Bangladesh lubricants oil market is now in a transformed nature, because of various newborn key factors. Those key issues are being ignored by many lubricating oil companies with a small market share.
The market already holds more than a hundred oil brands. Still, upcoming companies are being interested to inject more brands hoping it is an open market.
But we should remember, it is an open market to enter, but very difficult to create loyalty for our brands.
The annual domestic demand of lubricating oils is increasing significantly; it’s around 100 million litres, whereas base oil demand around 140 million litres.
Existing brands are gradually losing their little market shares, and they don’t have that exact reasons why they are losing it. It is high time to understand the changing market to sustain. They should rephrase their business strategy with proper market positioning.
The more traditional strategy they follow, the more market share will be in a threat.