Summary on Lubricant Market in Bangladesh
Lubricant is considered as the blood of vehicles and industrial equipment. If the good quality oils are not used in equipment, it will eventually damage their various components. Expansion in transportation, driven by development in communication, infrastructure and availability of finance are fueling the rapid growth of the lubricant market in Bangladesh. Increasing the economic activities, rising the power sector, vibrant transportation and mobility sector and ease of getting finance also have boosted lubricant market in Bangladesh.
The lubricant market is one of the potential markets in Bangladesh. The size of the local lubricant market stood about BDT 3616 crore in 2019 and the growth rate was 6%. There are about 100 brands of lubricant products in Bangladesh. Both of local & imported lubricant products are available in the market. The vehicles, industries, agriculture, water vessel etc. are the major consumers of this products. The industry experts projected that the demand of the lubricant products will be raised for next 15 to 20 years & will reach the market size about BDT 6000 crore to BDT 8000 crore very soon.
According to the industry insiders, in Bangladesh market, the annual demand of lubricant products reached about 1.75 lakh tons in the 2018-19 fiscal year which was expected to reach 2 lakh tons in the 2019-20 fiscal year. In 2018-19 fiscal year, the lubricant market size stood about BDT 5000 crore to BDT 6000 crore as the market grows by 5% to 7% per annum. This growth is also projected on the back of the country’s economic growth, people’s buying capacity & rising number of on-road vehicles.
According to the industry expert, there are more than 100 branded lubricant products are available in the market. The imported products are dominating the market. They are capturing the 60% share of the local demand & rest 40% are occupied to local brands. The current market share of the lubricant products is presenting in the below diagram.
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