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Railway Composites Market Projected to Grow at Steady Rate through 2026
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Railway Composites Market: Drivers & Restraints
The global railway composites market is largely driven by the government initiatives across countries to embark upon large number of projects and deliver industry oriented railway composites. Also, increasing pricing pressures on energy resources coupled with environmental regulations are augmenting the need for substantial improvements in the performance of materials used in engineering and manufacturing. Owing to its dual feature of mechanical properties and aesthetic appearance for railways, railway composites have been identified as a potential material for the global transportation industry. The demand and consumption of railway composites is expected to grow significantly owing to stringent quality requirements.
Railway Composites Market: Overview
Railway composite use in the transportation industry has widened in the past decade and the trend is expected to continue through the forecast period. Transportation industry requires a lighter, stronger, safer and affordable than conventional composite which is a reliable material. Railway composites reduce energy consumption as well as operating costs. Railway composites are majorly used in passenger coaches for exceptional structural qualities, giving an enhanced aesthetic value to it. The most important trend in the global railway composite market is hybrid construction by using several materials in forming one component.
Railway Composites Market: Region wise Overview
Geographically, global railway composites market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA). U.S., China and India, the top three railway network countries in the world based on operating length hold around half the share in the global railway composites market. India is projected to be an important market for railway composites due to the availability of intensive manpower and high demand for materials offering long-term service, reduced maintenance costs and improved resistance to wear and tear.
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Railway Composites Market: Key Players
The key research institutes in global railway composites market are Hexcel Corporation, Kansas Structural Composites Inc., Euro-Composites Corporation, Premier Composite Technologies (PCT), Joptek Composites, Gurit, TRB Lightweight Structures Ltd., Composites UK to name a few. Composite manufacturers globally are engaged in the production of composite materials focusing on material quality, combining composite with metallic components to form a sandwich construction. The railway composite manufacturers are involved in addressing the issue of recyclability for effective re-use of the materials.
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