Railway Composites Market Size, Share & Trends Estimation Report By Type(Fibre Reinforced Plastics,Jute-Coir Composites,Thermoset Composites),By Resin Type(Polyester,Vinyl Ester,Phenolic),By Application(Exterior,Interior), By Region, And Segment Forecasts, 2023 - 2030
The global Railway Composites market was valued at USD 1,469 Million in 2022, it is expected to exhibit a CAGR of 8.1% during 2022-2030.
Railway Composites Market Overview:
Railroad composites have shown steady growth in the global market. The use of composites in railways is widely accepted in major economies because they make railways lighter and provide special properties to improve their overall performance. Additionally, the rail composites market has steadily recovered after the drop in demand caused by COVID-19 and is expected to grow further over the forecast period.
The major factors driving the growth of the market studied in the medium term are the increasing number of railway projects in the Asia-Pacific region, especially in China, India, and Singapore, and the global demand for high-speed rail.
Lack of rail infrastructure in countries such as Vietnam, Indonesia, and Thailand and balance issues for the FST performance of rail composites are hampering the growth of the research market.
However, growing demand for lightweight rail rolling is expected to create opportunities for the market studied during the forecast period.
Railway Composites Market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Railway Composites Market in detail. Regional market sizes related to products by type, by application, and by a player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In May 2021, Celanese announced a three-year plan to expand its long-fiber thermoplastic (LFT) production capacity in Nanjing, China. It is scheduled to be completed in the second half of 2023.
- In July 2019 - Gurit (SIX Swiss Exchange: GUR) reported on the successful completion of the acquisition of the PET manufacturing plant from Valplastic S.r.l. in Italy. In this acquisition, Gurit will continue the supply of quality cost-effective equipment and extend its value chain, which will continue to stimulate the rail composites market.
- In January 2019, Hexcel Corporation finally acquired ARC Technologies LLC, a leader in custom RF/EMI and composite receiver applications. The acquisition strengthens Hexcel's advanced materials portfolio in composite and thermoplastic processing, which boosts the market.
Major Market Segments Covered in Railway Composites Market Industry Research:
Market Key Players:
Cytec Industries Inc., Dartford Composites Ltd., FDC Composites Inc., Gurit Holding AG, Hexel Corporation, Kemrock Industries and Exports Limited, Koninklijke Ten Cate nv, Premier Composite Technologies, Toray Industries Inc., TPI Composites Inc., And Others.
- Fibre Reinforced Plastics
- Jute-Coir Composites
- Thermoset Composites
By Resin Type:
- Vinyl Ester
The APAC segment has a share of more than 40% in the Rail Composites Market in 2019. China, Japan, and India are the largest countries in the region. These countries are witnessing rapid growth in their population and rapid growth in their overall economy during the forecast period. China and India are expected to be important markets for railway composites as there is high potential and high demand for materials that provide long service life with reduced maintenance costs and better resistance to wear and tear. bed. Due to rapid urbanization in the APAC region, there is an increasing demand for metro and regional railways for inter-city travel, which is driving the market growth as modern coaches use composite materials. . According to the Government of India (GOI) report, India plans to build 1,000 kilometers (km) of railways by 2022 across 100 smart cities.
Significant Market Dynamics:
Drivers & Restraints
The global rail composites market is largely driven by country-specific government initiatives to undertake a large number of projects and provide industry-oriented rail composites. In addition, increasing price pressures on energy resources coupled with environmental regulations are driving the need to significantly improve the performance of materials used in engineering and manufacturing.
Railway composites have been identified as potential materials for the global transportation industry due to their two properties: mechanical properties and aesthetic appearance. Strict quality requirements are expected to significantly increase the demand and consumption of railway composite materials.
Railway Composites Market report scope:
|Units||Value (USD Billion)
|Growth Rate||CAGR of 8.1% from 2023 to 2030|
|By Resin Type:||
|By Companies||Cytec Industries Inc., Dartford Composites Ltd., FDC Composites Inc., Gurit Holding AG, Hexel Corporation, Kemrock Industries and Exports Limited, Koninklijke Ten Cate nv, Premier Composite Technologies, Toray Industries Inc., TPI Composites Inc., And Others.|
|Reasons to Purchase this Report||
Crucial Points from this Railway Composites Market Report
- Estimate Railway Composites Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Railway Composites Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.