Indian Rail Composites Market likely to be a US$ 122.3 Million opportunity in 2023

Stratview Research announces the launch of a new research report on Indian Rail Composites Market by Rail Type (Rail Coaches, Locomotives, and Metro Rails), by Composite Type (Polyester Composites, Phenolic Composites, and Others), by Process Type (Resin Infusion, Open Mold, Filament Winding, and Others), by Application Type (Front-End Modules, Toilet Modules, Brake Blocks, Doors & Windows, Interior Panels, and Others), and by Region (North India, South India, East India, and West India), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.

This market report, from Stratview Research, studies the Indian rail composites market over the trend and forecast period of 2012 to 2017 and 2018 to 2023, respectively. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Indian Rail Composites Market: Research Highlights
As per Stratview Research, 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 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.

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Expansion of the existing rail network to support the rising passenger traffic, expansion of existing metro rail projects in Tier 1 cities and ongoing/upcoming metro rail projects in Tier II cities, an incessant shift from traditional heavyweight parts to lightweight composite parts and massive retrofit plans of the Ministry of Indian Railways are some of the major factors driving the Indian rail composites market.

The author of the report cited that the rail coaches segment currently dominates the market and is likely to maintain its growth momentum over the next five years as well, driven by increasing production of rail coaches, advancement in the rail coach design, upcoming rail coach factories in India, and increasing penetration of composites in structural to semi-structural applications. However, Metro railcars, another promising segment, is likely to grow at the highest rate in the market during the forecast period, driven by large ongoing and upcoming metro rail projects in different parts of India including Bengaluru, Hyderabad, Kochi, Lucknow, and Nagpur coupled with a greater composites penetration per railcar.

As per the study, polyester composite is expected to remain the choice of composites in the market during the forecast period, driven by its low-cost advantage and good performance. In India, all the major composite applications, such as front-end modules, toilet modules, and interior panels, are preferably fabricated with glass fibers impregnated with polyester resins.
Based on the process type, resin infusion and open mold are likely to remain the most preferred manufacturing processes in the Indian rail composites market during the forecast period, driven by their low equipment cost, less complexity in operation, and part performance matching the current market requirements.

In terms of region, South India and North India are the manufacturing capitals of the Indian rail industry with the presence of major rolling stock manufacturers. Both regions are likely to remain dominant over the next five years as well. West India currently generates an overall low demand for composite parts but is likely to grow maximum among all regions over the next five years.

The Indian rail composites market is fiercely competitive with the presence of few local players. The overall market is highly price-competitive not only among suppliers but also among competing materials. This gives an edge to the OEMs to easily switch from one player to another. It is anticipated that the excellent growth of the market may attract the global players to enter the Indian market to capture a larger chunk of the market in the coming years. Furthermore, it is also expected that the existing players may develop better technological capabilities in coming time to remain competitive in the long run.

The major raw material suppliers to the Indian rail composites industry are Owens Corning India, Goa Glass Fibre Ltd. Reichhold India Private Ltd., Satyen Polymers Pvt. Ltd., and Atul Pvt. Ltd., whereas the major composite part fabricators are Arham Composites, Kineco Private Limited, Tech-Force Composites Pvt. Ltd., Permalli Wallace, and HCL India.

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 on the market dynamics and will enable strategic decision making for the 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, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

The Indian Rail Composites Market is segmented into the following categories.

Indian Rail Composites Market by Rail Type:
• Rail Coaches (Regional Analysis: North India, South India, East India, and West India)
• Locomotives (Regional Analysis: North India, South India, East India, and West India)
• Metro Rails (Regional Analysis: North India, South India, East India, and West India)

Indian Rail Composites Market by Composite Type:
• Polyester Composites (Regional Analysis: North India, South India, East India, and West India)
• Phenolic Composites (Regional Analysis: North India, South India, East India, and West India)
• Other Composites (Regional Analysis: North India, South India, East India, and West India)

Indian Rail Composites Market by Process Type:
• Resin Infusion (Regional Analysis: North India, South India, East India, and West India)
• Open Mold (Regional Analysis: North India, South India, East India, and West India)
• Filament Winding (Regional Analysis: North India, South India, East India, and West India)
• Others (Regional Analysis: North India, South India, East India, and West India)

Indian Rail Composites Market by Application Type:
• Front-End Modules (Regional Analysis: North India, South India, East India, and West India)
• Toilet Modules (Regional Analysis: North India, South India, East India, and West India)
• Brake Blocks (Regional Analysis: North India, South India, East India, and West India)
• Doors& Windows (Regional Analysis: North India, South India, East India, and West India)
• Interior Panels (Regional Analysis: North India, South India, East India, and West India)
• Others (Regional Analysis: North India, South India, East India, and West India)

Indian Rail Composites Market by Region:
• North India
• South India
• East India
• West India

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This release was published on openPR.