Dublin, April 25, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle (EV) Fluids Market Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global Electric Vehicle Fluids Market is expected to grow significantly during the forecasted period. Factors such as the increasing demand for Electric vehicles due to the rising fuel cost, rising pollution levels, and declining battery prices are expected to drive the need for the Electric Vehicle (EV) Fluids market in the forecasted period.
Further, rising demand for electric powertrains, which include battery, hybrid, and plug-in hybrid electric vehicles, is due to an increasing trend of sustainability in the energy and transportation sectors are expected to drive the need for the Electric Vehicle (EV) Fluids market in the forecasted period.
Furthermore, the technology focus of leading EV OEMs, the introduction of new models, and their relationship with lubricants suppliers are expected to drive the demand for the global Electric Vehicle (EV) Fluids market in the forecasted period. However, the higher cost of electric vehicle fluids and the feasibility of developing immersed cooling battery systems are the main factors that hinder Electric Vehicle (EV) Fluid market growth in the forecasted period.
An increase in demand for electric vehicles is projected to drive the growth of the electric vehicle fluids market. The development of the global electric vehicle fluid market is attributed to the surging demand for efficient and durable fluids for electric vehicles. Generally, various components of an EV generate a lot of heat during operation, such as battery systems and e-motors.
New electric vehicle lubricants add additives and dielectric properties to make them appropriate for electric vehicle mechanisms. The primary fluid types used to enhance electric vehicle applications are grease, heat transfer, drive system, and brake. Accelerating decarbonization efforts in the commercial vehicle (CV) sector are promoting the deployment of low- and zero-emission technologies. Electrification remains a viable option for CV applications.
Electrification of CVs will drive technological innovation, as performance requirements for the various fluids consumed in electric CVs are different from those used in conventional internal combustion engine (ICE) vehicles. Electric vehicles (EVs) will herald a new lubricants market niche focused on the lubrication needs of EVs specifically used in commercial applications. With the rising concern over tailpipe emissions and their damaging effects on the environment, stringent standards for CO2 and pollutants such as unburned hydrocarbons, nitrogen oxide, and particulates have been put in place, resulting in hybrid and fully Electric vehicles no longer being seen as uncommon, but the standard for the future.
Fluid is the main component of a vehicle, which can improve fuel economy and help reduce car carbon footprints. Electric vehicle fluid lubricants help remove excess heat from the engine motor and keep it cool. Hence, cool engines provide better fuel efficiency. Moreover, the use of fluid lubricants to reduce heat maximizes the life of vehicles. Thus, using electric vehicle fluid lubricants helps provide durability to engines.
Europe was the largest region in the electric vehicle fluids market. Asia-Pacific is predicted to be the fastest-growing region in the forecast period. Rising government measures to control carbon dioxide and other pollutants such as nitrogen oxide, unburned hydrocarbons, and other particulates are also driving the adoption of Evs.
Electric vehicle fluids meet the ongoing efforts to minimize the greenhouse gas trend of reduced CO2 emissions and improve fuel economy. Electric powertrains are environment-friendly, and governments across the country are implementing several laws and offering incentives to promote the sale of electric powertrains. Coolants, used for regulating the temperature of the battery pack and other electronic components, are expected to be the fastest-growing product type for electric vehicles during the forecast period.
The engine oil segment is expected to lead the overall electric vehicle fluids market during the forecast period. This is due to the high demand for engine oil in hybrid electric vehicles during first and service fills. Engine oil has far less replacement interval than other electric vehicle fluids, leading to large-scale consumption. In contrast to other EV fluids, a high market share in volume and high engine oil prices will result in the largest market share during the forecast period.
Engine oil is not a preferred option for EVs for lubricating the components because EVs run on electric motors and EV batteries, which have more significant technical requirements than internal combustion engines (ICE) vehicles. Therefore, electric vehicle fluid is specifically formulated to meet EVs' broad performance requirements.
Electric vehicle fluids perform various functions, including lubricating the transmission system, stabilizing the battery's temperature, cooling the electric motors and gears, and reducing friction. In addition, it also provides insulation to electric current while enhancing the battery life and other components of electric vehicles.
However, EVs require lubricants for key electrical components such as gear oils for differentials, coolants for the car battery, chassis, brake fluids, gear reducer, wheels, and grease for other components the EV. The heat transfer fluid market is projected to witness the highest growth during the forecasted period due to its vital use in BEV and PHEV for cooling the EV battery, maintaining optimal operating temperature range, and enabling proper charging and discharging of electric vehicles. In addition, it is used to extend the battery life and protect the EV vehicle components.
The market's key players are 3M, Afton Chemicals, Engineered Fluids, Dober, and Fuchs Petrolub.
In June 2022, FUCHS acquired the lubricants business of Gleitmo Technik AB in Kungsbacka, Sweden, and will merge it into its subsidiary FUCHS LUBRICANTS SWEDEN AB as of July 1, 2021, to strengthen its specialty business.
In November 2021, Petronas launched an advanced range of electric vehicle (EV) fluids named second-generation PETRONAS iona. 'Second-generation' PETRONAS Iona is designed to meet electric vehicles' several issues, including thermal management, friction control, and enhanced efficiency.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
5.1 By Type
5.1.1 Grease
5.1.2 Brake Fluid
5.1.3 Heat Transfer Fluid
5.1.4 Drive System Fluid
5.2 By Propulsion Type
5.2.1 BatteryElectric Vehicles
5.2.2 Hybrid Electric Vehicles
5.3 By End-Use Industry
5.3.1 Thermal
5.3.2 Transmission
5.3.3 EV Grease
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
A selection of companies mentioned in this report includes
- 3M
- Afton Chemicals
- Engineered Fluids
- Dober
- FUCHS
- Infineum International Limited
- Kluber Lubrication
- M-I Materials Limited
- Motul PANOLIN International Inc.
- Phillips 66
- GS Caltex
- Gulf Oil International Ltd
- HP Lubricants
- Idemitsu Kosan Co., Ltd
- Repsol
For more information about this report visit https://www.researchandmarkets.com/r/et3a4h
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