Global Rail Composites Market Overview
Rail Composites Market Size was valued at USD 1.9 Billion in 2023. The Rail Composites industry is projected to grow from USD 2.1 Billion in 2024 to USD 3.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2024 - 2032). Government initiatives supporting market expansion, rising energy costs, and low maintenance costs are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rail Composites Market Trends
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Weight reduction and component consolidation are driving the market growth
Market CAGR for Rail Composites is currently being driven by rising weight reduction and component consolidation. Thermoset composites, carbon fiber, glass wool, fiber-reinforced plastics, and other rail composites offer significant design freedom and aid in train performance improvement. The worldwide transportation sector has identified rail composites as prospective materials that will drive the market's growth. Additionally, the advantages of reducing locomotive weight improve stability and the capacity for high-speed transit, cutting down on commuter travel time. Also, during the projection period, the increased demand for High-Speed Rail (HSR) is fueling the expansion of the Rail Composites Market Share.
Additionally, globally, the training sector places a high priority on weight reduction. Lightweight rail components have the advantages of better fuel economy and lower greenhouse gas emissions. Diminished fuel consumption and CO2 emissions are the outcomes of lighter rail components, which also help to reduce overall weight. Composite materials and their ability to consolidate pieces result in significant weight reductions because of their better strength-to-weight ratio. As a result, systems and rails can function better. As of 2022, China has the world's largest network of high-speed trains.
Asia-Pacific, North America, and Europe were the main hubs for the glass fiber and carbon fiber composites sector. The growing economies of Asia-Pacific and the Rest of the World have, nevertheless, undergone tremendous change in recent years. Rising economies like China, India, and Brazil have seen a rise in the demand for glass fiber and composites made of carbon fiber in the rail sector. In response to the market need, China has initiated several research projects concerning the industrialization of glass fiber and carbon fiber composites. Rail composites are becoming increasingly necessary as a result of the rising demand for infrastructure in emerging nations. The transportation sector has expanded due in large part to the rapidly expanding populations in nations like China and India. For instance, the Indian Union Budget 2020–21 allocates Rs 72,216 crore (about US$ 10.33 billion) to the Ministry of Railways, which propels the rail composites= industry even more. A 2020 railway project budget of 800 billion yuan, or about US$114.3 billion, has been released by China's Ministry of Transport. This results in driving the Rail Composites market revenue.
Rail Composites Market Segment Insights
Rail Composites Fiber Type Insights
The Rail Composites market segmentation, based on Fiber Type, includes Glass Fiber Composites, Carbon Fiber Composites, and Others. In 2023, the glass fiber composites segment dominated the market. Glass fiber is utilized in various rail interior and exterior applications because of its exceptional physical and mechanical features, which include robustness, adaptability, stability, lightweight, and resistance to moisture, heat, and temperature.
Figure 1: Rail Composites Market, by Fiber Type, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rail Composites Resin Type Insights
The Rail Composites market segmentation, based on Resin Type, includes Polyester, Phenolic, Epoxy, Vinyl Ester, and Others. In 2023, the polyester category generated the most income. Composites made of polyester have strong resistance to environmental elements like moisture, UV light, and chemicals. Because of their resilience, they can withstand exposure to a range of climatic conditions and possible chemical exposure in rail applications.
Rail Composites Manufacturing Process Insights
The Rail Composites market segmentation, based on Manufacturing Process, includes Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM, and Others. In 2023, the lay-up segment dominated the market. The lay-up procedure is mostly utilized in the creation of basic, lightweight rail structural panels. Manufacturers can regulate the orientation of the fibers in this procedure to absorb the greatest amount of stress.
Rail Composites Application Insights
The Rail Composites market segmentation, based on Application, includes Interior components, Exterior Components, and Others. In 2023, the interior components category generated the most income. Rail manufacturers have been employing composite materials for all types of rails in recent years; before, these materials were only used for high-speed rails and metro/subway trains. The use of composite materials in carriages can also encourage creativity among engineers and designers and give commuters greater room within the cabin.
Rail Composites Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Rail Composites market area will dominate this market. The principal elements driving the growth of the rail composites market in this area are its application in light, heavy, and passenger rail.
Further, the major countries studied in the market report are Brazil, South Korea, China, Japan, India, Australia, Germany, France, the UK, Italy, and Spain.
Figure 2: RAIL COMPOSITES MARKET SHARE BY REGION 2023 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Rail Composites market has the second-largest portion of the market. This is explained by the growing need for lightweight components in a variety of sectors, such as wind energy, automotive, transportation, aerospace, and defense. Further, the German Rail Composites market had the biggest market share, and the UK Rail Composites market was the European market with the quickest rate of growth.
