In Bangladesh, the annual demand for lubricating oils is increasing significantly, it’s around 100 million litres, whereas base oil demand around 140 million litres including process oil.
The market value of base oil is around $133 million.
The annual consumption of lubricants oil has got almost 3% yearly growths.
This market growth is in the eye of many investors and business analysts, who are interested in its nature.
Last year, a team of Kline, a high-quality market intelligence has visited Bangladesh to collect data on this market for their research purpose.
But, they could not reach that conclusion on this undefined market because of the lack of reliable information.
When you start analysing this market, your focus will be on the growing demand; however, market insiders say that around 70 per cent market shares belong to various brands altogether, which is still undefined.
The number of existing brands is 150 and the number is increasing day by day. More lubricating oil brands are yet to enter in this open market.
Market leaders are enjoying their market share is not true at all. It is already flooded with many global and local brands.
We have closely monitored this market for the last few years. We found this market is indifferent to other markets. It is open but difficult to deal with it.
The most market has its own value chain, which is defined, sometimes linear to understand. However, this trade is not like that. Various uneven factors influence this market to move on.