The rail greases market in APAC is expected to reach US$ 176. 93 million by 2027 from US$ 139. 70 million in 2018 and is expected to grow at a CAGR of 2. 8% from 2019 to 2027. Focus on e-commerce industry to increase customer reach is bolstering the growth of the rail greases market.
New York, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Rail Greases Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type, Application, and Distribution Channel" - https://www.reportlinker.com/p05978834/?utm_source=GNW
The increasing adoption of digital channels across the APAC region has brought about an increased emphasis on online distributions channels.
Internet usage and smartphone ownership rates are growing across the world, and consumers are inclined to do everything online from conducting research to making their final purchase.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 distributing 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 requirement of rail greases for maintenance activities and to enhance the performance of machineries is among the other factors expected to positively influence the growth of the rail greases market.
Based on product type, the APAC rail greases market is segmented into lithium grease, calcium grease, and other grease.The lithium grease segment dominated the APAC rail greases and is expected to grow at the fastest rate during the forecast period.
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.Lithium-based greases are the most commonly used in railway applications due to its higher melting point compared to others.
Lithium greases are used in various railway parts such as curved tooth coupling, cardan shaft, axle boxes, and brake system due to their high pumpability. Regular maintenance activities of different parts used in railway transportation is expected to drive the demand for lithium grease during 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 totally depends on the spread of the virus.
The governments of APAC are taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market.The Airports Council International (ACI) Asia Pacific warned that the prolonged duration of the 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 negatively impact market growth in the coming days. Till now, China has the highest number of COVID-19 confirmed cases.
The overall APAC 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 APAC 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 APAC rail greases market. Royal Dutch Shell Plc, Exxon Mobil Corporation, BP Australia Pty Limited, 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 APAC rail greases market.
Read the full report: https://www.reportlinker.com/p05978834/?utm_source=GNW
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