18/07/2022
Afsana Group Golden Auto Motors Mobile & Engine oil Market in
BANGLADESH LUBRICANTS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)
The Bangladesh Lubricants Market is segmented by Product Type (Engine Oil, Transmission and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, and Other Product Types) and End-user Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, and Other End-user Industries). The report offers market size and forecasts for Bangladesh Lubricants Market in volume (Million Liters) for all the above segments.
Industry Reports
Chemicals & Materials
Bangladesh Lubricants Market - Growth,
Market Snapshot
Bangladesh Lubricants Market Size
Study Period:
2017-2022
Base Year:
2021
CAGR:
>1 %
Bangladesh Lubricants Market Major Players
Market Overview
The Bangladeshi lubricants market is projected to register a CAGR of over 1% during the forecast period (2022-2027).
Due to the COVID-19 pandemic in the country during the first half of 2020, the automobile and transportation, and various other industrial sectors have been affected significantly. For instance, the automobile industry in the country witnessed uncertainty in 2020 and registered a decline of around 40% in sales during the year. However, the Automobile industry has seen a slight increase in the year 2021. The market is expected to see a surge in the forecast period.
In the short term, one of the major factors, like increasing construction activities in the country, is expected to drive the market. On the flip side, low adoption rates of synthetic lubricants due to high prices are expected to hinder the growth of the market.
The automotive and other transportation segments dominated the market with a share of around 70% in terms of demand, and it is expected to grow at a significant rate during the forecast period.
Scope of the Report
The Bangladesh lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, and other product types. By end-user industry, the market is segmented into power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, and other end-user industries. For each segment,The report offers market size and forecasts for Bangladesh Lubricants Market in volume (Million Liters) for all the above segments.
Product Type
End-user Industry
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Key Market Trends
Engine Oils Segment to Dominate the Market
Engine oils are widely used for lubricating the internal combustion engines in different types of automotive in various applications such as wear reduction, corrosion protection, and ensuring the smooth operation of the engine internals.
The oils function by creating a thin film between the moving parts for enhancing heat transfer and reducing tension during contact of the parts.
The need for engine oils in Bangladesh has been continuously expanding in recent years, as demand for four-wheelers has increased at an annual pace of 8%, owing to the country's developing middle class's increased spending power. The middle class is the primary purchaser of passenger vehicles.
The local vehicle industry has been deemed a potentially large industrial sector for the previous two decades, according to the Automobile Industry Development Policy 2021, since it has had excellent yearly compound growth and contributes significantly to the national economy.
Shell Advance, Motul, Mobil, Havoline, and Castrol Active are the top five engine oils in the country.
All the aforementioned factors are expected to increase the demand for engine oils during the forecast period.
Bangladesh Lubricants Market Share
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Automotive and Other Transportation Segment Expected to Dominate the Market
Lubricants are used in automotive for various applications, such as the engine, brake systems, fuel systems, transmission manufacturing, steering systems, exhaust systems, and many others. Lubricants in automobiles reduce friction by creating a thin layer or film (clearance) between the moving parts. Shock absorption during heavy loads and the absorption of contaminants are a few of the various advantages.
Lubricants in marine transportation are used to dissipate heat, for reducing friction, and combat wear and tear between the surfaces of two moving components. Additionally, lubricants help fight corrosion and rust in the engine, whether it is an aviation engine or a wheel burning on a car.
Due to the rapid growth in the country's sales of motor vehicles (both locally built and imported), demand for engine oils has been constantly increasing in recent years.
In 2020, a total of 20,093 passenger vehicles were registered, according to the Bangladesh Road Transport Authority (BRTA), accounting for 5.3 percent of the total automobile sector volume.
Sedans (also known as private cars) accounted for over 55% of passenger vehicle registrations in 2020, with 12,403 units registered. SUVs and microbuses accounted for the rest of the passenger vehicle sector, with 4,911 and 2,779 units sold, respectively.
Bangladesh is anticipating a growth in the aviation market, with the population increasing the use of the aerial route for traveling increasing gradually, owing to the growing middle-class incomes. The increasing air travel rates in the country are, in turn, supporting the growth of aviation lubricants.
Owing to all the above mentioned factors, the demand for lubricants is expected to grow at a moderate rate during the forecast period.
Bangladesh Lubricants Market Growth
Competitive Landscape
The Bangladeshi lubricants market is partially consolidated, with the top five players accounting for almost 60% of the total consumption. The key players in the market include MJL Bangladesh Limited, BP PLC (Castrol), Trade Services International, Navana Petroleum Limited, and Ranks Petroleum Limited, among others.
Major Players Afsana Group Golden Auto Motors Mobile & Engine oil
Recent Development
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Construction Activities
4.1.2 Increasing Activities of Metalworking and Metallurgy
4.2 Restraints
4.2.1 High Price of Synthetic Lubricants
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Engine Oil
5.1.2 Transmission and Hydraulic Fluid
5.1.3 Metalworking Fluid
5.1.4 General Industrial Oil
5.1.5 Gear Oil
5.1.6 Grease
5.1.7 Other Product Types
5.2 End-user Industry
5.2.1 Power Generation
5.2.2 Automotive and Other Transportation
5.2.3 Heavy Equipment
5.2.4 Food and Beverage
5.2.5 Metallurgy and Metalworking
5.2.6 Other End-user Industries
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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