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Asia-Pacific Fluids and Lubricants for Electric Vehicles Market Report 2023 Featuring SK, GS Caltex, S-OIL, Kluber, Panolin, Repsol, ENEOS, Lubrizol, PETRONAS, Shell, Valvoline, & FUCHS Among Others
Asia-Pacific Fluids and Lubricants for Electric Vehicles Market Report 2023 Featuring SK, GS Caltex, S-OIL, Kluber, Panolin, Repsol, ENEOS, Lubrizol, PETRONAS, Shell, Valvoline, & FUCHS Among Others
PR Newswire
DUBLIN, Feb. 28, 2023
DUBLIN, Feb…
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Asia-Pacific Fluids and Lubricants for Electric Vehicles Market Report 2023 Featuring SK, GS Caltex, S-OIL, Kluber, Panolin, Repsol, ENEOS, Lubrizol, PETRONAS, Shell, Valvoline, & FUCHS Among Others
PR Newswire
DUBLIN, Feb. 28, 2023
DUBLIN, Feb. 28, 2023 /PRNewswire/ -- The "APAC Fluids and Lubricants Market for Electric Vehicles - Regional Analysis: Focus on Application, Product, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The APAC fluids and lubricants market for electric vehicles is projected to reach $2,363.8 million by 2031 from $182.8 million in 2022, growing at a CAGR of 32.89% during the forecast period 2022-2031.
Lubricating an electric vehicle is very different from lubricating a conventional internal combustion (IC) engine vehicle. In IC engine vehicles, oils are used to decrease engine friction. These oils degrade gradually as they get contaminated with combustion gases and need regular replacement. The fluids required for electric vehicles would have exposure to high voltages and temperatures.
The fluids' longevity is also essential for lowering maintenance costs and increasing the marketability of electric vehicles. As electric vehicles have various power electronics components, the fluids must ensure the safety of such circuits and flow easily through different parts with lower viscosity.
Additionally, these fluids should have anti-corrosion properties. Surging growth in sales of electric-powered two-wheelers in India and Vietnam is expected to boost the market growth in upcoming years.
Market Lifecycle Stage
Fluids and lubricants for electric vehicles are in high demand due to the increasing number of applications for new fluids in electric vehicles. Various electric vehicle fluid and lubricant manufacturers are collaborating with different electric vehicle powertrain and battery technology providers to study and commercialize cooling technologies for batteries.
Additionally, government subsidies and infrastructure development aimed at promoting electric vehicles to reduce carbon dioxide emissions propel the APAC fluids and lubricants market for EVs.
Key Market Players and Competition Synopsis
Profiled companies have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The APAC Fluids and Lubricants Market for EVs has been segmented into different product types, among which Grease captured around 11.4% of the market as of 2021. The Thermal Fluids/Coolants segment accounted for around 18.5%, Drive System Fluids/Transmission Fluids segment accounted for 56.7%, and brake fluids accounted for 13.4% of the total demand in 2021 in terms of value.
Impact of COVID-19
COVID-19 had an immediate and significant impact on the APAC Fluids and Lubricants Market for EVs because of country-wide shutdowns of manufacturing sites, labor shortages, and disruptions in supply and demand chains globally, which distorted the market.
The lockdowns imposed by the governments significantly reduced raw material productivity due to a shortage of operations in many regions throughout the world. However, the market is anticipated to recover and is expected to rise substantially over the forecast period.
Market Segmentation
Vehicle Type
Application for fluids and lubricants for electric vehicles is mainly categorized into five vehicle types of EVs, i.e., two-wheelers, three-wheelers, passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Heavy commercial vehicles consist of heavy buses and heavy trucks.
Production and sales of passenger vehicles are anticipated to be higher than that of commercial vehicles, as more users are rapidly adopting EVs and exchanging their IC engine vehicles for EVs due to their cost efficiency and various government subsidies, among others. The passenger vehicles segment is expected to lead the market in the forecast period in Type B vehicle type, as the sales of electric passenger vehicles are anticipated to increase in the APAC region.
Three-wheelers are the prominent segment in the forecast period in Type A vehicle type, holding more than one-fifth of the total volume market share in Type A vehicle type. For year 2021, Passenger Vehicles segment dominated in the Vehicle Type B segment and Three-Wheelers segment dominated in the Vehicle Type A segment.
Propulsion Type
HEVs dominated the propulsion type segment in the APAC fluids and lubricants market for electric vehicles for year 2021. These vehicle types are two-wheelers, three-wheelers, passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
While HEV and PHEV models have been in the market for many years, the development of battery technology, along with government norms for increased vehicle efficiency, has led to an increase in the adoption of HEVs as they are powered solely by the battery systems in the vehicle.
The rise in the sales of HEVs makes them more crucial for automotive OEMs to ensure that the fluids in the EVs can optimize the thermal management and driving system. HEVs segment is expected to dominate the APAC fluids and lubricants market for electric vehicles in the forecast period.
Product Type
The prominent fluids developed for application in electric vehicles are greases, thermal fluids, driver system fluids, and brake fluids. These fluids are applied in various components such as e-motors, battery systems, bearings, constant velocity joints, power electronics, gears, and the braking system of electric vehicles.
Generally, various components of an electric vehicle generate a lot of heat during the operation of the vehicle, such as the battery system and the e-motors. These components have led to the need for better thermal management in these vehicles. The new EV fluids have added additives and dielectric properties, which makes them suitable for application in electric vehicle components.
