SK Lubricants "Expecting Lubricant Sales to Double This Year with Expansion of Electric Vehicle Market"

[Asia Economy Reporter Yoonju Hwang] SK Lubricants, a lubricant business subsidiary of SK Innovation, is expected to record more than double the sales volume compared to last year, driven by the growth of the electric vehicle market.

SK Lubricants announced on the 14th that its lubricant sales volume this year is expected to reach twice that of the previous year. In particular, sales of lubricants for electric vehicles by SK Lubricants have increased by an average of 33% annually over the past two years.

The increase in SK Lubricants' product sales is thanks to its proactive approach to the electric vehicle market. Since 2010, it has been developing lubricants for electric vehicles and has been supplying these lubricants to global automakers since 2013.

According to market research firm IHS, the electric vehicle market size this year is estimated to be about 3.94 million units, an increase of more than 70% compared to the previous year. It is projected to grow rapidly to about 11.26 million units by 2025. The industry expects the global electric vehicle lubricant market to also increase sixfold from 10 million liters (ℓ) last year to 60 million liters by 2025. It is a high-growth market with an average annual growth rate exceeding 24% over the next 10 years.

Meanwhile, SK Lubricants' base oil product 'UBase' already holds the world's number one position with an overwhelming 35% market share in the premium base oil (Group III) lubricant market, which is the raw material for high-quality lubricants. Based on its unique technological capabilities to manufacture premium lubricants and design formulations suitable for electric vehicles, it is also leading the electric vehicle lubricant market.