Lubrizol partners with IMCD to boost additives business in Bangladesh
Lubrizol Corporation, a specialty chemical company based in Cleveland, Ohio, U.S.A., has entered into a distribution agreement with IMCD Group, a global leader in specialty chemicals and ingredients distribution, headquartered in Rotterdam, The Netherlands. This collaboration aims to expand Lubrizol’s additives business in the burgeoning lubricant and fuel additives market in Bangladesh.
The partnership will enable Lubrizol to enhance its presence in South Asia, particularly in Bangladesh, where the demand for high-performance finished fluids and lubricants is on the rise. The finished lubricant market in Bangladesh is projected to grow at a compound annual growth rate (CAGR) of 3-5%.
Flavio Kliger, senior vice president and president of Lubrizol Additives, commented on the growth potential in South Asia. “Our alliance with IMCD will bolster our ability to cater to the increasing additives clientele in Bangladesh with our advanced technology,” Kliger said.
The rising demand for lubricants in South Asia is attributed to the region’s rapid urbanisation and industrial growth. High-quality lubricants and fluids are essential to support the expanding automotive and industrial sectors.
Sanjeev Kaul, vice president of Lubrizol Additives for India, Middle East, and Africa, emphasised the evolving nature of the Bangladesh market. “In collaboration with IMCD, we are well-positioned to offer unparalleled support to our growing customer base,” Kaul said.
Lubrizol’s previous successful ventures with IMCD in markets like India and Africa paved the way for this new commitment in Bangladesh. Narendra Varde, managing director of IMCD India and Bangladesh, expressed enthusiasm about the expanded partnership. “Our combined expertise and Lubrizol’s innovative technology will elevate the service level for oil marketers in Bangladesh,” Varde said.
Kailash Sawant, director of Sales for Lubrizol Additives in India and South Asia, highlighted the strategic choice of IMCD as their distribution partner in Bangladesh, aiming to enhance customer experience.