These specialized fluids are able to provide better thermal management properties than regular coolants to electric vehicle powertrain components. Drive system fluids are expected to be the largest segment since they are essential for electric vehicles to cool their electric powertrain components and increase their range. For year 2021, drive system fluids segment dominated the APAC fluids and lubricants market for EVs and also expected to be the predominant segment throughout the forecast period.
Distribution Channel
The APAC fluids and lubricants market for EVs encompasses two main types of distribution channels: OEMs and the aftermarket.
The OEMs channel is anticipated to dominate the APAC fluids and lubricants market for EVs in the forecast period, as most fluids have a very low replacement rate and increased production of electric vehicles.
As EV fluids technology evolves, the longevity and efficiency of these fluids in EVs also increase. Only a few EV fluids which might need to be replaced or changed due to vehicle servicing would be procured through the aftermarket. For year 2021, OEMs segment dominated the APAC fluids and lubricants market for EVs.
Region
The demand for electric vehicle fluids varies according to various regions. For year 2021, Japan was the largest region in the APAC fluids and lubricants market for EVs due to an increase in the sales of hybrid electric vehicles (HEVs) in this country for the year. However, the India fluids and lubricants market for electric vehicles is expected to grow at a high growth rate during the forecast period (2022-2031).
As the sale of electric two-wheelers, three-wheelers, and passenger vehicles grow rapidly, the India fluids and lubricants market for electric vehicles is expected to grow at high rates. Japan is expected to dominate the APAC fluids and lubricants market for EVs in the forecast period.
Key Companies Profiled
Type 1 Companies (Product Offerings): Private Companies
- SK Lubricants Co., Ltd. (SK Inc.)
- GS Caltex Corporation
- S-OIL CORPORATION
- Kluber Lubrication
- Panolin AG
Type 2 Companies (Product Offerings): Public Companies
- Idemitsu Kosan Co., Ltd.
- Exxon Mobil Corporation
- Repsol SA
- ENEOS Corporation (ENEOS Holdings, Inc.)
- The Lubrizol Corporation
- Petroliam Nasional Berhad (PETRONAS)
- Shell plc
- TotalEnergies SE
- Valvoline Inc.
- FUCHS
Industry Outlook
Trends: Current and Future
- Supply Chain Network/MAP
- Industry Attractiveness
- Supply and Demand Analysis
- Profit Margin Analysis
- Additives for Fluids in Electric Vehicle Batteries
Ecosystem/Ongoing Programs
- Consortiums, Associations, and Regulatory Bodies
- Government Programs and Initiatives
Business Dynamics
Business Drivers
- Need for Corrosion Resistant Solutions in the Electric Vehicle Batteries
- Increasing Demand to Further Extend the Range of the Electric Vehicles
- Rapid Adoption of Immersive Cooling for the Electric Vehicle Batteries
- Improved Durability of Powertrain in Electric Vehicles
- Increasing Demand for High-Performance Grease in HEVs
- Growing Need for Enhanced Electrification Components
- Rapid Increase in Electric Two-Wheelers and Three-Wheelers Fleet
Business Challenges
- Higher Cost of EV Fluids
- Energy Efficiency Challenges
- Developing Environment-Friendly Electric Vehicle Fluids
- Lack of Optimized EV/HEVs Performance for Improving Thermal Conductivity
- Inadequate EV Charging Infrastructure
Business Strategies
- Product Developments
- Market Developments
- Corporate Strategies
- Mergers and Acquisitions
- Partnerships, Collaborations, Joint Ventures, and Alliances
Business Opportunities
- Coolants for EV Electronics and Charging Port Cables
- Growing Trend for Development of Autonomous Vehicles
- Stringent Regulations by Government Bodies for Sustainable EV Environment
Region
- Japan
- Market
- Application
- Product
- South Korea
- India
- Australia
- Thailand
- Indonesia
- Malaysia
- Vietnam
For more information about this report visit https://www.researchandmarkets.com/r/rs7sm1-fluids-and?w=5
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Uncategorized
February Employment Situation
By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…
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By Paul Gomme and Peter Rupert
The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.
Temporary help services employment continues a steep decline after a sharp post-pandemic rise.
Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.
The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.
The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.
Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.
As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.
Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.
The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.
unemployment pandemic unemploymentUncategorized
Mortgage rates fall as labor market normalizes
Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.
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Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.
The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.
From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250
Below is an explanation of how we got here with the labor market, which all started during COVID-19.
1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.
2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.
Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.
3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too
Total employment data
4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels.
From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.
Here are the jobs that were created and lost in the previous month:
In this jobs report, the unemployment rate for education levels looks like this:
- Less than a high school diploma: 6.1%
- High school graduate and no college: 4.2%
- Some college or associate degree: 3.1%
- Bachelor’s degree or higher: 2.2%
Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.
recession unemployment covid-19 fed federal reserve mortgage rates recession recovery unemploymentUncategorized
Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month
Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month
Last month we though that the January…
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Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush.
What happened? Let's take a closer look.
On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.
Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.
Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K, a 124K revision, which was the biggest one-month negative revision in two years!
Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.
In the past month the Biden department of goalseeking stuff higher before revising it lower, has revised the following data sharply lower:
— zerohedge (@zerohedge) August 30, 2023
- Jobs
- JOLTS
- New Home sales
- Housing Starts and Permits
- Industrial Production
- PCE and core PCE
To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).
And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...
... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...
... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.
While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.
But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).
This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.
There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).
Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!
But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!
The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!
Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...
... but there has been zero job-creation for native born workers since June 2018!
This is a huge issue - especially at a time of an illegal alien flood at the southwest border...
... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.
Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.
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