The future of Bangladesh automotive engine oil market is depending on the production of automobiles and demand for conventional and synthetic products.
The automotive vehicle sales have shown a constant rise over the past few years, because of the growing population and consumer spending capacity.
While forecasting the future market, we have to understand the acceptance of both conventional oil and synthetic oil.
The conventional oil is cheap with a high demand all over the world. Whereas, synthetic lubes provide excellent protection and better performance for a longer period of time than conventional products.
We know, based on grades, the market has been considered into mineral, semi-synthetic, and synthetic.
As usual, the conventional products will enjoy a moderate growth as they have a high viscosity. It has a better acceptance among the consumers.
In comparison, semi-synthetic lubes are engine-specific oils, which are specially manufactured by adding suitable additives and as per the specifications of vehicle manufacturers. However, the oil changing cycle for semi-synthetic is little longer than the mineral-based products.
Transition to Synthetic Oil
Marketers have already pursued the semi-synthetic lube products to the customers, recommending those as the conversion of product usage from the mineral oil to synthetic oil.
Besides the passenger cars, most engines of the diesel-run commercial vehicles run in the road are out-of-date which are the key customer of the mineral based oil.
Myths on Synthetic Oil
Besides, fully-synthetic products were previously used only for race cars. These oils provide excellent protection from friction, wear and tear, and operate smoothly at high temperature and extreme weather conditions.
However, creating awareness on the synthetic product is a challenge. And the existing myths on the lubricants also the key restraints to the understanding of the synthetic.
A common myth is synthetic engine oil bad for engine seals. Synthetic engine oil will not cause any damage to engine seals. The most popular myth is synthetic oil causes cars to use more oil?
Synthetic engine oils don’t affect seals and won’t be the cause of blow-by or oil burn-off in an older engine. Just like conventional engine oil, synthetic engine oils have a specific viscosity grade.
However, synthetic engine oil performs smoothly at a high operating temperature, which is a major reason for OEMs to manufacture turbocharged vehicle engines.
Future of Synthetic Oil Segment
The consumer awareness pertaining to the advantages of using fully-synthetic lubes may drive segment growth.
In the further development of vehicle engines, synthetic engine oil is projected to play a crucial role. Also, the consumer awareness for fuel-efficiency is expected to create great opportunities for the manufacturers in the industry.