Railway Composites Market Is Expected To Reach around USD 1,469 Million by 2022, Grow at a CAGR Of 8.1% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
Farmington, Jan. 14, 2023 (GLOBE NEWSWIRE) — 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. The global market for railroad composites has been growing steadily. Composites are used in railways in most of the world’s biggest economies because they make railways lighter and give them special properties that make them work better overall. Also, after COVID-19 caused a drop in demand, the market for rail composites slowly started to recover, and it is expected to grow even more over the next few years.
The number of railway projects in the Asia-Pacific region, especially in China, India, and Singapore, and the demand for high-speed rail around the world are the main things that will drive the growth of the studied market over the next few years.
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Recent Developments:
- 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.
Regional Outlook:
In 2019, more than 40% of the Rail Composites Market comes from the APAC segment. The three largest countries in the area are China, Japan, and India. During the forecast period, both the number of people living in these countries and their economies as a whole will grow quickly. China and India are likely to be important markets for railway composites because there is a lot of room for growth and a lot of demand for materials that last longer, need less maintenance, and wear and tear less bed. Due to the rapid growth of cities in the APAC region, more and more people want to travel between cities by metro and regional railways. This is driving the market growth, especially since modern coaches are made of composite materials. India plans to build 1,000 kilometres (km) of railways in 100 smart cities by 2022, according to a report from the Government of India (GOI).
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 8.1% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 1,469 Million |
| By Type | Fibre Reinforced Plastics, Jute-Coir Composites, Thermoset Composites, Other |
| By Resin Type | Polyester, Vinyl Ester, Phenolic, Epoxy, Others |
| By Application | Exterior, Interior, Others |
| 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. |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers & Restraints:
The global market for rail composites is mostly driven by country-specific government initiatives to execute a large number of projects and provide industry-oriented rail composites. This is the primary factor that has been driving the market in recent years. Additionally, increasing price pressures on energy resources combined with regulations pertaining to the environment are driving the need to significantly improve the performance of materials used in engineering and manufacturing. This is driving the need to significantly improve the performance of materials used in engineering and manufacturing.
The aesthetic appearance and the mechanical features of railway composites have led to their identification as possible materials for use in the worldwide transportation business. This is owing to the combination of the two qualities. It is anticipated that stringent quality criteria will greatly boost both the demand for and consumption of composite materials in the railway industry.
Key Segments Covered:
Top Market 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.
By Type
- Fibre Reinforced Plastics
- Jute-Coir Composites
- Thermoset Composites
- Other
By Resin Type
- Polyester
- Vinyl Ester
- Phenolic
- Epoxy
- Others
By Application
- Exterior
- Interior
- Others
- Other
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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