North America Rail Greases Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type, Application, and Distribution Channel
The rail greases market in North America is expected to reach US$ 92.46 million by 2027 from US$ 74.62 million in 2018 and is expected to grow at a CAGR of 2.5% from 2019 to 2027
NEW YORK, Oct. 29, 2020 /PRNewswire/ --
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Leveraging e-commerce industry to increase customer reach is bolstering the growth of the rail greases market.The increasing adoption of digital channels across the North America has brought about an increased emphasis on online distributions channels.
Several benefits, such as convenience, fast delivery, and secure payment options, have attracted B2B buyers to purchase online.Thus, the companies operating in the rail grease market have optimized their distribution strategy over the past few years.
To target and reach a large number of customers in the market, the companies are adopting online distribution channels along with their traditional offline distribution channels in response to the emerging influence of digitalization on the business environment.Online distribution channels help companies to easily reach the target consumers without adding additional costs and expenses.
Thus, the manufacturers of lubricants and grease are leveraging e-commerce industry to earn revenue by opening online stores and making sales through these channels. The surging demand for biodegradable rail greases is among the other factors expected to positively influence the growth of the rail greases market.
Based on product type, the North America rail greases market is segmented into lithium grease, calcium grease, and other grease.The lithium grease segment led the rail greases market in 2018.
Lithium grease is multi-purpose grease with a buttery texture and has a dropping point above 350°F.Moreover, it can also be used with occasional temperatures up to 300°F.
Lithium grease has excellent resistance to water and breakdown or softening.Pumpability is a major characteristic of lithium grease.
Pumpability is the ease with which pressurized grease can flow through nozzles, lines, and fittings of grease-dispensing systems. Lithium-based greases are the most commonly used in railway applications due to its higher melting point (dropping point) compared to calcium-based greases. Lithium complex grease is a new type of grease that shows similar characteristics as the simple lithium greases, with improved performance in the area of high temperature and high speed bearing life. The dropping point of lithium complex grease is approximately 500°F. Due to their exceptional properties and high-temperature resistance, lithium greases are used in various parts in railways and trains such as curved tooth coupling, cardan shaft, axle boxes, and brake system.
COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.In North America, the US has the highest number of confirmed cases of COVID-19 compared to Canada and Mexico.
This is likely to impact the rail transport in the country. In addition, the overall manufacturing processes, research, and development activities will also impact market growth.
The overall North America rail greases market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the North America rail greases market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America rail greases market. Royal Dutch Shell Plc, Exxon Mobil Corporation, Total SA, Petroliam Nasional Berhad (Petronas), FUCHS, SKF Group, Chevron Corporation, and Klüber Lubrication and Sinopec Corp. are among a few players operating in the North America rail greases market.
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