“The global market for rail composites is expected to grow at a CAGR of over 5% during the forecast period. Major factor driving the market studied is Increasing railway projects in Asia-Pacific region and rapidly increasing demand for high-speed rail.
Interior application is expected to dominate the market studied over the forecast period.
Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
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Key Market Trends
Increasing Demand for Interior Application
– Composites are being widely used in various applications in the locomotive industry. It plays a major role in the manufacturing of trains. The demand for lightweight and durable body parts in railway is increasing day by day.
– Owing to its properties such as high strength to weight ratio and high stiffness to weight ratio, excellent corrosion resistance, decreases vibration and noise level, and low thermal conductivity etc., composites are highly used in interior parts manufacturing.
– Composites sleepers are best alternatives of wooden or steel sleepers in train. It reduces the maintenance and repair cost than other sleepers.
– The locomotive industry is growing all over the world. United States, China, Russia, and India has the top locomotive industries in the world.
– Several railways projects have been under construction in the United States. Some of them include Las Vegas to Victorville high-speed line with the length of 270 kilometers (km) and will be completed by 2023, Texas Central Railway project with the length of 370 km and will be completed by 2026 among others.
– Therefore, increasing investments and construction of new railways routes are expected to boost the demand for the trains, which further is expected to increase the demand for rail composites in coming years.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific region is expected to dominate the global rail composites market during the forecast period.
– Growing population along with increasing urbanization in countries such as China, India, and Japan etc. are boosting demand for better connectivity and increase in number of trains.
– Governments of these countries has been investing in locomotive industry, which further is driving the demand for the market studied in coming years
– Chinese government has been investing in railways in recent times. Some of the on-going railway projects of the country include Lagosto Ibadan railway (156 km), Yinxi High-Speed railway (618 km), and Shanghe to Hangzhou (794 km) among others.
– In India, several metro projects are going on in recent times. Some of them include Phase 2 of Chennai Metro, Phase 4 of Delhi Metro, East-West Metro in Kolkata among others. These projects are expected to be operational by the beginning of 2025.
– According to the rail coach manufacturing unit Intigral coach factory, total 2919 number of coaches are made in India till between 2018-2019.
– Furthermore, countries such as Japan, ASEAN countries have also been contributing to the growth of the market studied. Therefore, the demand for rail composites is expected to grow in the region over the forecast period.
Competitive Landscape
The global rail composites market is partially consolidated in nature with many healthy competitions in the market. The major companies are Gurit, EURO-COMPOSITES, Ipeco Holdings Ltd., Hexcel Corporation, and Teijin Limited among others.
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1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Railway Projects in Asia-Pacific Region
4.1.2 Rapidly Increasing Demand for High-Speed Rail
4.2 Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Resin Type
5.1.1 Epoxy
5.1.2 Polyester
5.1.3 Phenolic
5.1.4 Others
5.2 Fiber Type
5.2.1 Glass Fiber
5.2.2 Carbon Fiber
5.3 Application
5.3.1 Exterior
5.3.2 Interior
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Rest of Europe
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3A Composites Holding AG
6.4.2 Aero Montreal
6.4.3 AIM ALTITUDE
6.4.4 Dartford Composites Ltd
6.4.5 EURO-COMPOSITES
6.4.6 Gurit
6.4.7 Hexcel Corporation
6.4.8 Ipeco Holdings Ltd
6.4.9 JOPTEK Oy Composites
6.4.10 KINECO
6.4.11 Premier Composite Technologies
6.4.12 TEIJIN LIMITED
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Lightweight Rail Rolling
7.2 Other Opportunities”
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