The Asia-Pacific Rail Composites Marketis anticipated to expand between 2024 and 2032 at the quickest CAGR. The strong industrial expansion in nations like China, India, and South Korea is the reason for this growth spurt. Moreover, China’s Rail Composites market had the biggest market share, and the Indian Rail Composites market was the Asia-Pacific region's fastest-growing market.
Rail Composites Key Market Players & Competitive Insights
Leading market players are putting a lot of money into research and development to expand their product lines, which will drive the market for Rail Composites to expand even further. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, the Rail Composites industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the Rail Composites industry to help customers and expand the market segment. In recent years, the Rail Composites industry has provided some of the biggest benefits to medicine. Major players in the Rail Composites market, including Gurit Holdings AG (Switzerland), Hexcel Corporation (US), 3A Composites (Switzerland), Toray Industries, Inc. (Japan), Solvay (Belgium), and others, are engaging in research and development activities in an effort to boost market demand.
Hexcel Corporation is a publicly traded industrial materials firm in the United States. The business creates and produces structural materials. The 1948-founded California Reinforced Plastics, the 1995-acquired Ciba Composites, and the 1995-acquired Hercules Composites Products Division came together to establish Hexcel. For usage in commercial and military aircraft, space launch vehicles and satellites, blades for wind turbines, sports equipment, and automotive items, the company sells its products in the commercial, military, and recreational markets. In March 2019, Hexcel and Lavoiseier Composites collaborated to upcycle composite byproducts, resulting in a 13 kg reduction in CO2 emissions for every kg of carbonium utilized.
Avient Corporation, based in Avon Lake, Ohio, is a multinational producer of specialty polymer materials. Thermoplastic compounds, vinyl resins, thermoplastic composites, thermoplastic colorants and additives, and customized thermoset composite materials are among its offerings. In 2000, the M.A. Hanna Company and The Geon Company merged to form PolyOne Corporation. In April 2022, Avient Corporation and Royal DSM reached a deal for Avient to pay $1.485 billion to acquire DSM Protective Materials.
Key Companies in the Rail Composites market include
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Gurit Holdings AG (Switzerland)
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Exel Composites (Finland)
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3A Composites (Switzerland)
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Toray Industries, Inc. (Japan)
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Solvay (Belgium)
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Teijin Limited (Japan)
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Premier Composite Technologies (UAE)
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Dartford Composites Ltd. (UK)
- Hexcel Corporation (US)
Rail Composites Industry Developments
January 2024: Teijin Limited declared that it will begin manufacturing and marketing Tenax TM carbon fiber, which has a variety of industrial uses.
December 2023: Together, MODEC, Inc. and Toray Industries, Inc. have created a carbon fiber-reinforced plastic (CFRP) patch method that can be used to fix FPSO and FSO (floating storage and offloading) systems.
Rail Composites Market Segmentation
Rail Composites Fiber Type Outlook
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Glass Fiber Composites
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Carbon Fiber Composites
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Others
Rail Composites Resin Type Outlook
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Polyester
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Phenolic
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Epoxy
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Vinyl Ester
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Others
Rail Composites Manufacturing Process Outlook
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Lay-up
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Filament Winding
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Injection Molding
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Pultrusion
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Compression Molding
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RTM
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Others
Rail Composites Application Outlook
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Interior Components
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Exterior Components
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Others
Rail Composites Regional Outlook
North America
Europe
Asia-Pacific
Rest of the World (RoW)
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 1.9 Billion |
| Market Size 2024 |
USD 2.1 Billion |
| Market Size 2032 |
USD 3.4 Billion |
| Compound Annual Growth Rate (CAGR) |
7.50% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2019- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Fiber Type, Resin Type, Manufacturing Process, Application and Region |
| Geographies Covered |
North America, Europe, Asia-Pacific, and the Rest of the World |
| Countries Covered |
Brazil, South Korea, China, Japan, India, Australia, Germany, France, UK, Italy, and Spain |
| Key Companies Profiled |
Gurit Holdings AG (Switzerland), Hexcel Corporation (US), 3A Composites (Switzerland), Toray Industries, Inc. (Japan), Solvay (Belgium), |
| Key Market Opportunities |
Demand from emerging economies is rising. |
| Key Market Dynamics |
Low Maintenance Costs & Rising Energy Costs |
Frequently Asked Questions (FAQ) :
In 2023, the size of the rail composites market was estimated to be USD 1.9 billion.
From 2024 to 2032, the market is expected to expand at a (CAGR) of 7.50%.
North America held the most market share worldwide.
Gurit Holdings AG (Switzerland), Hexcel Corporation (US), 3A Composites (Switzerland), Toray Industries, Inc. (Japan), Solvay (Belgium), and others are the major participants in the market.
In 2023, Glass Fiber Composites was the leading category in the market.
The Lay-up held the biggest market share worldwide.
