Market Size of Rail Composites Industry
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 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 | |||||||
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Rest of the World |
Rail Composites Market Size Summary
The rail composites market has experienced steady growth, driven by the increasing adoption of composites in railway applications across major economies. These materials are favored for their ability to reduce weight and enhance performance, contributing to the overall efficiency of rail systems. The market has shown resilience, recovering from the demand dip caused by the COVID-19 pandemic, and is poised for further expansion. Key growth drivers include the surge in railway projects, particularly in the Asia-Pacific region, where countries like China, India, and Singapore are investing heavily in high-speed rail infrastructure. However, challenges such as inadequate railway infrastructure in certain Southeast Asian countries and issues related to resin performance in fire, smoke, and toxicity (FST) standards pose hurdles to market growth. Despite these challenges, the demand for lightweight rail rolling stock presents significant opportunities for the market.
In the locomotive industry, composites are increasingly utilized for both interior and exterior applications, thanks to their superior strength-to-weight ratio, corrosion resistance, and thermal properties. The shift from polyester glass fiber to carbon fiber composites for exterior components highlights the evolving material preferences in the industry. The global locomotive sector, with major players like the United States, China, Russia, and India, is witnessing substantial growth, further fueled by ongoing and planned railway projects. In the Asia-Pacific region, urbanization and population growth are driving the need for enhanced connectivity, prompting government investments in railway infrastructure. This trend is evident in countries like China and India, where significant budget allocations and project announcements underscore the commitment to expanding rail networks. The fragmented nature of the global rail composites market sees numerous players, with companies like Solvay, Toray Industries Inc., LANXESS, Hexcel Corporation, and TEIJIN LIMITED playing pivotal roles in shaping market dynamics.
Rail Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Railway Projects in the Asia-Pacific Region
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1.1.2 Rapidly Increasing Demand for High-speed Rail
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1.2 Restraints
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1.2.1 Lack of Railway Infrastructure in Vietnam, Indonesia, and Thailand
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1.2.2 Restrictions on Composite Materials for Railway Application
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1.3 Industry Value Chain Analysis
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1.4 Porters Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Resin Type
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2.1.1 Epoxy
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2.1.2 Polyester
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2.1.3 Phenolic
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2.1.4 Vinyl Ester
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2.1.5 Other Resin Types
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2.2 Fiber Type
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2.2.1 Glass Fiber
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2.2.2 Carbon Fiber
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2.2.3 Other Fiber Types
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2.3 Application
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2.3.1 Exterior
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2.3.2 Interior
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Italy
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2.4.3.4 France
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2.4.3.5 Rest of Europe
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2.4.4 Rest of the World
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Rail Composites Market Size 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.