Rail Composites Market size is forecast to reach $1.5 billion by 2026 - IndustryARC
Rail Composites Market size is forecast to reach $1.5 billion by 2026, after growing at a CAGR of 8.1% during 2021-2026.
HYDERABAD, TELANGANA, INDIA, November 24, 2022 /EINPresswire.com/ -- Rail Composites Market size is forecast to reach $1.5 billion by 2026, after growing at a CAGR of 8.1% during 2021-2026. Rail composites like Fibre reinforced Plastics, Glass wool, Thermoset Composites, and Carbon fiber provide considerable flexibility in train design and helps in the optimization of train performance. Rail composites have been identified as potential materials for the global transportation industry, which will propel the growth of the market. Moreover, benefits associated with the reduction of locomotive weight enhances stability, and the ability to achieve high-speed travel, which reduces the travel time for the commuters. Furthermore, the growing demand for High-Speed Rail (HSR) is also driving the growth of the rail composites market share during the forecast period.
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This IndustryARC report on the Rail Composites market highlights the following areas -
1. Europe held the largest share after APAC in 2020 due to an increase in government expenditure in the railway industry. Whereas, Germany is the key market in the region.
2. The growing high speed railway projects in the emerging country like India and China is also driving the demand of Fibre Reinforced Plastics, Glass wool, Thermoset Composites, and Carbon fiber products.
3. Moreover, various composite related technologies have been developed with regards to railway coaches but their applications are still limited.
COVID-19 has reduced the demand of the market due to the shutdown of manufacturing operations and decrease in government investment.
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1. Rail Composites Segment Analysis - By Material : Fiber Glass Material segment held the largest share of more than 40% in the Rail Composites market in 2020. Glass fiber has high strength, have resistance to aging, weatherability, resistance to chemical, and non-flammable. Fiber Glass composite is the most widely consumed composites material in railway manufacturing. These composites are widely used in passenger coaches for their excellent structural properties and improved aesthetic.
2. Rail Composites Segment Analysis - By Type : Epoxy segment held the largest share of more than 35% in the rail composite market. Epoxy resin is useful for rail structural applications such as load-bearing, shock absorbs, and bogies and also used to manufacture composite parts that are both lighter than steel and extremely strong. The epoxy used in the composite material can be tailored made according to the shape, size requirement of the applications.
3. Rail Composites Segment Analysis - By Application : Interior segment held the largest share of more than 45% in the rail composites market in 2020. The demand for composites like Fibre Reinforced Plastics, Glass wool, Thermoset Composites, and Carbon fiber is high for interior application due to the excellent properties of composites materials like they increase the performance, non-flammable in nature with good esthetics, have high strength to weight ratio, are corrosion resistant, decrease vibration and noise level, and have low thermal conductivity.
The top 5 players in the Rail Composites industry are:
1. Cytec Industries Inc.,
2. Dartford Composites Ltd.,
3. FDC Composites Inc.,
4. Gurit Holding AG,
5. Hexel Corp.
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