Rail Composites Market Analysis | 2023-2028

Market Insights

The rail composites market was estimated at USD 1.25 billion in 2022 and is likely to grow at a CAGR of 4.6% during 2023-2028 to reach USD 1.64 billion in 2028.

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Market Dynamics

Introduction

Composite materials have an exceptional strength-to-weight ratio; therefore, with the integration of composite carriages, structural elements, and interiors, the overall weight of trains can be significantly reduced. This weight reduction translates to improved energy efficiency, decreased fuel consumption, and reduced strain on tracks and infrastructure. Overall, the use of composite materials has been gaining momentum as a promising solution to address various challenges and improve the overall efficiency and sustainability of rail systems.

COVID-19 Impact

Like many industries, the rail industry also faced challenges with the emergence of the COVID-19 pandemic. As a result of the implementation of lockdown measures, transportation restrictions, and factory closures in various regions, there were significant disruptions in the market supply chain, leading to delays in the production of rolling stocks. As a result, the rail composites market witnessed a colossal decline of 17% in 2020.

However, the long-term outlook for the market seems decent, as the market recorded significant growth in 2021 and 2022. In addition, rail operators seek avenues to enhance efficiency, trim operational costs, and elevate passenger experiences, which would result in increased investments in the market.

Market Drivers

The need for equally strong but lighter materials to achieve lightweighting and ultimately improve fuel efficiency, resulting in lower CO2 emissions.

Composite materials exhibit remarkable resistance to corrosion, environmental factors, and fatigue, which leads to extended lifespans for rail components, resulting in diminished maintenance requirements and longer intervals between part replacements. This contributes to reduced operational costs and enhanced system reliability. The utilization of lightweight composite materials contributes to lower energy consumption and reduced greenhouse gas emissions.

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Key Players

With the numerous advantages of composites, there has been a large demand for composite-based rail equipment over the years. A majority of rolling stock manufacturers use glass fiber composites to manufacture their rail equipment. Although the engagement of carbon fiber composites in various rail applications has an extensive area of expansion, its high cost is currently impeding its employability in the rail industry. The market is populated with several companies manufacturing composite parts using glass fiber and carbon fiber composites. These companies hold distinct capabilities in manufacturing rail parts. The following are the key players in the rail composites market:

• 3A Composites
• BFG International
• Changzhou Evergreen Transport Technology Co., Ltd.
• Cedar Composites Technology Co., Ltd.
• AVIC Cabin Systems (UK)
• Premier Composite Technologies
• Stratiforme Industries
• Exel Composites
• Kineco Limited
• Sintex Wausaukee Composites, Inc.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Fiber Type

"Glass fiber composites are expected to remain the most preferred material type during the forecast period"

Based on the fiber type, the rail composites market is segmented into glass fiber composites and carbon fiber composites. Between fiber types, glass fiber composites are expected to remain the most preferred material type during the forecast period. Glass fibers offer a multitude of advantages including good mechanical strength, longer life, lightweight, and corrosion resistance at a relatively low cost. Glass fibers have been gaining traction in all train types across regions. Carbon fiber is gaining momentum very fast, especially in high-speed trains, mainly in China. 

By Resin Type

"Polyester composites are expected to remain the dominant category during the forecast period"

Based on the resin type, the market is segmented into polyester composites, vinyl ester composites, phenolic composites, epoxy composites, and others. Among these resin types, polyester composites are expected to remain the dominant category during the forecast period. Polyester composites offer good resistance to environmental factors such as moisture, UV radiation, and chemicals. This durability makes them suitable for rail applications that involve exposure to varying weather conditions and potential chemical exposure. They also provide adequate structural integrity for many rail components, especially those that are not subjected to extremely high stress or loads. This is particularly relevant for interior components, panels, and non-load-bearing parts. The addition of flame-retardant additives in the unsaturated polyester resins makes it suitable for all interior applications.

By Manufacturing Process Type

"Resin infusion is the most widely used manufacturing process for fabricating composite parts for the rail industry"

Based on the manufacturing process type, the market is segmented into open mold, pultrusion, resin infusion, compression/injection molding, and others. Among these process types, Resin infusion is the most widely used manufacturing process for fabricating composite parts for the rail industry. Over the eons, the industry has been moving away from the open mold process to resin infusion across regions. Currently, in countries like India, where still, there is still a dominance of the hand-layup process; however, we see a shift from hand-layup to resin infusion in the coming years.

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By Rail Type

"Regional/commuter trains are expected to remain the biggest demand generator for composite materials during the forecast period.

Based on the rail type, the market is segmented into high-speed trains, rapid transit, regional/commuter trains, and locomotives. Among these rail types, regional/commuter trains are expected to remain the biggest demand generator for composite materials during the forecast period. These trains are typically operated in large numbers in many urban and suburban areas as compared to the other trains. In addition, the major cities have extensive commuter rail networks, with dozens of trains running at frequent intervals. Coaches of these trains consume a large number of composites.

Regional Analysis

"Asia-Pacific is expected to remain the largest market for rail composites, during the forecast period"

In terms of regions, Asia-Pacific is expected to remain the largest market for rail composites, during the forecast period. The growing population and the increasing urbanization in major regional economies, such as China, India, and Japan, are boosting the demand for better connectivity and an increase in the number of trains. China, in particular, is estimated to maintain its position as the major global consumer of rail composites, in the coming five years. Moreover, CRRC Corporation Limited (CRRC), the country’s state-owned rolling stock manufacturer, is focused on the development of high-speed trains using carbon fiber composites. In addition, India is also in the run to launch its first-ever bullet train with the aid of a Japan-based Shinkansen manufacturer.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s rail composites market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The rail composites market is segmented into the following categories.

By Fiber Type

• Glass Fiber Composites
• Carbon Fiber Composites

By Resin Type

• Polyester Composites
• Vinyl Ester Composites
• Phenolic Composites
• Epoxy Composites
• Others

By Manufacturing Process Type

• Open Mold
• Pultrusion
• Resin Infusion
• Compression/Injection Molding
• Others

By Rail Type

• Very High/High-Speed Trains
• Rapid Transit
• Regional/Commuter Trains
• Locomotive

By Application Type

• Exteriors
• Interiors

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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