Although electric vehicles have had an influence on engine lubricating oil, but not all motor vehicle lubricating oil is in danger. So as a professional service for Lubricant Additive, our products still have a big market.
In recent years, electric vehicles have gradually become a strong enemy of internal combustion engines. Major automakers such as Volkswagen, Volvo have all said they will build electric vehicles in the future to promote carbon emission reduction. In addition, some European countries have announced a ban on the sale of electric vehicles, and implemented a series of measures and preferential policies to encourage the sale of electric vehicles. Therefore, the market share of electric vehicles is increasing, and the growth rate is faster than ever before.
Does electric vehicle have a great influence on the sales volume of lubricating oil (including Base Oil and lubricant additive)? According to statistics, in 2015, more than half of the world's lubricant demand came from the automobile industry. Therefore, the shift to electric vehicles will have a lot of influence on the entire lubricant market. But electric car advocates, who have been preaching the end of the oil industry, need to polish their eyes. The loss of lubricant volume will be compensated from the volume growth expectation of the motor vehicle industry.
There is no denying that electric vehicles will change the traffic environment in the coming decades. Transportation will also usher in continuous development and change, but it is not expected to pose a serious threat to the world oil demand by the middle of the 21st century. Electric cars will not be the death knell of oil products, just as digital technology has had an impact on the film industry. Traditional gasoline vehicles and diesel vehicles will coexist with electric vehicles, and have great potential for development. Oil products will still be the source of power in the world, and oil demand in petrochemical, heavy industry, aviation, shipping and heavy transportation will continue to grow. From the current situation, the above areas are not affected by fuel conversion in general.
According to statistics, it is estimated that the number of electric vehicles will reach 50 million by 2025 and 300 million by 2040, while the number of road electric vehicles in 2018 is only 5 million. This growth trend is expected to reduce worldwide demand by 2.5 million barrels of oil per day, or about 2%. However, the number of internal combustion engine vehicles will increase from 1.3 billion to 2.1 billion. In the foreseeable future, the internal combustion engine will still be the main propulsion type and electric vehicles will not have a big affect the sales volume of lubricant oil.
