Group IV & V Lubricants Market - Forecast(2023 - 2028)

Report Code: CMR 69995 Report Format: PDF + Excel

Group IV & V Lubricants Market Overview

The Group IV & V Lubricants Market size is forecast to reach US$15.4 billion by 2027, after growing at a CAGR of 4% during the forecast period (2022-2027). Group IV & V lubricants are synthetic lubricants that are composed of polyalphaolefin, polyalkylene glycol, polyol esters, and other ester base oil. They can be categorized into a wide range of product types which include engine oils, gear oils, transmission fluids, hydraulic oils, turbine oils, and other similar products. In 2020, Martin, American aerospace, defense corporation, observed the highest revenue improvement of US$ 5.6 billion, an increase of 9% during the fourth quarter of 2020, owing to the increasing production of F-35 combat aircraft. An increase in demand from aerospace and power generation industries act as the major driver for the market. On the other hand, limitations associated with the use of Group IV & V lubricants may act as a major constraint for the market.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has significantly reduced automotive, and production activities which in turn has resulted in the country-wise shutdown of automotive sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of automobiles in 2020 due to a lack of operations across multiple countries around the world. According to OICA (International Organization of Motor Vehicle Manufacturers), the production of automobiles decreased by 16% globally in the year 2020, compared to 2019. However, a slow recovery in the automotive industry has been witnessed across many countries around the world since 2021. For instance, recent insights from OICA states that the total automobile production in 2021 in Europe, America, Asia, and Africa increased by 25%, 17%, 28%, and 37% respectively in comparison to 2020.

In this way, a steady increase in automotive production activities is expected to increase the demand for Group IV & V lubricants since it is primarily used in automotive engines for the smooth functioning of the engines and other moving components. This indicates a slow and steady recovery of the market in the upcoming years.

Report Coverage

The “Group IV & V Lubricants Market Report– Forecast (2022-2027)” by IndustryARC covers an in-depth analysis of the following segments of the Group IV & V Lubricants Industry.

By Product Type: Engine Oils, Gear Oils, Heat Transfer Fluids, Metalworking Fluids, Transmission Fluids, Hydraulic Oils, Turbine Oils, and Others.
By End-Use Industry: Automotive, Construction, Aerospace, Power Generation, Marine, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

Key Takeaways

  • Engine oils held the largest share in the Group IV & V Lubricants Market in 2021, owing to its increasing demand from the automotive sectors across the world. According to the German Association of the Automotive Industry (VDA), the global expenditure rose to US$ 51.5 billion in 2020, out of which the German automotive industry accounts for more than one-third of total global R&D expenditure in the automotive sector.
  • Group IV & V lubricants composed of polyalphaolefin, polyalkylene glycol, polyol esters, and other ester base oil has a wide range of properties which include extreme temperature stability, high viscosity index (VI), excellent oxidation resistance, and detergency which makes them ideal for use in automotive, power generation, and aerospace industries.
  • Asia-Pacific dominated the Group IV & V lubricants Market in 2021, owing to the increasing demand for Group IV & V lubricants from the automotive sectors of the region.  According to the European Automobile Manufacturers' Association (ACEA), the total passenger car production in Asia-Pacific reached up to 34 million during the fourth quarter of 2020.

Figure: Asia-Pacific Group IV & V Lubricants Market Revenue, 2021-2027 (US$ Billion)

Group IV & V Lubricants Market Revenue

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Group IV & V Lubricants Market Segment Analysis – By Product Type

Engine oils held the largest share in the Group IV & V Lubricants Market in 2021 and it is expected to grow at a CAGR of 4.1% between 2022 and 2027, owing to its increasing demand from the automotive sectors across multiple regions. For instance, recent insights from the European Automobile Manufacturers' Association (ACEA) states that total passenger car production during the fourth quarter of 2020 reached around 34 million in Asia-Pacific, 14 million in Europe, 1.3 million in the Middle East/Africa, 1.7 million in South America, and 9.6 million in North America respectively. In this way, an increase in automotive production in multiple regions worldwide is expected to increase the demand for Group IV & V lubricants for use in automotive internal combustion engines required for its smooth functioning and to protect the engine from the additives in gasoline. This is anticipated to drive the growth of the market during the forecast period.

