The Global Railway Coatings Market Growth Accelerated By Increase In Railway Infrastructure Projects
Railway coatings are used to protect railway tracks, rails, and train components from corrosion and wear & tear. These coatings provide excellent weatherability, chemical resistance and abrasion resistance properties to extended durability. With rapid urbanization and industrialization, railway transportation is witnessing increased focus on infrastructure development worldwide. The growing number of railway projects, especially in developing countries is expected to drive the demand for railway coatings.
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 5.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the railway coatings market is the increasing number of railway infrastructure projects globally. Railway authorities across countries are focusing on expanding and upgrading railway networks to support growing passenger and freight transportation needs. According to the International Union of Railways, the global railway infrastructure expenditure is projected to reach US$ 2.8 trillion by 2030. Growing railway projects offer significant opportunities for railway coatings market. For example, in India, the total railway infrastructure spend for the next 12 years is expected to be US$ 120 billion whereas in China, it is projected to be US$ 860 billion by 2030. Furthermore, stringent regulations regarding corrosion protection of railway assets is also pushing the demand for advanced railway coatings globally.
Segment Analysis
The global railway coatings market is dominated by the passenger rail segment. Passenger rail requires frequent maintenance and recoating to ensure safety and aesthetical appeal. Moreover, most railway authorities and operators spend significantly higher capex on the upkeep of passenger rail networks compared to freight rails. This is the primary reason for the passenger rail segment's dominance in the market.
Key Takeaways
The global railway coatings market is expected to witness high growth over the forecast period of 2023 to 2030. 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 5.2% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific currently dominates the global railway coatings market and is expected to maintain its lead through 2030. Countries like China and India have extensive existing railway networks as well as vast expansion plans underway. For example, over 100,000 track kilometers are planned to be added in India by 2030. Similarly in China, high-speed rail is a major area of focus. All this bodes well for coating manufacturers. Europe is another major regional market led by countries like Germany that have large rail sectors and stringent quality and safety norms.
Key players
Key players operating in the railway coatings market are Akzo Nobel N.V., The Sherwin-Williams Co, Axalta Coating Systems, Weilburger Coatings GmbH, Hempel A/S, HSH Railway Finishes, PPG Industries, Inc., HELIOS, Teknos Group. Akzo Nobel and PPG are the largest suppliers with capabilities to provide a full portfolio of primer, intermediate and finish coats. Sherwin Williams also has a significant presence concentrated in North America. Local Asian suppliers like Weilburger and Teknos cater mainly to domestic demand.
Get more insights on this topic :
Comments
0 comment