market in the coming years.

Possible Challenges

The high prices of EVs & their fluids, coupled with various issues regarding the feasibility of developing immersion cooling batteries for efficient thermal management, might restrain the market from growing during 2021-26.

Competitive Landscape

According to MarkNtel Advisors, the key industry leaders with a considerable share in the Global Fluid and Lubricants for Electric Vehicle Market include 3M, Exxon Mobil Corporation, Valvoline Inc., Afton Chemicals, Dober, Infineum International Limited, Klüber Lubrication, M&I Materials Limited, Motul, FUCHS, Engineered Fluids, PolySi Technologies Inc., Lubrizol, Castrol, Panolin International Inc., Petronas, Royal Dutch Shell, Total Lubricants, etc.     

Key Questions Answered in the Market Research Report:

  1. What are the key overall statistics or estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Global Fluid and Lubricants for Electric Vehicle Market?
  2. What is the region-wise market size, growth drivers, and challenges?
  3. What are the key innovations, technology upgrades, opportunities, regulations in the Global Fluid and Lubricants for Electric Vehicle Market? 
  4. Who are the key competitors or market players, and how do they perform in the Global Fluid and Lubricants for Electric Vehicle Market based on the competitive benchmarking matrix?
  5. What are the key results derived from the surveys conducted during the Global Fluid and Lubricants for Electric Vehicle Market study?  

Market Outlook, Segmentation, and Statistics

  • Impact of COVID-19 on Global Fluid and Lubricants for Electric Vehicle Market
  • Market Size & Analysis
    • By Revenue
  • Market Share & Analysis
    • By Product Type
      • Grease
        • E-Motors
        • Bearings
        • Constant Velocity Joints
        • Others
      • Heat Transfer Fluids
        • Battery
        • E-motors
        • Power Electronics
        • Others
      • Drive System Fluid
        • Gears
        • E-motors
        • Others
      • Brake Fluids
    • By Distribution Channel
      • OEM
      • Aftermarket
    • By Vehicle Type
      • Passenger Vehicle
      • Commercial Vehicle
    • By Propulsion Type
      • Battery Electric Vehicles (BEVs)
      • Hybrid Electric Vehicles (HEVs)
      • Plug-In Hybrid Electric Vehicles (PHEVs)
    • By Region
      • North America
      • South America
      • Europe
      • Middle East & Africa
      • Asia-Pacific
    • By Competitors
      • Competition Characteristics
      • Market Share & Analysis
      • Competitive Matrix
  • Global Fluid and Lubricants for Electric Vehicle Market Hotspots & Opportunities
  • Global Fluid and Lubricants for Electric Vehicle Market Regulations & Policy
  • Key Strategic Imperatives for Success & Growth
  • Global Competition Outlook
    • Competition Matrix
    • Company Profile

Frequently Asked Questions

A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.

A. The measuring unit of the market/industry size or the market value is USD Million.

A. The Global Fluid and Lubricants for Electric Vehicle Market is forecast to grow at a CAGR of 17.5% during 2021-26.

A. 3M, Exxon Mobil Corporation, Valvoline Inc., Afton Chemicals, Dober, Infineum International Limited, Klüber Lubrication, M&I Materials Limited, Motul, FUCHS, Engineered Fluids, PolySi Technologies Inc., Lubrizol, Castrol, Panolin International Inc., Petronas, Royal Dutch Shell, Total Lubricants are few of the leading players in the Global Fluid and Lubricants for Electric Vehicle Market.

A. Passenger Vehicles are expected to attain the highest CAGR and maintain their significant market share during the forecast period.