Group IV & V Lubricants Market Segment Analysis – By End-Use Industry

The automotive industry held the largest share in the Group IV & V Lubricants Market in 2021 and is expected to grow at a CAGR of 4.3% between 2022 and 2027, owing to an increase in demand for automotive production across the world. For instance, according to a recent study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5180 units in other regions worldwide. Likewise, according to the European Automobile Manufacturers Association (ACEA), the demand for new passenger cars significantly increased by 25.2% from January-June 2021 in Europe and reached around 5.4 million units in total.

Group IV & V lubricants composed of polyalphaolefin, polyalkylene glycol, polyol esters, and other ester base oil are primarily used in automotive engines to ensure smooth functioning and enhanced performance of the engines. Thus, an increase in the production of automobiles is expected to increase the demand for Group IV & V lubricants, leading to market growth during the forecast period.

Group IV & V Lubricants Market Segment Analysis – By Geography

The Asia Pacific held the largest share in the Group IV & V Lubricants Market in 2021 up to 28%. The consumption of Group IV & V Lubricants is particularly high in this region due to its increasing demand from the automotive and aerospace sectors. For instance, a recent study published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020 states that around 25 million, 3.5 million, 8 million, and 3.4 million units of vehicles were produced in China, South Korea, Japan, and India, respectively, which in turn, contributed to approx. 50% of the global automobile production during the year 2020. Likewise, according to the Department of Promotion Industry and Internal Trade (DPIIT), the Indian Automobiles market invested around US$ 24.5 million worth of FDI (Foreign Direct Investment) during the year June 2020.

Furthermore, in September 2021, the Indian government acquired 56 Airbus C295 aircraft as a replacement to the Indian Air Force (IAF) AVRO fleet. It involves the full development of a complete industrial system which includes manufacture, assembly, test, qualification, delivery, and maintenance of the complete lifespan of the aircraft. In this way, such increasing production of automobiles and aircraft in the region is expected to increase the demand for Group IV & V lubricants that are primarily used to enhance the performance of automotive engines, along with gas turbines, gear systems, and engines used in aircraft. This is expected to boost the growth of the Group IV & V Lubricants Market during the forecast period.

Group IV & V Lubricants Market – Drivers

An increase in demand from the aerospace industry is most likely to increase demand for the product

According to recent insights from the International Air Transport Association, Boeing has over 400 737 MAX aircraft in its inventory that is yet to be delivered and it has stated plans to increase its production of the model to 31 per month by the end of 2022. Similarly, Airbus increased its production of A320s to 45 per month in 2021. Airbus delivered around 460 commercial aircraft while Boeing delivered 230 commercial aircraft in 2021. In January 2021, FedEx Express invested around US$ 6.6 billion for the production of 24 medium and large Freighters from Boeing. Furthermore, Martin, American aerospace, defense corporation, observed the highest revenue improvement of US$ 5.6 billion, an increase of 9% during the fourth quarter of 2020, owing to the increasing production of F-35 combat aircraft.

Group IV & V lubricants are primarily used in aircraft engines and gas turbines along with gear systems in pumps, starters, and more. It plays a significant role in various functions of the aircraft engines which include lubrication, corrosion protection, cooling, noise reduction, and propeller operations. Hence, an increase in global aircraft production activities is expected to increase the demand for Group IV & V lubricants, leading to the growth of the market in the upcoming years.

An increase in power generation projects is most likely to increase demand for the product

Group IV & V Lubricants composed of polyalphaolefin, polyalkylene glycol, polyol esters, and other ester base oil are used to protect and enhance the performance of turbines that are primarily employed in wind and thermal power generation projects. The use of these lubricants in the turbine helps prevent the turbine from corrosion, rust, and protects it from deposits. They help in minimizing sludge and buildup, owing to their high anti-oxidation reserves and excellent thermal stability at high temperatures.

For instance, the government of the UK invested around US$ 8.8 billion for an offshore wind power generation project. The project involves around 165 turbines to be installed in water depths between 30m and 40m, with heights of 204m and a nominal power of 8,000kW. The project began in 2019 and is expected to be completed by the end of 2022. Likewise, the government of UAE invested around US$ 550 million for the construction of a 1,026.3 MW combined power plant in Al Layyah, Sharjah as a part of the expansion of the existing 896 MW power plant. The expansion consists of two thermal energy recovery boilers, two gas turbines, and one steam turbine. The project is expected to be completed by the fourth quarter of 2022. Furthermore, the Middle East’s largest wind power project in Saudi Arabia, a 400 MW Dumat Al Jandal utility-scale wind farm project, is scheduled to be completed by the end of 2022. Thus, the increasing wind and thermal power projects are expected to increase the demand for Group IV & V lubricants for the efficient functioning of turbines used in such power generation projects.  This is likely to propel the growth of the market in the upcoming years.

