Indian Rail Composites Market to Reach US$ 122.3 Million in 2023
The Indian rail composites market is forecasted to grow at an impressive rate over the next five years to reach an estimated US$ 122.3 million in 2023. The Indian rail industry has undergone a remarkable transition over a period of time with regards to the adoption of composite materials in various applications. The rail industry is one of the largest consumers of composite materials in India and has efficaciously witnessed a continuous increase in the penetration of composites over the last ten years. The penetration of composites would not cede here and is likely to increase further with the development of new composite applications as well as to address changing customer demands with evolving trends, rapid transformations in technologies, and intense market competition. This will correspond to an attractive growth opportunity for both existing as well as new players.