Indian Rail Composites Market Size 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, according to a newly added report by Stratview Research. 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.

However, the Indian rail industry currently lacks the presence of global composite part molders that have the capability to fabricate a large number of composite parts using advanced manufacturing processes. There is an immense requirement of such players that bring good composite technological capability in India and augment the overall composite capabilities for the Indian rail industry. Another restraint of the market is a relatively low awareness of the rail industry’s personnel about the benefits of composite materials over their rivals.

The report offers detailed insights in relevant market segments, their growth rates, latest market trends, forecasts, and other important details. The market has been segmented in five ways and the report has more than 150 figures and tables providing the most comprehensive information about the market segments and their growth prospects for the forecast period of 2018-2023.

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As per the report, among different rail types, 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. 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.

Based on the composite type, The Indian rail composites market is segmented into Polyester Composites, Phenolic Composites, and Others. 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. Phenolic composite is also likely to witness a healthy growth during the same period.

Based on the process type, the Indian rail composites market is segmented into Resin Infusion, Open Mold, Filament Winding, and Others. 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.

View the Table of Contents here https://www.stratviewresearch.com/toc/321/Indian-Rail-Composites-Market.html

The Indian rail composites market is further segmented into North India, South India, East India, and West India. 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. 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.

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The report further mentions about the key manufacturing players RCF Kapurthala, ICF Chennai, Chittaranjan Locomotive Works, Diesel Locomotive Works, Alstom Transport India Ltd., Bombardier Transportation India Private Ltd., and GE Transportation. who are emerging fast and their roles in the growing market. It also portraits the important mergers, acquisitions, and other current happenings in the Indian Rail Composites Market that can be helpful for the interested clients in analysing the market and taking right decisions accordingly.

Salient Features of the Report
The report on Indian rail composites market is a well-researched work after analysing of various data from different reliable sources. The report included some of the salient features such as:
• Market structure,
• Market environment analysis,
• Market trend and forecast analysis,
• Market segment trend and forecast,
• Competitive landscape and dynamics,
• Attractive market segments and associated growth opportunities,
• Emerging trends,
• Strategic growth opportunities for the existing and new players,
• Key success factors

About Stratview Research:
Stratview Research is a global research company offering custom research and marker research reports for interested client in different sectors such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Healthcare & Life Sciences, and Oil & Gas. All the reports generated are based on proper data collected from reliable sources and are scrutinized carefully before releasing so that the interested clients and companies can make the most out of it.

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Stratview Research
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Direct: +1-313-307-4176

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About Stratview Research
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This release was published on openPR.