Report : Asia Pacific Rail Greases Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type (Lithium Grease, Calcium Grease, and Other Grease), Application (Railway Vehicle Elements, Railway Track Elements, Switches and Fish Plates, Curve Rails, and Screw and Bolts), and Distribution Channel (Offline and Online)
Offline Segment to Dominate APAC Rail Greases Market during 2019–2027
According to The Insight Partners market research study on “APAC Rail Greases Market Forecast to 2027 – COVID-19 Impact and Analysis – by Product Type (Lithium Grease, Calcium Grease, and Other Grease), Application (Railway Vehicle Elements, Railway Track Elements, Switches and Fish Plates, Curve Rails, and Screw and Bolts), and Distribution Channel (Offline and Online),” is expected to reach US$ 176.93 by 2027 from US$ 139.70 million in 2018 and is expected to grow at a CAGR of 2.8% from 2019 to 2027. The report provides trends prevailing in the APAC rail greases market along with the drivers and restraints pertaining to the market growth.
Grease is solid or semi-solid lubricating oil. It usually comprises mineral oil and thickeners such as calcium-based soap and lithium-based soaps. Greases may also contain additional lubricating particles, such as molybdenum disulfide, graphite, or polytetrafluoroethylene (PTFE). Different types of greases combine the lubricating properties of oils with added stickiness, which allows the lubricant to adhere to the surfaces better. Grease possesses characteristic feature such as high initial viscosity, which make it frictional. For rails, greases can be used in mechanisms where lubrication is required frequently and where lubricating oil does not stay for long. Greases act as a sealant to avert ingress of water and incompressible materials. Grease is also being used for maintenance of various rail elements such as railway axles & wheels, bearings & chains, brake elements, interior components, pantographs and railway track components, as it prevents entry of contaminants or loss of lubricant. Requirement of rail greases for maintenance and smooth running of railway components is the major factor driving the growth of the APAC rail greases market. However, stringent regulation for the production and uses of greases hinder the growth of APAC rail greases market.
The APAC Rail Greases Market is segmented into product type, application, distribution channel, and country. Based on product type, the market is segmented into lithium grease, calcium grease and other grease. In 2018, the lithium grease segment held the largest share of APAC rail greases market on the basis of product type. In terms of application the rail greases market is divided into railway vehicle elements, railway track elements, switches and fish plates, curve rails, screw and bolts. On the basis of distribution channel the market is segmented into offline, online. The offline segment accounted for the largest market share in the APAC Rail Greases Market. Online and curve rails segments are expected to be the fastest growing segments over the forecast period.
The COVID-19 is anticipated to cause a loss of more than 3 Billion in the APAC region. The consequence and impact can be even worse and depends on the spread of the virus. APAC's government is taking possible steps to reduce its effects by announcing lockdown, thus impacting the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the coronavirus (COVID-19) outbreak would drastically impact the region's airports' connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to impact market growth in the coming period negatively. Till now, China has the highest number of COVID -19 confirmed cases.
Royal Dutch Shell Plc, Exxon Mobil Corporation, BP Australia Pty Limited, Total SA, Petroliam Nasional Berhad (Petronas), FUCHS, SKF Group, Chevron Corporation, Klüber Lubrication and Sinopec Corp. are among the leading companies in the APAC rail greases market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Klüber Lubrication offers an extensive product portfolio of rail greases and lubricants for the railways and trains. Klüber Lubrication offers approximately 2,000 different specialty lubricants. The company offers its products to various industries such as automotive, cement, chemical, food, glass, marine, metalwork, mining, oil & gas, paper, pharmaceutical, railway, rubber, plastic, steel, textile, wind power, and wood industry. With its wide product portfolio for lubricants specially developed for the railway industry, Klüber Lubrication helps to extend oil change and relubrication intervals and increase the service life of components, thus reducing operating costs.
The report segments the APAC rail greases market as follows:
By Product Type
By Distribution Channel