In our country, the lubricants market is on steady growth in comparison to other distinct markets.
Not surprisingly, the annual domestic demand for lubricating oils is around 1.75 lakh tons litres, whereas the market value is around Tk5,000cr to Tk6,000cr.
According to the industry insiders, the annual lubricant demand is expected to reach two lakh tons in the 2019-20 fiscal year.
The annual domestic consumption has got almost 3% yearly growth, which is on par with India but behind China.
The market holds more than 100 brand names altogether and its number is increasing.
The demand from the automotive, construction sector, industrial machinery, and equipment application also accounts for a major share of the total lubricants driven by end-user sectors.
Additionally, the industrial sector accounts for 30% of the total lubricant consumption in Bangladesh.
The demand is the highest thanks to the automotive sector and the agriculture-based economy.
Shortly, the market is expected to witness steady growth in Bangladesh because of its growing economy.
The growing automotive sector and industrial production have resulted in enhanced demand for lubricants in Bangladesh. In terms of volume, the transportation segment accounts for more than half of the total lubricants market.
In terms of application, the lubricants market has been segregated into automotive, industrial, and marine. Rapid industrialization has boosted the demand for lubricants in various end-use industries.
Expansion of industries such as industrial machinery, automotive, and energy in developing economies is fueling the demand for lubricants and their derivatives such as finished lubricants.