Bangladesh industrial lubricants market is growing at a rapid pace.
Now, the industrial lubricant is the third-largest market after mineral-based lubricants markets and automotive lubricants market.
Expansion in manufacturing-based industries, development in the power and infrastructure sector, is fueling the growth of the country’s industrial lubricant market at a rapid rate.
According to the industry insiders, the annual industrial lubricant demand pegged at 52 thousand tons in the 2018-19 fiscal year, which is expected to reach 60 thousand tons in the 2019-20 fiscal year.
Lubricants consumption by the industrial sector has increased significantly in the last 5 years. This industrial sector accounts for around 30% of the total lubricant consumption in Bangladesh.
This market is categorized by hydraulic lubricants, compressor lubricants, gear lubricants, metalworking fluids and others types, and by the end-user, the categories are automotive, manufacturing, heavy- industries, power generation and others.
The market trends substantiating the regional market growth include rapid urbanization, industrialization and the increasing consumption of the product in the industrial sector.
However, Bangladesh has been steadily building its economic strength and is now emerging as an attractive frontier growth market in South Asia.
According to the Asian Development Bank, Bangladesh has registered the fastest growth rate in the Asia-Pacific economies comprised of 45 countries.
Lubricants Shelf, as a concept, is applied to review the status of an engine oil brand in the market. We come up with this term, which is a framework to understand the acceptance of existing oil brands.
Following that framework, we have observed the shelves of the country’s noted retailer shops and tried to find the sustainability of brands.
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