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Global Rail Composites Market Size is Estimated to Reach USD 2,785.87 million by 2031, Growing at a CAGR of 5.85%: Straits Research

Global Rail Composites Market Size is Estimated to Reach USD 2,785.87 million by 2031, Growing at a CAGR of 5.85%: Straits Research

The growth of the railway industry in Asia is likely fueled by increasing urbanization, the worsening of traffic congestion, and the extension of railway networks in essential countries.

New York, United States, Feb. 15, 2024 (GLOBE NEWSWIRE) — The rail industry requires lightweight constructions with excellent fatigue performance, minimal overall maintenance, fire resistance, and outstanding acoustic performance. As a result, inertia, axle tension, and track deterioration are reduced, which reduces their power requirements. In commuter trains, acceleration and deceleration over short distances and frequent stops use less energy. Rail composites are typically employed to lighten trains, boost heat and exterior impact resistance, and minimize power consumption by improving overall performance.

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Expanding Scope of Railway Construction Work in Asia–Pacific Drives the Global Market

According to Straits Research, “The global rail composites market size was valued at USD 1,670.10 million in 2022. It is projected to reach USD 2,785.87 million by 2031, growing at a CAGR of 5.85% during the forecast period (2023-2031).” Increasing urbanization, worsening traffic congestion, and extending railway networks in critical countries are projected to be the driving forces behind expanding the railway sector in Asia. This region’s governments are actively participating in the industry to expand existing rail networks and improve this mode of transportation, which is already the safest and least expensive option available, to make it more comfortable and less harmful to the environment. These improvements are being made to make this mode of transportation more comfortable and less harmful to the environment. It is possible to trace a significant portion of the growth of the railway sector to the fact that the Asia-Pacific region is home to many active railways development projects.

Rapidly Increasing Demand for High-Speed Rail Creates Tremendous Opportunities

Globally, more transportation options are available thanks to high-speed rail (HSR). High-speed rail can move people more swiftly or simultaneously than flying between two downtowns. By incorporating HSR as a continuous transportation system component, airports and highways may operate more efficiently. If more transfer stations and feeder services are connected to future HSR tracks, residents in rural and small urban regions may have more options. The IEA estimates that only 3% of all transportation energy is used globally for freight and only 8% of all passenger travel. Over the past ten years, China has taken the lead in expanding high-speed rail and urban regions. India, which has the second-longest rail system in the world, is heavily electrifying it. Pre-commercial hydrogen train trials have just recently been completed in some different locations.

China had almost no high-speed railroads ten years ago. However, two out of every three high-speed lines are currently found in the country. High-speed trains carry more than 600 billion passengers every year every kilometer. China announced in 2020 that during the following 15 years, it would extend the length of its high-speed rail network from 36,000 to 72,000 kilometers. All the cities with more than 200 000 may be connected to train lines once they are finished. China has proclaimed the hybrid hydrogen-fuel cell train to be completed. The country has officially opened the first fully electric bullet train in Tibet.

Regional Analysis 

Asia-Pacific Rail Composites Market Share is anticipated to expand at a CAGR of 6.10% during the projection period. Due to incredible developments in the sector, China today has the largest railway market. China’s railway network has grown from 80,000 kilometers of track in 2009 to 139,000 kilometers in 2019. China has constructed more than 35,000 kilometers of the famed high-speed part of the global network, or more than two-thirds. China has more than 100,000 kilometers of track and has the world’s longest electrified network. China Railway Rolling Stock Corp., which can also construct over 500 high-speed train sets, 12,000 metro cars, and 50,000 freight cars yearly, became the top rolling stock producer in the world with the merger of the two companies, CNR and CSR in 2015.

Europe is anticipated to develop at a CAGR of 5.70% during the forecast period. Germany is the largest economy in Europe and the fifth largest globally. In 2019, the German economy grew by about 0.6%, which was the weakest pace of growth in the preceding six years. The COVID-19 viral outbreak, trade disputes that impede exports, tariff disputes instigated by the US government, and other factors affect the nation’s economic expansion. One of the countries affected by the COVID-19 outbreak in Europe is Germany. According to the IMF, the COVID-19 epidemic reduced the nation’s GDP by 6% in 2020.

Key Highlights

  • Based on resin type, the global rail composites market is bifurcated into epoxy, polyester, phenolic, and others. The polyester segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.95% during the forecast period.
  • Based on fiber type, the global rail composites market is bifurcated into glass, carbon, and others. The glass fiber segment is the highest contributor to the market and is estimated to boost at a CAGR of 5.75% during the forecast period.
  • Based on application, the global rail composites market is bifurcated into exterior and interior. The exterior segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.65% during the forecast period.
  • Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.10% during the forecast period.

Competitive Players

The global rail composites manufacturers are Avient Corporation, BASF SE Celanese Corporation, Exel Composites, Gurit, Hexcel Corporation, Kineco Limited, Lanxess, Mitsubishi Chemical Advanced Materials, Reliance Industries Limited, Solvay, Teijin Limited, and Toray Industries.

Market News

  • In March 2023, TDK expanded the Tronics AXO®300 Series with two types of high-performance digital MEMS accelerometer sensors.
  • In May 2022, TALGO turned to new materials for manufacturing the wheelset frames for its Avril high-speed trains, replacing steel with carbon fiber reinforced polymer to cut component mass by 50% with no loss of structural integrity.

Global Rail Composites Market: Segmentation

By Resin Type

  • Epoxy
  • Polyester
  • Phenolic
  • Vinyl Ester
  • Others

By Fiber Type

  • Glass Fiber
  • Carbon Fiber
  • Other Fiber Types

By Application

By Regions

  • North America
  • Europe
  • Asia-Pacific

Get Detailed Market Segmentation @ https://straitsresearch.com/report/rail-composites-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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Originally published at https://www.einpresswire.com/article/688830469/global-rail-composites-market-size-is-estimated-to-reach-usd-2-785-87-million-by-2031-growing-at-a-cagr-of-5-85-straits-research

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