Market Size of Bangladesh Lubricants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 201.10 Million liters |
| Market Volume (2029) | 292.30 Million liters |
| CAGR (2024 - 2029) | 7.76 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bangladesh Lubricants Market Analysis
The Bangladesh Lubricants Market size is estimated at 201.10 Million liters in 2024, and is expected to reach 292.30 Million liters by 2029, growing at a CAGR of 7.76% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020 because it significantly impacted supply chains and caused several supply chain disruptions that led to production halts and other issues in almost all industries, such as automotive, heavy equipment, etc. For instance, according to GoodCarBadCar's data, the country's new motor vehicle sales in 2020 were 13.4% lower than in 2019. However, the conditions started recovering in 2021 such that the new motor vehicle sales in 2021 were recorded to be 15.47% higher than in 2020. Such growth across sectors helped Bangladesh's lubricant market recover from the pandemic.
- In the short term, the major factors, like growing demand from the power generation industry, increasing metalworking and metallurgy activities, and increasing demand from the automotive industry, are expected to drive the market studied.
- Conversely, low adoption rates of synthetic lubricants due to high prices are expected to hinder the market's growth.
- The development of bio-based lubricants is expected to act as a market opportunity for the market studied.
- The automotive and other transportation end-user industry dominated the market in terms of demand and is expected to continue doing the same during the forecast period.
Bangladesh Lubricants Industry Segmentation
Lubricant products are made from a combination of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 75-90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product.
The Report Lists Top Lubricants Companies Operating in the Bangladesh Market. The Market is Segmented by Product Type (Engine Oil, Transmission and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, and Other Product Types (dry film lubricants)) and End-User Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, and Other End-User Industries (food processing, marine, etc.)). The Report Offers Market Size and Forecasts for Bangladesh's Lubricants Market in Volume (Liters) for all the Above Segments.
| Product Type | |
| Engine Oil | |
| Transmission and Gear Oils | |
| Hydraulic Fluid | |
| Metalworking Fluid | |
| Grease | |
| Other Product Types |
| End-user Industry | |
| Power Generation | |
| Automotive and Other Transportation | |
| Heavy Equipment | |
| Metallurgy and Metalworking | |
| Other End-user Industries |
Bangladesh Lubricants Market Size Summary
The lubricant market in Bangladesh is poised for significant growth over the forecast period, driven by increasing demand from various sectors such as power generation, metalworking, metallurgy, and particularly the automotive industry. The market experienced a setback due to the COVID-19 pandemic, which disrupted supply chains and led to a decline in motor vehicle sales. However, recovery was swift, with sales rebounding and contributing to the market's resurgence. The automotive sector remains a dominant force in the market, with engine oil being the most demanded product type due to its essential role in maintaining vehicle performance and longevity. The growing urban population and rising disposable incomes are further fueling the demand for motorcycles and vehicles, thereby boosting the lubricant market.
Despite the promising growth prospects, the market faces challenges such as the low adoption rates of synthetic lubricants due to their high cost. However, the development of bio-based lubricants presents a potential opportunity for market expansion. The market is partially consolidated, with key players like MJL Bangladesh PLC, BP p.l.c., and Gulf Oil Bangladesh Limited actively participating in the industry. These companies are making strategic investments and partnerships to enhance their market presence and product offerings. The increasing air travel and aviation market growth also contribute to the demand for aviation lubricants, supporting the overall market growth.
Bangladesh Lubricants Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand from the Power Generation Industry
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1.1.2 Increasing Activities of Metalworking and Metallurgy
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1.1.3 Increasing Demand from Automotive Industry
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1.2 Restraints
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1.2.1 High Price of Synthetic Lubricants
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1.2.2 Other Restraints
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Product Type
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2.1.1 Engine Oil
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2.1.2 Transmission and Gear Oils
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2.1.3 Hydraulic Fluid
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2.1.4 Metalworking Fluid
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2.1.5 Grease
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2.1.6 Other Product Types
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2.2 End-user Industry
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2.2.1 Power Generation
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2.2.2 Automotive and Other Transportation
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2.2.3 Heavy Equipment
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2.2.4 Metallurgy and Metalworking
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2.2.5 Other End-user Industries
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Bangladesh Lubricants Market Size FAQs
How big is the Bangladesh Lubricants Market?
The Bangladesh Lubricants Market size is expected to reach 201.10 million liters in 2024 and grow at a CAGR of 7.76% to reach 292.30 million liters by 2029.
What is the current Bangladesh Lubricants Market size?
In 2024, the Bangladesh Lubricants Market size is expected to reach 201.10 million liters.
