Rail Lubricant Market Size Worth US$ 2.45 Billion with CAGR of 38.4% by 2034 | Fact.MR Report
Need for Enhancing Energy Efficiency of Railway Systems to Minimize Environmental Impact Fueling Demand for Rail Lubricants
Rockville , Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global rail lubricant market is calculated at an estimated valuation of US$ 1.84 billion in 2024, according to a new market report by Fact.MR, a market research and competitive intelligence provider. The market is forecasted to expand at 2.5% CAGR from 2024 to 2034.*Get Free Sample Copy of This Report:*
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Growing demand for rail transportation is projected to lead to increased sales of rail lubricants for the safe and efficient operation of railway systems. In addition, constant advancements in the development of improved and new rail lubricants, including bio-based variants for improved durability and better performance, are predicted to drive market growth across geographies.
More operators from the railway industry are looking to optimize the performance of their systems. The transportation sector is predicted to focus on sustainability, including minimizing environmental impacts and reducing emissions. Rail lubricants are forecasted to contribute significantly to enhancing energy efficiency of railway systems, making them a preferable choice among environmentally conscious operators.
*Report Attribute* *Details*
Value Projection (2034) US$ 2.45 Billion
Growth Rate (2024-2034) 2.5% CAGR
No. of pages 170 Pages
No. of Tables 84 Tables
No. of Figures 112 Figures
*Key Takeaways from Market Study *
· The global rail lubricant market is pegged at US$ 1.84 billion in 2024.
· Worldwide demand for rail lubricants is predicted to reach a market valuation of US$ 2.45 billion by the end of 2034.
· The market is projected to expand at a CAGR of 2.5% from 2024 to 2034.
· Demand for rail lubricants in China is forecasted to rise at 3.5% CAGR and reach a value of US$ 473.3 million by the end of 2034.
· Sales of synthetic rail lubricants are predicted to rise at 2.4% CAGR and reach US$ 1.61 billion by the end of 2034.
· East Asia is projected to account for 33.7% share of the global market by 2034.
*“Significant expansion of the global railway network along with rising number of trains is set to drive global demand for rail lubricants,” *says a Fact.MR analyst.
*Key Market Players *
· Royal Dutch Shell PLC,
· Total S.A.,
· Exxon Mobil Corporation,
· BP,
· Chevron Corporation,
· FUCHS,
· The Timken Company,
· China Petroleum & Chemical Corporation,
· Momar, Inc.,
· L.B. Foster Company,
· Royal Dutch Shell PLC,
· Kluber Lubrication,
· CITGO Petroleum Corporation,
· CONDAT Group,
· Petro Canada Lubricants LLC,
· AB SKF,
· The Timken Company.*Stringent Regulations Governing Periodic Servicing of Railway Lines in East Asia*
Stringent regulations are imposed in East Asia for regular maintenance and servicing of railway lines, which is predicted to fuel demand for railway lubricants. In addition, the expansion of railway networks in East Asia along with the rising demand for efficient railway transportation systems due to several rail development projects is forecasted to generate revenue streams for players.
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Fact.MR, in its new offering, presents an unbiased analysis of the rail lubricant market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on technology (synthetic, bio-based), application (railway vehicle elements [gears & bearings, wheels & axles, couplings & buffers, brake elements, door components, air compressors, others], railway track elements [switch plates & fishplates, curve rails, and screws & bolts], locomotive lubrication), and distribution channel (online, offline), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
*Explore More Related Studies Published by Fact.MR Research: *
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*Construction Lubricants Market: *The market for construction lubricants is likely to be valued at US$ 29 Billion by 2032.
*About Fact.MR**:*
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