A. Asia-Pacific is projected to dominate the Global Fluid and Lubricants for Electric Vehicle Market and present immense opportunities for the key market players during 2021-26.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
    5. Acronyms
  2. Preface
  3. Executive Summary
  4. Global Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Revenues
      2. Quantity Sold
    2. Market Share & Analysis
      1. By Product Type
        1. Grease
          1. E-Motors
          2. Bearings
          3. Constant Velocity Joints
          4. Others
        2. Heat Transfer Fluids
          1. Battery
          2. E-motors
          3. Power Electronics
          4. Others
        3. Drive System Fluid
          1. Gears
          2. E-motors
          3. Others
        4. Brake Fluids
      2. By Distribution Channel
        1. OEM
        2. Aftermarket
      3. By Vehicle Type
        1. Passenger Vehicle
        2. Commercial Vehicle
      4. By Propulsion Type
        1. Battery Electric Vehicles (BEVs)
        2. Hybrid Electric Vehicles (HEVs)
      5. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      6. By Competitors
        1. Competition Characteristics
        2. Market Share & Analysis
        3. Competitive Metrix
  5. North America Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Revenues
      2. Quantity Sold
    2. Market Share & Analysis
      1. By Product Type
      2. By Distribution Channel
      3. By Vehicle Type
      4. By Propulsion Type
      5. By Country
        1. The US
        2. Canada
        3. Mexico
      6. North America Fluid and Lubricants for Electric Vehicle Market Pricing Analysis
    3. The US Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. The US Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026  
    4. Canada Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Canada Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026  
    5. Mexico Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Mexico Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026  
  6. South America Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Revenues
      2. Quantity Sold
    2. Market Share & Analysis
      1. By Product Type
      2. By Distribution Channel
      3. By Vehicle Type
      4. By Propulsion Type
      5. By Country
        1. Brazil
        2. Others
    3. South America Fluid and Lubricants for Electric Vehicle Market Pricing Analysis
  7. Europe Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Revenues
      2. Quantity Sold
    2. Market Share & Analysis
      1. By Product Type
      2. By Distribution Channel
      3. By Vehicle Type
      4. By Propulsion Type
      5. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Others
      6. Europe Fluid and Lubricants for Electric Vehicle Market Pricing Analysis
    3. Germany Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026  
    4. The UK Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026  
    5. France Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026  
    6. Italy Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026  
    7. Spain Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026  
  8. Middle East & Africa Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Revenues
      2. Quantity Sold
    2. Market Share & Analysis
      1. By Product Type
      2. By Distribution Channel
      3. By Vehicle Type
      4. By Propulsion Type
      5. By Country
        1. UAE
        2. Saudi Arabia
        3. South Africa
        4. Others
      6. Middle East & Africa Fluid and Lubricants for Electric Vehicle Market Pricing Analysis
  9. Asia-Pacific Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Revenues
      2. Quantity Sold
    2. Market Share & Analysis
      1. By Product Type
      2. By Distribution Channel
      3. By Vehicle Type
      4. By Propulsion Type
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Others
      6. Asia Pacific Fluid and Lubricants for Electric Vehicle Market Pricing Analysis
    3. China Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026 
    4. India Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026 
    5. Japan Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026 
    6. South Korea Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Revenues
        2. Quantity Sold
      2. Market Share & Analysis
        1. By Vehicle Type
        2. By Propulsion Type
      3. Competition Fluid and Lubricants for Electric Vehicle Market Competition Outlook
      4. Pricing Analysis, 2016-2026 
  10. Global Fluid and Lubricants for Electric Vehicle Market Pricing Analysis
  11. Global Fluid and Lubricants for Electric Vehicle Market Regulations, Policies
  12. Global Fluid and Lubricants for Electric Vehicle Market Porters Five Forces Analysis
  13. Global Fluid and Lubricants for Electric Vehicle Market Trends & Insights
  14. Global Fluid and Lubricants for Electric Vehicle Market Dynamics
    1. Drivers
    2. Challenges
    3. Impact Analysis
  15. Global Fluid and Lubricants for Electric Vehicle Market Hotspot & Opportunities
  16. Global Fluid and Lubricants for Electric Vehicle Market, Competition Outlook
    1. Competition Matrix
      1. Target Markets
      2. Target Applications
      3. Research & Development
      4. Collaborations & Strategic Alliances
      5. Key Business Expansion Initiatives
      6. Business Restructuring- Mergers, Acquisitions, JVs
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Product Offering, Strategic Alliances or Partnerships, etc.)
      1. 3M
      2. Exxon Mobil Corporation
      3. Valvoline Inc.
      4.  Afton Chemicals
      5. Dober
      6.  Infineum International Limited
      7. Klüber Lubrication
      8. M&I Materials Limited
      9. Motul
      10. FUCHS
      11. Engineered Fluids
      12. PolySi Technologies Inc.
      13. Lubrizol
      14. Castrol
      15. Panolin International Inc
      16. Petronas
      17. Royal Dutch Shell
      18. Total Lubricants
  17. Disclaimer
Global Fluid and Lubricants for Electric Vehicle Market Segmentation