New York, United States, March 11, 2020 (GLOBE NEWSWIRE) -- The global rail lubricant market will grow to value US$1.7Bn by the end of 2029. Major stakeholders are introducing innovations like bio-oil to promote sustainability in the rail lubricants segment. They are further finding revenue-generating opportunities in metro rail, freight trains, and high-speed train’s networks.
Rail Lubricant Market: Key Findings
- The surging popularity of bio-based lubricants projected to generate US$200Mn revenue by 2029.
- Usage of locomotive heavy traction motors in railways to impart prominence to locomotive engine lubrication segment in the market.
- Curve rails to generate healthy business opportunities in the global market owing to the fast-paced expansion of railway lines network across the globe.
- On the back of growing popularity, e-commerce sector to become preferred distribution channel for rail lubricants.
- North America to gain significance in global rail lubricants; government regulations encourage the use of rail lubricants for proper, maintenance and servicing of railway lines.
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Rail Lubricant Market: Key Growth Drivers
- The trend of sustainability is encouraging the development of bio-based lubricants, propelling the growth of the rail lubricants market through the forecast period.
- Augmenting demand for antifreeze rail lubricants in colder countries will be a key driver of growth.
- Sprawling railway network in developing nations such as India and Indonesia to generate growth opportunities in the rail lubricants market.
- Automation and digitalization to boost demand for rail lubricants in coming years.
- Favorable government policies to propel the growth of the rail lubricants market.
- The requirement of regular maintenance of railway tracks to generate white spaces of growth for manufacturers in the rail lubricants market.
Rail Lubricant Market: Key Restraints
- Use of electric motors in high-speed trains reduces demand for lubricants, restraining the growth of rail lubricants market.
- Technological advancements in batteries, spur the growth of battery-powered trains, negatively influencing the market for rail lubricants.
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Rail Lubricant Market: Competition Landscape
The competition landscape is moderately fragmented with international and regional players. Prominent market players such as Royal Dutch Shell PLC and China Petroleum & Chemical Corporation are expanding their sales and distribution networks to maintain their prominence in the rail lubricants market. Manufacturers are developing biodegradable rail lubricants to gain from its burgeoning demand. Key players in the market are Royal Dutch Shell PLC, Total S.A., Petroliam Nasional Berhad (PETRONAS), Chevron Corporation, L.B. Foster Company, CONDAT Group, and CITGO Petroleum Corporation.
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More about the Report
This Persistence Market Research study of 280 pages provides actionable insights on the rail lubricants market. This report provides a comprehensive analysis of market dynamics across seven different geographic regions, through three major segments – composition, distribution channel, and application. The rail lubricants market report also offers insights on pricing analysis by region, technology trends, and regional distribution of railway network, analysis of expenses on railroads, and demand trends across different applications.
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