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Bangladesh Lubricants Market - Growth, Trends, and Forecast (2019 - 2024)

The Bangladesh Lubricants Market is segmented by Product Type (Engine Oil, Transmission and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, and Other Product Types) and End-user Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Chemical Manufacturing, and Other End-user Industries).

Market Snapshot

Bangladesh Lubricants Market - Summary
Study Period:

2016-2024

Base Year:

2018

Key Players:

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Market Overview

The Bangladesh lubricants market is expected to register a CAGR of 3.01% over the forecast period, 2019-2024. The major factor which is driving the market studied is the increasing construction activities in the country. The high price of synthetic lubricants is expected to hinder the growth of the market.

  • The automotive & other transportation dominated the market in 2018, and it is expected to grow during the forecast period.
  • Growing demand for new motor vehicles is likely to act as an opportunity in the future.

 

Scope of the Report

The Bangladesh lubricants market report includes:

Product Type
Engine Oil
Transmission and Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Gear Oil
Grease
Other Product Types
End-user Industry
Power Generation
Automotive and Other Transportation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Other End-user Industries

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Key Market Trends

Increasing Construction Activities

  • In recent years, the construction activities in Bangladesh are increasing, owing to the growing per capita income and rising living standard of the consumers in the country. Major economies, like China, India, Japan, Korea, and the United States are keen to invest in the infrastructure sector of Bangladesh, owing to its good land to water connectivity, port operations, and other factors leading Bangladesh to be a strategic location to carry out business.
  • As per the World Bank Business report, Bangladesh has improved its ranking in the terms of ease of doing business in the construction sector (starting a business, holding the minor investors and dealing with construction permits). According to the report, the whole process to start a new project in Bangladesh takes around 250 days including pre-planning.
  • Bangladesh is the fourth fastest growing economy worldwide, with GDP of Bangladesh experiencing a continuous rise since the past 5 years. Bangladesh recorded a GDP growth rate of 7.86% in 2018 over the previous 7.28% in 2017.
  • The construction activities accounted for a value of BDT 7,359.5 million in 2017-2018 (~USD 86.93 million), witnessing an increase from BDT 6,659.1 million (~USD78.66 million) in 2016-2017. 
  • In recent years, the contribution of the construction sector towards the country’s GDP has been rising at a significant rate. Construction sector’s contribution rose to 7.5% of total GDP in the 2017-2018 fiscal year from 7.36% in the 2016-2017 fiscal year.
  • Thus, the growing construction activities in the country are likely to drive the consumption of lubricants through the forecast period.
Bangladesh Lubricants Market - Drivers

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Automotive and Other Transportation Segment Expected to Dominate the Market

  • Lubricants are used in automotive for various applications, such as engine, brake systems, fuel systems, transmission manufacturing, steering systems, exhaust systems, and many others. Lubricants in automotive reduce friction by creating a thin layer or film (clearance) between the moving parts. Shock absorption during heavy loads and the absorption of contaminants are a few of the various advantages.
  • Lubricants in marine transportation are used to dissipate heat, for reducing friction, and combat wear and tear between the surfaces of two moving components. Additionally, lubricants help fight corrosion and rust in the engine, whether its an aviation engine or a wheel burning on a car.
  • The automotive industry in Bangladesh is considered as the third largest in South Asia. Bangladesh is anticipating a rise in the demand for motorized vehicles. Until July 2018, 282,354 vehicles were registered against the 420,398 vehicles registered in 2017.
  • Although the sales of new vehicles have been decreasing in the country for the past three years, the sales of used cars have increased significantly in the country, thereby driving the demand for automotive lubricants.
  • The automotive industry in Bangladesh is dominated by imports of new vehicles, mostly by Japan, China, and India on a large scale and a few from Europe and the United States.
  • Bangladesh is anticipating a growth in the aviation market, with the 170 million population increasing the use of the aerial route for traveling, owing to the growing middle-class income. Due to this, air travel is increasing in the country, which in turn is leading to the market growth for aviation lubricants.
  • The demand for engine oils will keep rising with the increasing automotive vehicles, which in turn will increase the market for lubricants in Bangladesh.
Bangladesh Lubricants Market - Segmentation

Competitive Landscape

The Bangladesh lubricant market is partly consolidated, with top 5 players accounting for about 55% of the market. The major companies include Navana Petroleum Limited (Caltex/Chevron), MJL Bangladesh Limited (Exxon Mobil), Trade Services International (Total), Rahimafrooz (Bangladesh) Ltd (BP PLC), Ranks Petroleum Limited (Royal Dutch Shell PLC).

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

      1. 4.1.1 Increasing Construction Activities

      2. 4.1.2 Increasing Activities of Metalworking and Metallurgy

    2. 4.2 Market Restraints

      1. 4.2.1 High Price of Synthetic Lubricants

    3. 4.3 Value Chain/Supply Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Engine Oil

      2. 5.1.2 Transmission and Hydraulic Fluid

      3. 5.1.3 Metalworking Fluid

      4. 5.1.4 General Industrial Oil

      5. 5.1.5 Gear Oil

      6. 5.1.6 Grease

      7. 5.1.7 Other Product Types

    2. 5.2 End-user Industry

      1. 5.2.1 Power Generation

      2. 5.2.2 Automotive and Other Transportation

      3. 5.2.3 Heavy Equipment

      4. 5.2.4 Food and Beverage

      5. 5.2.5 Metallurgy and Metalworking

      6. 5.2.6 Other End-user Industries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 APSCO Bangladesh

      2. 6.3.2 Basumati Group of Companies

      3. 6.3.3 City Lub Oil Industries Ltd

      4. 6.3.4 Corona Group (Lukoil)

      5. 6.3.5 Gulf Oil Bangladesh Limited

      6. 6.3.6 Imam Group (FUCHS and Conoco)

      7. 6.3.7 Lub-rref (Bangladesh) Ltd

      8. 6.3.8 MJL Bangladesh Limited (Exxon Mobil)

      9. 6.3.9 Navana Petroleum Limited (Caltex/Chevron)

      10. 6.3.10 Padma Oil Company Limited

      11. 6.3.11 Rahimafrooz Distribution Ltd (Castrol)

      12. 6.3.12 Ranks Petroleum Ltd (Royal Dutch Shell PLC)

      13. 6.3.13 Trade Services International (Total)

      14. 6.3.14 United Lube Oil Limited (Petronas)

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increase in Demand for Automotive Vehicles

**Subject to Availability

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