They provide resistance against environmental impacts such as ultraviolet radiation, moisture and temperature fluctuations. Railway coatings improve the longevity of rail assets and reduce maintenance cost associated with corrosion.
The global Railway Coatings Market is estimated to be valued at US$ 2455.58 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the railway coatings market is reduced maintenance cost of railway assets. Railway coatings forms a protective layer on rail surfaces and other assets that shields them from environmental degradation. This significantly increases the lifespan of rails and other assets before requiring replacement or repair. According to studies, railway tracks coated with high quality coatings can last over 30 years as compared to 15-20 years of uncoated tracks. Furthermore, coated railway wagons and coaches also have lesser maintenance and repair requirements. Railway operators worldwide are increasingly adopting anti-corrosion coatings to optimize maintenance cost and maximize return on investments in rail infrastructure. It is estimated that railway coatings can help reduce maintenance cost by over 20% over the lifetime of railway assets.
Segment Analysis
In the Global Railway Coatings Market Size, the anti-corrosion segment currently dominates and accounted for over 35% of the total market share in 2022. This is because coatings that provide protection from corrosion are of utmost importance in the rail industry as assets need to withstand all weather conditions and have long lifespan. Rail tracks face harsh external environments such as precipitation, extreme temperature variations, chemicals in the air etc. which can cause corrosion over time if not properly protected. Hence, anti-corrosion coatings provide a protective barrier and are critical for infrastructure integrity and safety.
Key Takeaways
The global Railway Coatings Market is estimated to be valued at US$ 2455.58 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
Regional analysis related content comprises
The Asia Pacific region currently holds the largest share in the global railway coatings market and is expected to witness the highest growth during the forecast period. This can be attributed to development of high speed rails and metro networks across densely populated countries such as China, India to keep up with rapid urbanisation. Government initiatives aimed at development and upgradation of existing railway infrastructure will drive the demand for railway coatings.
Key players related content comprises
Key players operating in the railway coatings market are Julphar, Biocon, Eli Lilly, and Novo Nordisk AS, among others. These companies have widespread presence across countries and focus on developing innovative, sustainable and safe protective coating solutions customized for railway applications. They also engage in partnerships and collaborations with OEMs as well as various rail administrations globally.
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