Rail Composites Market worth $2.4 billion by 2028 Globally, at a CAGR of 7.2% says MarketsandMarketsâ„¢
Chicago, April 19, 2024 (GLOBE NEWSWIRE) -- The Global Rail Composites Market is estimated at USD 1.7 billion in 2023 and is projected to reach USD 2.4 billion by 2028, at a CAGR of 7.2% from 2023 to 2028, as per the recent study by MarketsandMarkets™. In the upcoming years, various impressive properties such as high strength-to-weight ratio, durability of composites making them suitable to get used in various rail applications. Rapid urbanization and growing economies of various emerging countries are some of the key factors for growing rail sector and thereby rail composites across the world. Composite components enable the rail manufacturers to produce affordable structural and interior rail components, to substitute the conventional metal and steel.
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Browse in-depth TOC on “Rail Composites Market”.
239 - Market Data Tables
64 - Figures
217 - Pages
List of Key Players in Rail Composites Market :
- Gurit Holdings AG (Switzerland),
- Hexcel Corporation (US),
- 3A Composites (Switzerland),
- Toray Industries, Inc. (Japan),
- Solvay (Belgium),
- Teijin Limited (Japan),
- Premier Composite Technologies (UAE),
- Dartford Composites Ltd. (UK),
- Exel Composites (Finland),
- Avient Corporation (US),
- Kineco Limited (India),
- BASF SE (Germany),
- AVIC Cabin Systems (UK),
- BFG International (Bahrain),
- Reliance Industries Ltd. (India).
Drivers, Restraints, and Opportunities in Rail Composites Market:
- Driver: Reduced weight & parts consolidation
- Restrain: High processing & manufacturing cost
- Opportunity: Increasing demand from emerging economies across the world
- Challenge: Development of cost-effective technologies
Key Findings of the Study:
- The Phenolic resin segment accounted for the largest market share in 2022, in terms of value.
- The carbon fibre segment accounted for the second-largest market share in 2022, in terms of value.
- Lay-up manufacturing process segment accounted for the largest market share in 2022, in terms of value.
- Interior Components to remain the largest end-use application in terms of value during the forecast period.
- North America accounted for the third-largest share in 2022, in terms of value.
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Based on fiber type, the rail composites market is segmented on the basis of fiber types as glass fiber, carbon fiber and others. In 2022, glass fiber dominated the global rail composites market in terms of value. Glass fiber composites get widely used in interior components and exterior components application. Rail manufacturers continue to increase the use of glass fibers in various rail components to reduce weight, to improve aesthetic properties, consolidate parts, and so on.
Based on application, the market for rail composites market has been segmented into interior components, exterior components, and other applications. In the rail sector, to increase the speed of rail and bring down fuel and power consumption, reducing the weight of rail carriage is crucial. At the same time, improvement in safety measures is also essential. Many rail manufacturers over the past few decades have incorporated composites extensively in the manufacturing of rail carriages for exterior, interior, as well as other components.
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Based on Region, Asia Pacific region is expected to grow with highest growth rate, in terms of both volume and value, during forecasted years. High growth in the region is due to rising demand from emerging countries such as China and India. Increase in demand for composites from high-speed rail, light rail, and metro from the Asia Pacific region is expected to drive the rail composites market in the next five years. Transport systems in the region are expected to undergo drastic changes, owing to the modernization of the passenger system, remarkable economic growth, and promotion of the new railway line. This is expected to drive the demand for rail composites in the region.
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