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Technavio’s market research analyst predicts the global heavy duty motor oil (HDMO) market to grow at a CAGR of 2% during the forecast period. The growing awareness of energy efficiency has been one of the key drivers behind the growth of this market. The increasing vehicle population and growth in construction and manufacturing industries is also expected to boost the market growth of HDMOs.
However, the increased adoption of hybrid electric vehicles (HEV) is expected to pose a challenge to the growth of the HDMO market. The growing environmental regulations and pollution control measures are leading to the increasing prominence of HEVs that are energy efficient, environmental friendly and provide increased acceleration and less maintenance. This research report anticipates that in 2015, the number of hybrid trucks and buses is going to increase more than ten times from the 10000 vehicles that were sold during 2010.
Trucks were the largest application segment of HDMOs on account of their inherent heavy-duty engines. The report also predicts the power generator segment to witness the fastest growth at a rate of 6% during the forecast period. The increased awareness and industrial sensitivity to production outages are the key growth drivers for the power generator segment.
Multi-grade engine oils are the most popular segment in the HDMO market. They are composed of special additives that help in keeping the viscosity of the oil consistent according to the temperature change. Multi-grade oils are widely preferred in applications with huge temperature fluctuations.
APAC was the largest consumer for HDMO’s with a market share of around 44% during 2014. The development of advanced engine technologies has been the key driver in this region. The demand for lower exhaust emissions and more fuel efficiency vehicles have also contributed to the growth of HDMO in this region.
The HDMO market is dominated by the key vendors globally. However, the market is expected to witness an increase in the number of local providers who manufacture motor oil through various cheaper production processes.
The top vendors in the market are –
Other prominent vendors in the market include Chemtura, Evonik, King Industries, Croda, Huntsman, Multisol, and Total.
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