Heavy duty motor oil (HDMO): Key market research findings
- Growing preference for multi-grade engine oils
- Skyrocketing demand for motor oil from China
Technavio has added a new market research report on the global heavy duty motor oil market, which is expected to grow at a CAGR of around 2% between 2015 and 2019. Increasing vehicle population and growth in construction and manufacturing industries have increased the demand for HDMOs. APAC is the largest consumer for HDMO, occupying around 44% of the total market share. The development of advanced engine technologies and demand for lower exhaust emissions and more fuel efficiency vehicles, have fuelled market growth in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
“Multi-grade engine oils are preferred over monograde oils because of latter’s better cold pumpability. Multi-grade engine oils are composed of special additives that help in keeping the viscosity of the oil consistent according to the temperature change. Consumers prefer this engine oil for cold weather protection of engine and better mileage performance,” says Sriram Mohan, Lead Analyst, Chemicals & Materials, Technavio Research.
Multi-grade Engine Oils
Source: Technavio Research
China has emerged as the highest consumer of motor oil, due to significant economic and infrastructure development in this nation. The country is estimated to account for more than half of the increase in motor oil demand globally, during the forecast period owing to rapid infrastructural expansion and automobile industry growth. Surge in urbanization to 60% by 2019 will increase the production and demand for heavy duty motor oil in China.
The top vendors dominating the global HDMO market are BASF, Chevron Oronite, Dow, Lonza, and Lubrizol. The market is expected to witness an increase in the number of local providers who manufacture motor oil through various cheaper production processes.
https://www.technavio.com/%3Cp%3EA%20more%20detailed%20analysis%20is%20av…
