SK Lubricants expects 100% surge in lubricant sales for EVs
SK Lubricants, a subsidiary under SK Innovation, said Wednesday that its lubricant sales for electric vehicles is expected to double on-year, buoyed by a growing demand for EVs.
The market size for EV lubricants will grow as much as six times by 2025, as the number of EVs, which stood at 3.94 million this year, will jump to 11.26 million by 2025, according to IHS Markit.
EVs, which accelerate faster than gas-powered cars, require much more efficient lubricants that can cool down motors, gears and batteries in a short period of time. Also, they have to cut off unnecessary electricity flowing inside to prevent internal parts from wearing down.
SK has been developing lubricants for EVs since 2010 and began selling them three years later. SK Lubricants has sold lubricants for more than 1.3 million EVs.
“SK Lubricants controls 35 percent of the global premium lubricants with its product Yubase,” a company official said.
By Kim Byung-wook (firstname.lastname@example.org) (The Korea Herald)