Press release
Train Seat Materials Market will Exhibit a Steady 5.3% CAGR through 2024
Global sales of train seat materials is estimated to be valued at US$ 1,680.1 Mn by 2016 end, witnessing a Y-o-Y growth of 4.1% over 2015. The global train seat materials market is projected to reach US$ 2,541.4 Mn by 2024 end expanding at a CAGR of 5.3% during the forecast period (2016–2024). Europe is estimated to account for market value share of 35.1% in the global train seat materials market by 2016 end, and is projected to retain its dominance through the forecast period.
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Market dynamics
Increasing environmental concerns pertaining to greenhouse gas emissions by various modes of transport is expected to drive the investments in more fuel efficient and environment friendly rail transportation. Growing investment in the industry will in turn boost the global rolling stock production. The global rolling stock investment is projected to rise from US$ 62.2 Bn in 2016 to US$ 75.5 Bn in 2024. Increasing rolling stock production is projected to drive the market demand for train seat materials over the forecast period. Furthermore, the increasing demand for high-speed trains in countries such as, China, Spain, and U.K. is expected to be a prominent driving factor for global train seat materials market over the forecast period.
However, the market growth is restrained by capital intensive nature of the rail industry. The various costs involved in the industry for rail services, infrastructure, and rail control is very high compared to other modes of transportation. The capital intensive nature of the rail industry is expected to be a prominent impediment in market growth. Moreover, various government regulations that restrict the use of certain foam materials is projected to be another prominent factor hampering the market growth.
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Market forecast
On the basis of material type, train seats cover market is segmented as fabric, vinyl, and leather. Fabric segment is slated to possess the dominant value share of 68.5% in 2015 and is anticipated to retain its dominance through the forecast period. The leather segment anticipated to witness a highest CAGR owing to its increasing preference over other material types in the global market.
Moreover, the train seats foam market is segmented based on foam types as polyurethane, silicone, polyester, and others. Among these segments, polyurethane is estimated to account for a dominating share of 68.5% in 2015. The segment is anticipated to register a CAGR of 5.3% over the forecast period. Moreover, silicone segment is slated to witness highest growth rates through the forecast period.
Europe is projected to dominate global train seat materials market during the forecast period. Europe is slated to account for 35.0% of the overall market in 2015. Asia pacific is anticipated to account for a major share after Europe train seat materials market and is projected to witness a CAGR of 6.2% over the forecast period. Asia pacific along with Middle East & Africa is projected to witness higher growth rates during the forecast period. A relatively slow pace of growth is anticipated to be witnessed by North America train seat materials market over the forecast period.
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Competitive landscape
Some of the key players identified in the train seat materials market are Magna International Inc., Grammar AG, Freedman Seating CO, Franz Kiel GmbH, Compin–Fainsa, Fisa srl, Rojac Urethane Limited, Kustom Seating Unlimited, Inc., Rescroft Ltd., Fenix Group, LLC, FlexoFoam Pvt. Ltd, iFoam Ltd., Delimajaya Group, Transcal Company, USSC Group, Inc. Most of the manufacturers are focusing on research and development in order to provide products that comply with the government fire regulations.
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