The Rail Composites Market is likely to rise at a CAGR of 4.6% during 2023-2028, to reach US$ 1.64 billion in 2028, states Stratview Research.
DETROIT, Dec. 12, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the global Rail Composites Market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment and analysis, and competitive landscape.
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Report Highlights
Market Size in 2028 | USD 1.64 billion |
Growth (CAGR) | 4.6% during 2023-2028 |
Forecast Period | 2023-2028 |
Trend Period | 2017-2021 |
Base Year | 2022 |
Number of Segments Covered | 6 |
Number of Tables & Graphs | 80+ |
Country-Level Market Assessment | 20 |
Segment Insights on the Rail Composites Market
The global Rail Composites Market is segmented based on fiber type, resin type, manufacturing process type, rail type, application type, and region.
Based on the fiber type - The rail composites market is segmented into glass fiber composites and carbon fiber composites. Between fiber types, glass fiber composites are expected to remain the most preferred material type during the forecast period. Glass fibers offer a multitude of advantages including good mechanical strength, longer life, lightweight, and corrosion resistance at a relatively low cost. Glass fibers have been gaining traction in all train types across regions. Carbon fiber is gaining momentum very fast, especially in high-speed trains, mainly in China.
Based on the resin type - The market is segmented into polyester composites, vinyl ester composites, phenolic composites, epoxy composites, and others. Among these resin types, polyester composites are expected to remain the dominant category during the forecast period. Polyester composites offer good resistance to environmental factors such as moisture, UV radiation, and chemicals. This durability makes them suitable for rail applications that involve exposure to varying weather conditions and potential chemical exposure. They also provide adequate structural integrity for many rail components, especially those that are not subjected to extremely high stress or loads. This is particularly relevant for interior components, panels, and non-load-bearing parts. The addition of flame-retardant additives in the unsaturated polyester resins makes it suitable for all interior applications.
Based on the manufacturing process type - The market is segmented into open mold, pultrusion, resin infusion, compression/injection molding, and others. Among these process types, Resin infusion is the most widely used manufacturing process for fabricating composite parts for the rail industry. Over the eons, the industry has been moving away from the open mold process to resin infusion across regions. Currently, in countries like India, where still, there is still a dominance of the hand-layup process; however, we see a shift from hand-layup to resin infusion in the coming years.
Based on the rail type - The market is segmented into high-speed trains, rapid transit, regional/commuter trains, and locomotives. Among these rail types, regional/commuter trains are expected to remain the biggest demand generator for composite materials during the forecast period. These trains are typically operated in large numbers in many urban and suburban areas as compared to the other trains. In addition, the major cities have extensive commuter rail networks, with dozens of trains running at frequent intervals. Coaches of these trains consume a large number of composites.
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Which Region Offers the Best Opportunity and Growth?
The report suggests that Asia-Pacific is expected to remain the largest market for rail composites, during the forecast period. This growth is majorly attributed to the following -
- The growing population and the increasing urbanization in major regional economies, such as China, India, and Japan, are boosting the demand for better connectivity and an increase in the number of trains.
- China, in particular, is estimated to maintain its position as the major global consumer of rail composites, in the coming five years.
- Moreover, CRRC Corporation Limited (CRRC), the country's state-owned rolling stock manufacturer, is focused on the development of high-speed trains using carbon fiber composites.
- In addition, India is also in the run to launch its first-ever bullet train with the aid of a Japan-based Shinkansen manufacturer.
Rail Composites Market Drivers
Some of the key reasons that are propelling the growth of the market include-
1. Increasing Investments in Railway Infrastructure:
Government initiatives and private investments are driving the development of new railway lines, high-speed rail networks, and metro systems worldwide. This translates to a higher demand for rail vehicles and components, including those utilizing composite materials.
2. Performance Advantages of Rail Composites:
Reduced weight of trains: This results in improved fuel efficiency, lower emissions, and increased payload capacity.
Durability: Composites offer exceptional resistance to corrosion, wear and tear, and harsh weather conditions, leading to a longer lifespan and reduced maintenance costs.
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Top 10 Companies in the Rail Composites Market?
With the numerous advantages of composites, there has been a large demand for composite-based rail equipment over the years. A majority of rolling stock manufacturers use glass fiber composites to manufacture their rail equipment. Although the engagement of carbon fiber composites in various rail applications has an extensive area of expansion, its high cost is currently impeding its employability in the rail industry. The market is populated with several companies manufacturing composite parts using glass fiber and carbon fiber composites. These companies hold distinct capabilities in manufacturing rail parts. The following are the key players in the rail composites market:
- 3A Composites
- BFG International
- Changzhou Evergreen Transport Technology Co., Ltd.
- Cedar Composites Technology Co., Ltd.
- AVIC Cabin Systems (UK)
- Premier Composite Technologies
- Stratiforme Industries
- Exel Composites
- Kineco Limited
- Sintex Wausaukee Composites, Inc.
What Deliverables Will You Get in this Report?
Key questions this report answers | Relevant contents in the report |
How big is the sales opportunity? | In-depth Analysis of the Rail Composites Market |
How lucrative is the future? | The market forecast and trend data and emerging trends |
Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
Which are the most attractive market segments? | Market Segment Analysis and Forecast |
Which are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
How complex is the business environment? | Porter's five forces analysis, PEST analysis, Life cycle analysis |
What are the factors affecting the market? | Drivers & challenges |
Will I get the information on my specific requirements? | 10% free customization |
Related reports which might be useful:
- Composite Sandwich Panel Market
- Indian Rail Composites Market
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