It is not so difficult to calculate the size of lubricating oil trade of Bangladesh. However, business Insiders has considered this market as a silent trade in comparison to others.
Surprisingly, the annual domestic demand for lubricating oils is around 100 million litres, whereas base oil demand around 140 million litres. The market value of base oil around $133 million.
The annual domestic consumption has got almost 3% yearly growth, which is on par with India but behind China.
This market holds more than 100 brands altogether and the number is increasing day by day.
However, the lack of market monitoring, the current status of the transport system, least reporting make this market unnoticeable to the public.
The market size of the base oil is expected to increase in Bangladesh, due to its economic growth.
In recent years, the growth of power sector has got publicized because of the national agenda, which has also highlighted the industrial lubricants oil market in Bangladesh.
The demand from the industrial machinery and equipment application also accounts for a major share of the total lubricants market and is driven by the end-user sectors such as power, manufacturing, logistics, automotive manufacturing, and others.
So, this unnoticeable market now is a competitive one. Already, lubricant players have established their footholds here, with international brands. Among them, Mobil is the most established brand, with a strong presence in the lubricants shelves.
Bangladesh lubricating oil market is a growing one. However, market insiders think lack of govt. intervention on the policy to monitor this trade make this market uncontrolled one.