Source: Business Research Insights announcement
PUNE, India — The global railway friction material market size, expected to be $2.10 billion in 2022, is estimated to be heading towards $2.67 billion by 2028, according to a newly released report from Business Research Insights.
The Railway Friction Material market report estimates a compound-annual-growth rate (CAGR) 4.1 percent during the forecast period and claims the sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The railway friction material market report provides in-depth analysis on the market status of the industry’s top manufacturers with facts and figures, meaning, definition, SWOT and PESTAL analysis, expert opinions and the latest developments across the globe.
The report contains full TOC, tables and figures, and chart with key analysis, pre-and-post COVID-19 market outbreak impact analysis and situation by regions.
Most railway friction material is used in the braking system, specifically in the brake linings and pads. The friction substance is used to provide friction when slow or little movement is necessary. It creates a resistive force between two contacts that keeps the items from sliding.
Any of the three substance types; liquid, solid, and gas can encounter friction. Liquid friction is the term used to describe friction between fluids.
Automobile performance, aesthetics, and efficiency are all enhanced by the use of railway friction materials. Modern uses for friction products and materials include airplanes, passenger cars, railroads, trucks, and commercial vehicles. These materials are used for creating friction in various circumstances where reduced and slow movement is required. These materials are mostly used in brake and clutch, gear, industrial machinery, and operating systems. Friction is required in the clutch, grinding process, and brake systems, which are required in stopping or slowing activities.
Covid-19 Impact: manufacturing and supply affected by insufficient workforce
COVID-19 had a significant impact on every industry. The railway friction material market growth rate for the machinery and equipment sector was significantly lower.
The production and supply of goods are essential to trade. To stop the virus from spreading further, the government enforced tight laws for closing down the manufacturing sectors. The product supply was hampered by the lack of suitable raw materials.
The rate of manufacturing was also impacted by the lack of labor. Companies had to change their business models due to the pandemic. The market’s expansion was hampered by the products’ decreased supply.
To view additional information about the report, click HERE.