Group IV & V Lubricants Market – Challenges

Limitations of Group IV & V lubricants may cause an obstruction to the market growth

Group IV & V lubricants are synthetic lubricants that have numerous limitations such as high cost, risk of additive precipitation, and lower fuel economy. These lubricants generally cost around three to four times higher than conventional lubricants composed of crude oil. Moreover, Group IV & V lubricants are more prone to additive precipitation during cold storage conditions. This, in turn, separates certain additives from the lubricant, which may potentially lead to their full separation. Furthermore, synthetic lubricants possess a higher risk of incompatibility between the base oil, along with an incompatibility between the additives. Hence, such limiting factors of Group IV & V lubricants may confine the growth of the market.

Group IV & V Lubricants Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Group IV & V Lubricants Market. Group IV & V Lubricants top 10 companies are:

  1. British Petroleum Plc
  2. Chevron
  3. ConocoPhillips Company
  4. Exxon Mobil Corporation
  5. Fuchs Lubricants Co.
  6. Indian Oil Corporation Ltd.
  7. Miller Oils Ltd.
  8. Royal Dutch Shell Plc
  9. Sinopec Corporation
  10. Petronas Lubricants International

Recent Developments

  • In October 2021, ExxonMobil Lubricants Pvt Ltd launched its upgraded Mobil Super MotoTM range of motorcycle engine oils. These engine oils are formulated with synthetic base oils in order to deliver better engine wear protection and to extend the shelf-life of the engine life.
  • In October 2020, Bharat Petroleum Corporation Limited (BPCL) launched MAK 4T Blaze Synth in India, which is a completely synthetic engine oil for two-wheelers. The main benefits of MAK 4T Blaze Synth include faster oil flow during start-up, even in extremely low temperatures, strong oil film over a wide range of operating temperatures along with excellent protection against wear and tear of engine components.
  • In January 2020, FUCHS Group, a global company in the lubricants industry acquired Nye Lubricants Inc., a manufacturer of synthetic lubricants. The main motive of the acquisition was to further expand the company’s specialty lubricants product portfolio while offering solutions across multiple markets to serve new high-end and critical applications.

Relevant Reports

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Industrial Gear Oils Market – Forecast (2022 - 2027)

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1. Group IV & V Lubricants Market- Market Overview
    1.1 Definitions and Scope
2. Group IV & V Lubricants Market - Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by End-Use Industry
    2.3 Key Trends by Geography
3. Group IV & V Lubricants Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Group IV & V Lubricants Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Group IV & V Lubricants Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Group IV & V Lubricants Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Group IV & V Lubricants Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Group IV & V Lubricants Market – By Product Type (Market Size - US$ Million/Billion)
    8.1 Engine Oils
    8.2 Gear Oils
    8.3 Heat Transfer Fluids
    8.4 Metalworking Fluids
    8.5 Transmission Fluids
    8.6 Hydraulic Oils
    8.7 Turbine Oils
    8.8 Others
9. Group IV & V Lubricants Market – By End-Use Industry (Market Size - US$ Million/Billion)
    9.1 Automotive
    9.2 Construction
    9.3 Aerospace
    9.4 Power Generation
    9.5 Marine
    9.6 Others
10. Group IV & V Lubricants Market - By Geography (Market Size - US$ Million/Billion)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zealand
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
        10.5.2 Africa
11. Group IV & V Lubricants Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs, and Partnerships
12. Group IV & V Lubricants Market – Industry/Segment Competition Landscape Premium
    12.1 Company Benchmarking Matrix – Major Companies
    12.2 Market Share by Key Geography - Major companies
    12.3 Market Share at Country Level - Major companies
    12.4 Market Share by Key Product Type/Product category - Major companies
13. Group IV & V Lubricants Market – Key Company List by Country Premium Premium
14. Group IV & V Lubricants Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
"*Financials would be provided on a best-efforts basis for private companies*"

