The Emerging "Electric Vehicle Lubricants" Market as a Blue Ocean

[Asia Economy Reporter Park Soyeon] The electric vehicle (EV) lubricant market is emerging as a 'blue ocean' for the refining industry. As the automotive market shifts towards electric vehicles, the lubricant market is also undergoing changes.

Unlike traditional internal combustion engine vehicles, EVs operate using batteries and motors instead of engines. The role of lubricants here is to quickly cool the heat generated by the battery, motor, and gears.

Additionally, it is necessary to block unnecessary electrical flow within the vehicle to reduce energy loss and wear. Some EVs have a simple structure where the engine and gearbox are not separated but integrated. In such cases, lubricants suitable for use in both areas simultaneously are required.

SK Lubricants, a specialist lubricant company, began supplying EV lubricants to well-known automakers in 2017. Collaborating with global automakers, the company is developing and commercializing EV lubricants specialized for each manufacturer and plans to actively increase sales of EV lubricants. Besides SK, refiners such as Hyundai Oilbank and S-Oil are also preparing to enter the EV lubricant market.

The global EV lubricant market is expected to grow at an annual rate of over 24% until 2030. The EV lubricant market is projected to expand from 10 million liters this year to 60 million liters by 2025.