The global e-fluids market for electric vehicles (EVs) is poised for considerable growth. Its value in 2019 was estimated at about US$1.2bn. According to Market Research Future (MRFR), this is expected to exceed US$7.2bn by 2030—with a CAGR of 22% between 2022 to 2030.
EV registrations in the leading markets of China, the US and Europe soared 160% year-on-year from 2020 to 2021, representing 26% of new sales in the global automotive market. This shift in demand has alerted both lubricant and additive manufacturers of the need to invest in e-fluids, with industry giants such as Shell, BP, ExxonMobil and Petronas taking an early lead. In October 2021, Gulf Oil also introduced its e-fluids range for hybrid and electric vehicles in Europe, the Middle East, China, and India.
By 2027, MRFR estimates that over 50 million litres of e-thermal fluids, e-transmission fluids, and e-greases will be consumed across the highest EV sales geographies—Europe, China, Japan, and the US.