Bangladesh’s Lubricant market expands to meet increasing demand – Patrons Petroleum

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Bangladesh’s Lubricant market expands to meet increasing
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A recent report by PricewaterhouseCoopers (PwC) states Bangladesh to be among the top
3 fastest growing economies in the world by 2030. This indicates Bangladesh’s rapid
growth in both public and private sectors, such as the automobile industry. And with the
number of motor vehicles growing at an exponential rate, the demand for engine oil or
lubricants is also increasing with it. Lubricants are vital for proper functioning of machines
and are used to reduce friction. They also act as cooling uids and remove any residual
deposition over mechanical parts, thereby, increasing operating e ciency and lifespan.
In the context of Bangladesh, the lubricant market increased from Tk. 1200 crore in 2008 to
Tk. 2400 crore in 2013. In the same year, the annual domestic consumption was around
100,000 tonnes. The market is segmented into sectors like car engine oil, motorcycle oil,
truck and heavy duty engine oil, CNG oil and industrial oil, etc. It could also be used for
sectors like railway oil, marine oil and aviation oil, though these are insigni cant compared
with other lubricant oil sectors. Although the renowned brands like Mobil, BP, Total, Shell,
Castrol are enjoying their existing market share with strong brand preferences, this rapid
increase in demand resulted new brands to be more eager to enter this lucrative industry.
The market has further been divided by product type, into engine oil, transmission &
hydraulic uids, metalworking uids, general industrial oil, gear oil, greases, process oil, and
others. Due to the aforementioned functions, lubricants are highly used in various
commercial and industrial sectors. The lubricant market is also segmented by end-user
industry, such as power generation, automotive & other transportation, heavy equipment,
food & beverage, metallurgy & metalworking, chemical manufacturing and others.
The lubricant industry in Bangladesh in the private sector is over a decade old. Only the oil
companies were allowed to import, blend and distribute lubricants, until 2000. During that
time, about 65% of lube oil contained no additives. Later, to ensure minimum standard, the
government liberalized the market and banned non-additive lubricants. Since then, more
than 50 brands of lubricants, including renowned multinationals, have entered the market.
But currently seven brands account for nearly 54% of the total industry. A leading industry
player mentioned last month that due to stable political environment and industrial growth,
the lubricant demand volume in Bangladesh was projected to increase 2.5% in the past
years. Market data shows that of the Tk 1,000 crore lubricant retail market in 2009, the
automobile industry consumed 77%, while the manufacturing sector consumed the rest.
Mobil Jamuna being the rst Bangladeshi company exporting lubricants has extended its
reach to Nepal and Bhutan, and has exported lube oil worth more than $ 450,000 to Nepal in
2009. The export target for this year has been set at a million dollars. So it can be observed
that the lubricant market, having a steady growth in the automotive and industrial sectors
can prove to have a promising future ahead in Bangladesh.
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