LIST OF TABLES

1.Global GLOBAL GROUP IV V LUBRICANTS MARKET, BY PRODUCT TYPE Market 2019-2024 ($M)
1.1 GROUP IV LUBRICANTS Market 2019-2024 ($M) - Global Industry Research
1.1.1 demand for Group IV Lubricants, volume and revenue, Market 2019-2024 ($M)
1.2 GROUP V LUBRICANTS Market 2019-2024 ($M) - Global Industry Research
1.2.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
1.3 GROUP V LUBRICANTS Market 2019-2024 ($M) - Global Industry Research
1.3.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
2.Global GLOBAL GROUP IV V LUBRICANTS MARKET, BY PRODUCT TYPE Market 2019-2024 (Volume/Units)
2.1 GROUP IV LUBRICANTS Market 2019-2024 (Volume/Units) - Global Industry Research
2.1.1 demand for Group IV Lubricants, volume and revenue, Market 2019-2024 (Volume/Units)
2.2 GROUP V LUBRICANTS Market 2019-2024 (Volume/Units) - Global Industry Research
2.2.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 (Volume/Units)
2.3 GROUP V LUBRICANTS Market 2019-2024 (Volume/Units) - Global Industry Research
2.3.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 (Volume/Units)
3.North America GLOBAL GROUP IV V LUBRICANTS MARKET, BY PRODUCT TYPE Market 2019-2024 ($M)
3.1 GROUP IV LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
3.1.1 demand for Group IV Lubricants, volume and revenue, Market 2019-2024 ($M)
3.2 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
3.2.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
3.3 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
3.3.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
4.South America GLOBAL GROUP IV V LUBRICANTS MARKET, BY PRODUCT TYPE Market 2019-2024 ($M)
4.1 GROUP IV LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
4.1.1 demand for Group IV Lubricants, volume and revenue, Market 2019-2024 ($M)
4.2 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
4.2.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
4.3 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
4.3.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
5.Europe GLOBAL GROUP IV V LUBRICANTS MARKET, BY PRODUCT TYPE Market 2019-2024 ($M)
5.1 GROUP IV LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
5.1.1 demand for Group IV Lubricants, volume and revenue, Market 2019-2024 ($M)
5.2 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
5.2.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
5.3 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
5.3.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
6.APAC GLOBAL GROUP IV V LUBRICANTS MARKET, BY PRODUCT TYPE Market 2019-2024 ($M)
6.1 GROUP IV LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
6.1.1 demand for Group IV Lubricants, volume and revenue, Market 2019-2024 ($M)
6.2 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
6.2.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
6.3 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
6.3.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
7.MENA GLOBAL GROUP IV V LUBRICANTS MARKET, BY PRODUCT TYPE Market 2019-2024 ($M)
7.1 GROUP IV LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
7.1.1 demand for Group IV Lubricants, volume and revenue, Market 2019-2024 ($M)
7.2 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
7.2.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)
7.3 GROUP V LUBRICANTS Market 2019-2024 ($M) - Regional Industry Research
7.3.1 demand for Group V Lubricants, volume and revenue, Market 2019-2024 ($M)

LIST OF FIGURES

1.US Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
2.Canada Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
3.Mexico Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
4.Brazil Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
5.Argentina Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
6.Peru Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
7.Colombia Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
8.Chile Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
9.Rest of South America Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
10.UK Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
11.Germany Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
12.France Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
13.Italy Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
14.Spain Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
15.Rest of Europe Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
16.China Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
17.India Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
18.Japan Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
19.South Korea Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
20.South Africa Group IV & V Lubricants Market Revenue, 2019-2024 ($M)
21.North America Group IV & V Lubricants By Application
22.South America Group IV & V Lubricants By Application
23.Europe Group IV & V Lubricants By Application
24.APAC Group IV & V Lubricants By Application
25.MENA Group IV & V Lubricants By Application
26.BRITISH PETROLEUM PLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.CHEVRON, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.CONOCOPHILLIPS COMPANY, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.EXXON MOBIL CORPORATION, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.FUCHS LUBRICANTS CO, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.INDIAN OIL CORPORATION LTD., Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.MILLER OILS LTD, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.PANOLIN INTERNATIONAL INC., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.PETROBRAS, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.PETRONAS LUBRICANTS INTERNATIONAL, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.ROYAL DUTCH SHELL PLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.SINOPEC CORPORATION, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.STATOIL LUBRICANTS, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.TOTAL S.A., Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.VALVOLINE INTERNATIONAL INC., Sales /Revenue, 2015-2018 ($Mn/$Bn)