The composites market in the global rail industry is expected to reach $821 million by 2021. Lucintel anticipates that the Asia Pacific region will be the fastest growing region in the global rail composites market.
According to a new market report published by Lucintel, the future of composites in the global rail industry looks good with opportunities in the interior and exterior applications. 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 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.
In this market, interior and exterior components which include seats, panels, doors, front end cab, toilet modules, roof, luggage rake etc. are the major end use applications. On the basis of comprehensive research, Lucintel 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.
By manufacturing process, open mold is expected to remain the largest market for the rail composites. By fiber, glass fiber is expected to be dominant for rail composites industry. By resin, polyester is expected to be the most preferred resin in the rail composites industry.
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.
For business expansion, Lucintel’s report suggests innovation and new product development to achieve higher strength and stiffness, increased FST requirements, weight reduction, and improved aesthetics.
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. Joptek Composites, Sintex Wausaukee Composites, Exel Composites, Miles Fiberglass & Composites, and TPI Composite are among the major molders in the global rail composites market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the composites market in the global rail industry by end use application, manufacturing process, fiber, resin, and region, and has compiled a comprehensive research report entitled “Growth Opportunities for Composites in the Global Rail Industry 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions.
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by Tushita Roy (a month ago!)