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Bangladesh Lubricants Market - Segmented By Contaminants Type, By Food Type, By Technology, By Geography - Growth and Forecasts (2019 - 2024)

Bangladesh Lubricants Market - Segmented By Contaminants Type, By Food Type, By Technology, By Geography - Growth and Forecasts (2019 - 2024)

  • March 2019
  • 110 pages
  • ID: 5778171
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

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Market Overview
The market for Bangladesh lubricants is expected to grow at a CAGR of approximately 2.80% during the forecast period of 2019 - 2024. The major factor driving the market studied is the continuously rise in the construction activities in the country. High price of synthetic lubricants is expected to hinder the growth of the market to some extent.

The construction sector dominated the market in 2017 and 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
Others

Industry Application

Power Generation
Automotive and Other Transportation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Others End-user Industries

Key Market Trends
Increase in Demand of Automotive Vehicles

Light motor vehicles and passenger cars are the fastest growing and also the largest consumer of lubricants in Bangladesh. Lubricants are used in automobiles in form of engine oil, coolants brake oil and other transmission oils.

The sales of the automotive vehicle has been increasing rapidly over a period 2013-2017 and is forecasted to increase over the period of 2019-2024. In 2017 the total of 0.5 million of vehicles have registered of Bangladesh Road Transport Authority (BRTA).

The per capita income of the citizens of Bangladesh is increasing steadily, in turn leading to rise in the living standards of the people and thus the demand for the automobiles is increasing.

Additionally, the sectors such as metal working and construction are also flourishing which are supporting the increase in demand of lubricants during the study period.

Segmentation

Engine Oil

The demand for engine oils in Bangladesh has been rising steadily since the past five years owing to the rapid growth in the sales of motor vehicles (both domestically manufactured and imported) in the country.

The sales of new passenger vehicles has witnessed an increase of nearly 30% in 2016-17 (according to the International Organization of Motor Vehicle Manufacturers) and the growth is expected to continue further owing to the rising purchasing power of consumers and easier credit availabilities in the recent times.

The sales of high-end cars has witnessed a massive surge in the country lately, with a growth rate of over 15% being recorded between 2015-18. This in turn has spurred the consumption of semi-synthetic and synthetic engine oils in the country in recent times.

Product

Competitive Landscape
The Bangladesh lubricant market is partly fragmented with top 5 players accounting 50% of the market. The major companies include Royal Dutch Shell, Total, Castrol, Lukoil and MJL Bangladesh.

Major Players
Total
Ranks Petroleum Ltd. (Royal Dutch Shell)
Rahimafrooz Distribution Ltd. (Castrol)
Corona Group (Lukoil)
MJL Bangladesh Limited (Mobil)

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