Press release
The subsequent 10 years to look through persistence of the Rail Greases Market at a CAGR of 0.8 %
Key Takeaways of Rail Greases Market Report
Growing high-speed rail and metro rail projects in urban cities is one of the primary driving factors propelling the growth of the global rail greases market.
Lithium grease is projected to remain the most preferred type for wheel bearing and rail track applications, due to its high temperature resistance. However, calcium grease and other types of greases such as sodium, calcium, and sulfonate are anticipated to witness elevated growth in demand due to their good water resistance, high drop point, and extreme pressure handling capabilities.
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Although biodegradable rail greases have limited adoption across the industry, they are anticipated to capture a greater market share during the forecast period.
North America is projected to lead the market demand for rail greases, owing to its vast railway network, while China's Belt Road Initiative is anticipated to create a number of market opportunities for rail greases across African and Asian countries.
The railway vehicle elements segment is projected to hold an upper hand in terms of demand amongst the application types, given the number of components that require frequent lubrication for efficient functioning.
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Intensified and Fragmented Competition Landscape
The rail greases market is very fragmented, given the presence of a number of international and regional players. Players such as Royal Dutch Shell PLC, Exxon Mobil Corporation, BP, China Petroleum & Chemical Corporation, and Total S.A. are depending on their well-established sales and distribution networks to remain prominent players in the rail greases market. Other key players in the rail greases market, such as FUCHS LUBRITECH GmbH, Klüber Lubrication, The Timken Company, and SKF, are focusing on the development of biodegradable rail greases and acquisitions of complementary businesses to expand their product portfolio and sales network.
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Sluggish Growth to Prevail throughout Forecast Period
Although rail greases are vital elements in railway operations and maintenance, the market is anticipated to register rather slow growth, owing to linear demand for rail greases for existing rail networks, and a number of railway expansion projects that are not expected to be completed in the next 4-5 years.
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