Rail Composites Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Rail Composites Market Analysis
The rail composites market was valued at USD 1,469 million in 2021 and is projected to register a CAGR of over 5% during the forecast period (2022-2027).
The rail composites have shown steady growth in the global market. The usage of composite in railways is widely accepted in major economies as it makes the railways lighter and provides special characteristics, thus improving overall performance. Furthermore, the rail composite market recovered steadily after the decrease in demand due to covid-19 and is further expected to grow during the forecast period.
- Over the medium term, the major factors driving the growth of the market studied 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.
- The lack of railway infrastructure in countries such as Vietnam, Indonesia, and Thailand and the resin issues in the FST performance of rail composites are hindering the growth of the market studied.
- However, the increasing demand for lightweight rail rolling is expected to create opportunities for the market studied over the forecast period.
Rail Composites Market Trends
This section covers the major market trends shaping the Rail Composites Market according to our research experts:
Exterior Application to Dominate the Market
- Composites are 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 railways is increasing.
- While composite components were initially limited to the interior parts of the railway bogies, the heavy improvements in the structural properties of the composites and their low weight have prompted manufacturers to use composites for external components in recent decades.
- The exterior structural components where composites can be used are kinematic hatches, roof panels, exterior side panels, side skirts, and doors.
- Composites are prominently used in the manufacturing of exterior parts due to their high strength-to-weight ratio, high stiffness-to-weight ratio, excellent corrosion resistance, and low thermal conductivity.
- Polyester glass fiber composites were initially used for components like exterior noses. However, in recent years, the share of carbon fiber in exterior components has been growing.
- Additionally, the building of a complete rail bogie using carbon fiber requires a large quantity of composite materials in exterior rail applications.
- The global locomotive industry is growing. The United States, China, Russia, and India have the top locomotive industries in the world.
- Several railways projects have been under construction in the United States. Some of them include the Las Vegas to Victorville high-speed line, which has a length of 270 km and will be completed by 2023, and the Texas Central Railway project, which has a length of 370 km and will be completed by 2026.
- The increasing investments and the construction of new railway routes are expected to boost the demand for the trains, which further is expected to increase the demand for rail composites in coming years.
- Thus, based on the aforementioned aspects, the exterior application segment is expected to dominate the market.
Asia-Pacific Region to Dominate the Market
- In the Asia-Pacific region, the growing population and the increasing urbanization in countries such as China, India, and Japan, are boosting the demand for better connectivity and an increase in the number of trains.
- The governments of these countries have been investing in the locomotive industry, further driving the demand for the market studied.
- The Chinese government has been investing in railways in recent times. Some of the ongoing railway projects in the country include the Lagos to Ibadan railway (156 km), the Yinxi High-Speed railway (618 km), and the Shanghai to Hangzhou railway (794 km).
- Furthermore, the Indian Railways has been allotted INR 1.40 lakh crore in the Union Budget 2022-23, which is 27.5 percent higher than the Budget estimates for this fiscal year.
- In February 2022, the Indian railways announced that it will procure 90,000 wagons in the next three financial years, for which the process of issuing tenders will start from March. The estimated cost of this project is about INR 31,000 crore.
- In India, several metro projects are underway. Some of them include Phase 2 of the Chennai Metro, Phase 4 of the Delhi Metro, and the East-West Metro in Kolkata. These projects are expected to be operational by the beginning of 2025.
- Japan and the ASEAN countries have also been contributing to the growth of the market studied.
- Hence, based on the aforementioned aspects, the Asia-Pacific region is expected to dominate the market.
Rail Composites Industry Overview
The global rail composites market is fragmented in nature, with many players having insignificant shares in the market. The major companies (not in any particular order) are Solvay, Toray Industries Inc., LANXESS, Hexcel Corporation, and TEIJIN LIMITED.
Rail Composites Market Leaders
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Solvay
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Toray Industries, Inc.
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LANXESS
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Hexcel Corporation
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TEIJIN LIMITED
*Disclaimer: Major Players sorted in no particular order
Rail Composites Market News
- In May 2021, Celanese announced its plan to initiate a three-year plan to expand its LFT (long-fiber thermoplastics ) capacity in Nanjing, China. This is expected to be completed by the second half of 2023.
Rail Composites Market Report - Table of Contents
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 the Asia-Pacific Region
- 4.1.2 Rapidly Increasing Demand for High-speed Rail
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4.2 Restraints
- 4.2.1 Lack of Railway Infrastructure in Vietnam, Indonesia, and Thailand
- 4.2.2 Restrictions on Composite Materials for Railway Application
- 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 Buyers
- 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 Vinyl Ester
- 5.1.5 Other Resin Types
-
5.2 Fiber Type
- 5.2.1 Glass Fiber
- 5.2.2 Carbon Fiber
- 5.2.3 Other Fiber Types
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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
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6.4 Company Profiles
- 6.4.1 Avient Corporation
- 6.4.2 BASF SE
- 6.4.3 Celanese Corporation
- 6.4.4 Exel Composites
- 6.4.5 Gurit
- 6.4.6 Hexcel Corporation
- 6.4.7 Kineco Limited
- 6.4.8 LANXESS
- 6.4.9 Mitsubishi Chemical Advanced Materials
- 6.4.10 Reliance Industries Limited
- 6.4.11 Solvay
- 6.4.12 TEIJIN LIMITED
- 6.4.13 Toray Industries Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Demand for Lightweight Rail Rolling
Rail Composites Industry Segmentation
Rail composites are generally used to make railways lighter, render greater resistance to heat and external impact, and reduce power consumption by improving the overall performance. The rail composites market is segmented by resin type, fiber type, application, and geography. By resin type, the market is segmented into epoxy, polyester, phenolic, vinyl ester, and other resin types. By fiber type, the market is segmented into glass fiber, carbon fiber, and other fiber types. By application, the market is segmented into exterior and interior. The report also covers the rail composites market in 11 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Resin Type | Epoxy | |
| Polyester | ||
| Phenolic | ||
| Vinyl Ester | ||
| Other Resin Types | ||
| Fiber Type | Glass Fiber | |
| Carbon Fiber | ||
| Other Fiber Types | ||
| Application | Exterior | |
| Interior | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | Rest of the World |
Rail Composites Market Research FAQs
What is the current Rail Composites Market size?
The Rail Composites Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Rail Composites Market?
Solvay, Toray Industries, Inc., LANXESS, Hexcel Corporation and TEIJIN LIMITED are the major companies operating in the Rail Composites Market.
Which is the fastest growing region in Rail Composites Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Rail Composites Market?
In 2024, the Asia Pacific accounts for the largest market share in Rail Composites Market.
What years does this Rail Composites Market cover?
The report covers the Rail Composites Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Rail Composites Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Rail Composites Industry Report
Statistics for the 2024 Rail Composites market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Rail Composites analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
