Lubricants to keep growing with bio and EV marking shift

The global lubricants market is poised for growth, driven by sustainability trends, regulatory changes, and rising demand for eco-friendly alternatives in automotive and industrial applications, Shriya Verma, Associate Consultant, Specialty Chemicals at ChemBizR, tells OGN

- ABDULAZIZ KHATTAK

THE global lubricants market, which was around $150 billion in 2023, is expected to grow 2.5 per cent between 2024 and 2030.

Lubricants are primarily used in industrial applications, followed by automotive, aerospace, marine, and others.

The lubricant industry has changed dramatically as a result of environmental concerns and government regulations.

For instance, the use of Per- and polyfluoroalkyl substances (PFAS) a diverse group of thousands of chemicals used in hundreds of types of products in food-grade lubricants used in manufacturing has been largely phased out.

Automakers are always looking for ways to improve the efficiency, reliability, and performance of their vehicles.

As a result, there is a growing need for advanced lubricants that provide better wear protection, increased durability, and lower emissions.

As hybrid and electric vehicles gain popularity, traditional lubricants become less relevant, creating a new market for specialised fluids known as EV fluids (e-fluids).

THE GREEN WAVE IN THE LUBRICANT MARKET

Industry players are beginning to take into account the full lubricant lifecycle, from the procurement of raw materials to disposal.

Natural oils and other sustainable alternatives are increasingly used in modern lubricant formulations, with a shift from Grade I to V base oils.

These Grade V oils are made from synthetic esters, which are known for their high performance, sustainability, and durability, making them ideal for modern applications such as EVs and cooling technologies.

Grade V base oils are designed to perform exceptionally well in extreme temperatures, maintaining viscosity and stability with ease.

These oils have lower volatility than Grade I base oils, so they evaporate less at high temperatures, leading to lower emissions of harmful compounds.