Bangladesh Lubricants Market Size (2024 - 2029)

The market size of the lubricants industry in Bangladesh is on an upward trajectory, despite a temporary setback due to the COVID-19 pandemic. Key growth drivers include increasing demand from the power generation industry, metalworking and metallurgy activities, and the automotive industry. However, the high cost of synthetic lubricants is a potential growth inhibitor. The development of bio-based lubricants presents a promising market opportunity, while the automotive and other transportation segments continue to dominate the market.

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Market Size of Bangladesh Lubricants Industry

Bangladesh Lubricants Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Volume (2024) 201.10 Million liters
Market Volume (2029) 292.30 Million liters
CAGR (2024 - 2029) 7.76 %
Market Concentration High

Major Players

Bangladesh Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Bangladesh Lubricants Market Analysis

The Bangladesh Lubricants Market size is estimated at 201.10 Million liters in 2024, and is expected to reach 292.30 Million liters by 2029, growing at a CAGR of 7.76% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the market in 2020 because it significantly impacted supply chains and caused several supply chain disruptions that led to production halts and other issues in almost all industries, such as automotive, heavy equipment, etc. For instance, according to GoodCarBadCar's data, the country's new motor vehicle sales in 2020 were 13.4% lower than in 2019. However, the conditions started recovering in 2021 such that the new motor vehicle sales in 2021 were recorded to be 15.47% higher than in 2020. Such growth across sectors helped Bangladesh's lubricant market recover from the pandemic.

  • In the short term, the major factors, like growing demand from the power generation industry, increasing metalworking and metallurgy activities, and increasing demand from the automotive industry, are expected to drive the market studied.
  • Conversely, low adoption rates of synthetic lubricants due to high prices are expected to hinder the market's growth.
  • The development of bio-based lubricants is expected to act as a market opportunity for the market studied.
  • The automotive and other transportation end-user industry dominated the market in terms of demand and is expected to continue doing the same during the forecast period.

Bangladesh Lubricants Industry Segmentation

Lubricant products are made from a combination of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 75-90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product.

The Report Lists Top Lubricants Companies Operating in the Bangladesh Market. The Market is Segmented by Product Type (Engine Oil, Transmission and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, and Other Product Types (dry film lubricants)) and End-User Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, and Other End-User Industries (food processing, marine, etc.)). The Report Offers Market Size and Forecasts for Bangladesh's Lubricants Market in Volume (Liters) for all the Above Segments.

Product Type
Engine Oil
Transmission and Gear Oils
Hydraulic Fluid
Metalworking Fluid
Grease
Other Product Types
End-user Industry
Power Generation
Automotive and Other Transportation
Heavy Equipment
Metallurgy and Metalworking
Other End-user Industries

Bangladesh Lubricants Market Size Summary

The lubricants market in Bangladesh is on a growth trajectory and is expected to expand in the coming years. The market's growth was negatively impacted by the COVID-19 outbreak, disruptions in manufacturing activities, and production halts in 2020. However, the market conditions improved in 2021, restoring the market's growth trajectory. The growth is primarily driven by factors such as increasing demand from the power generation industry, metalworking and metallurgy activities, and the automotive industry. However, the high prices of synthetic lubricants may hinder market growth. The development of bio-based lubricants presents a significant opportunity for market expansion. The automotive and other transportation segments dominate the lubricants market in Bangladesh. Lubricants are extensively used in various automotive applications to reduce friction and absorb shock under heavy loads. The demand for engine oil has been consistently increasing due to the growth in motor vehicle sales in the country. The aviation market in Bangladesh is also expected to grow, further supporting the growth of aviation lubricant. The power generation industry is another significant consumer of lubricants. Lubricants, particularly turbine oils, are used to reduce wear and friction in the machinery involved in producing electricity. The increasing demand for electricity in Bangladesh has led to an increase in gas-based generation, thereby driving the demand for lubricants. The lubricants market in Bangladesh is partially consolidated, with key players including MJL Bangladesh Limited, BP PLC, Lub-reef (Bangladesh) Ltd, Navana Petroleum Limited, and Gulf Oil Bangladesh Limited.

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Bangladesh Lubricants Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from the Power Generation Industry

      2. 1.1.2 Increasing Activities of Metalworking and Metallurgy

      3. 1.1.3 Increasing Demand from Automotive Industry

    2. 1.2 Restraints

      1. 1.2.1 High Price of Synthetic Lubricants

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Product Type

      1. 2.1.1 Engine Oil

      2. 2.1.2 Transmission and Gear Oils

      3. 2.1.3 Hydraulic Fluid

      4. 2.1.4 Metalworking Fluid

      5. 2.1.5 Grease

      6. 2.1.6 Other Product Types

    2. 2.2 End-user Industry

      1. 2.2.1 Power Generation

      2. 2.2.2 Automotive and Other Transportation

      3. 2.2.3 Heavy Equipment

      4. 2.2.4 Metallurgy and Metalworking

      5. 2.2.5 Other End-user Industries

Bangladesh Lubricants Market Size FAQs

The Bangladesh Lubricants Market size is expected to reach 201.10 million liters in 2024 and grow at a CAGR of 7.76% to reach 292.30 million liters by 2029.

In 2024, the Bangladesh Lubricants Market size is expected to reach 201.10 million liters.

Bangladesh Lubricants Market Report Snapshots

Lubricant Market in Bangladesh Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)