The market for composites applications in the global rail industry is expected to reach an estimated $821 million by 2021 and it is forecast to grow at a CAGR of 3.6% from 2016 to 2021.
The future of global rail composites market looks good with opportunities in the interior and exterior applications. The major drivers for the growth of this market are increased demand for lightweight materials and development of high speed trains. Furthermore, composites offer higher performance benefits than traditional materials like steel and aluminum.
Emerging trends which have a direct impact on the dynamics of the industry include the development of green technology products and high performance composites for interior and exterior applications.
Rail composites market companies profiled in this market report include Joptek Composites, Sintex Wausaukee Composites, Exel Composites, Miles Fiberglass & Composites, and TPI Composite.
On the basis of comprehensive research, the author forecasts that the interior segment is expected to show above average growth during the forecast period of 2016 to 2021.
By application in the global rail industry, the interior segment is expected to remain the largest market by volume. Increasing demand for high performance, fire retardant materials with good aesthetic properties are the major driving forces that spur growth for this segment over the forecast period.
Europe is expected to remain the largest market for composite consumption in the rail industry, whereas APAC is likely to witness the highest growth rate during the forecast period due to expected increase in high speed train production and growing demand for mass transportation in the region.
The study includes a forecast for the growth opportunities for the global rail composites market by end use application, resin, fiber, manufacturing process, and region as follows:
Rail composites market by end use application [Volume (M lbs) and Value ($ Million) from 2010 to 2021]:
- Interior - Exterior
Rail composites market by manufacturing process [Volume (M lbs) and Value ($ Million) from 2010 to 2021]: