Bangladesh Lubricants Market Size By Type (Synthetic and Bio-Based), By Application (Automotive, Industrial, Marine, Construction), And Forecast

Bangladesh Lubricants Market Size And Forecast

Bangladesh Lubricants Market size was valued at USD 186 Million in 2024 and is projected to reach USD 293 Million by 2031, growing at a CAGR of 8.2% from 2024 to 2031.

Rising construction activities in the country and increased usage in the automotive industry are a few of the critical Bangladesh Lubricants Market drivers and trends fueling the growth of the market. The Bangladesh report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Bangladesh Lubricants Market Definition

A lubricant is a substance which when introduced in between solid surfaces, is capable of reducing friction, heat, and wear. It can also have other applications like use in transmitting forces, in heating or cooling desired surfaces, or transporting foreign particles. A good lubricant has good thermal and hydraulic stability and can prevent corrosion. It also provides resistance to oxidation. Lubricants help in shock absorption during heavy loads. Lubricants are used in automobiles in different forms like engine oil, transmission oil, and coolant oil among others.

Synthetic oils are lubricating oils that are manufactured. It is a lubricant made up of artificially made chemical compounds. Biobased lubricants are defined as those that are biodegradable and derived from renewable raw materials, generally a plant-based source. The penetration of bio-based lubricants is almost nil in Bangladesh. On a global note, as well, the penetration of bio-based lubricants is low, compared to synthetic lubricants.

Bangladesh Lubricants Market Overview

Bangladesh is undergoing rapid transformation across all its industries, with increasing purchasing power among its middle-class population. This is expected to increase the demand for lubricants in the country in the coming years. The infrastructure equipment manufacturing sector is booming owing to the increased demand brought on by the implementation of the government’s mega projects to accelerate economic growth. The rising trend in the demand for heavy construction equipment is expected to continue for the next 10 years as the number of infrastructure development projects in Bangladesh will increase as well. This is expected to increase the demand for lubricants from the infrastructure industry. Likewise, other industries are also undergoing transformation, which is expected to boost demand for lubricants in the country. The thrust sectors, along with the ongoing mega infrastructure projects undertaken by the Government of Bangladesh, create opportunities to supply world-class lubricant solutions in the country.

The high cost of synthetic lubricants is limiting market expansion. Synthetic lubricants are typically 2-5 times more expensive than mineral oil lubricants. Because of these factors, the market is hampered.

Bangladesh Lubricants MarketSegmentation Analysis

The Bangladesh Lubricants Market is segmented on the basis of Type and Application.

Bangladesh Lubricants Market, By Type

• Synthetic• Bio-Based

To Get Summarized Market Report By Type-

Based on Type, the market is bifurcated into Synthetic and Bio-Based. Synthetic accounted for the largest market share of 90.50% in 2020, and is projected to grow at a CAGR of 5.86% during the forecast period. Bio-Based was the second-largest market in 2020, it is projected to grow at the highest CAGR of 8.39%.

Bangladesh Lubricants Market, By Application

• Automotive• Industrial• Marine• Construction• Others

To Get Summarized Market Report By Application-

Based on the Application, the Bangladesh Lubricants Market has been segmented into Automotive, Industrial, Marine, Construction, and Others. Automotive accounted for the largest market share of 37.92% in 2021 and is projected to grow at a CAGR of 5.90% during the forecast period. Industrial was the second-largest market in 2021, it is projected to grow at a CAGR of 6.52%. However, Marine is projected to grow at the highest CAGR of 6.70%.

Key Players

The “Bangladesh Lubricants Market” study report will provide valuable insight with an emphasis on the market. The major players in the market are MJL Bangladesh Limited, Padma Oil Company Limited, Lub-rref (Bangladesh) Ltd, APSCO Bangladesh, Basumati Group of Companies, City Lub Oil Industries Ltd, Corona Group, Navana Petroleum Limited Gulf Oil Bangladesh Limited, and Imam Group, and others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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