Railway coatings are protective coatings widely used on railroad systems and passenger trains. They provide protection against extreme temperatures, UV radiation corrosion and mechanical stresses that rolling stocks are exposed to. These coatings ensure passenger safety along with extending asset life. Solvent-borne epoxy coatings are extensively used for their excellent chemical and corrosion resistance. Waterborne acrylic coatings are preferred owing to their sustainability.
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 Dynamics:
Increasing global rail infrastructure investments along with growing passenger and freight volume are key drivers fueling demand for railway coatings. As per International Union of Railways (UIC), global rail and passenger traffic grew at a CAGR of 3% between 2010-2019, reaching 10.9 billion passenger-km and 11.6 trillion ton-km in 2019. Government initiatives to develop high-speed rail networks especially in Asia Pacific and Europe will significantly drive the market over the forecast period. Sustainability mandates are further expected to shift preferences towards waterborne railway coatings. High capital investments in new rolling stock will also augment coatings consumption. However, stringent environmental regulations around VOC emissions may limit demand for solvent-borne coatings.
SWOT Analysis
Strength: Railway coatings provide protection from UV rays and harsh weather conditions keeping railway infrastructure long lasting. Coating solutions with anti-corrosion and anti-graffiti properties reduce maintenance cost significantly. Innovation in coating materials helps achieving longer durability and protection with environment friendly coatings.
Weakness: High initial investment is required for application of advanced protective coatings on large railway infrastructure. Strict environmental regulations increase production cost of coatings. Developing innovative solutions require extensive research activities.
Opportunity: Growing railway networks particularly in developing countries open new opportunities. Demand for maintenance and protection of existing rail assets is increasing globally. Regulations on reducing carbon footprints favors the use of eco-friendly and sustainable coating solutions.
Threats: Economic slowdowns affect investment in railway projects and maintenance works limiting the market growth. stringent environmental laws raises production challenges for coating manufacturers. Competition from alternative transport modes can impact future expansion of rail networks.
Key Takeaways
The global railway coatings market is expected to witness high growth. Rapid urbanization and industrialization is spurring investments in expansion of rail infrastructure across major developing economies. 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.
The Asia Pacific region is anticipated to dominate the market owing to large railway projects under China's Belt and Road initiative connecting Southeast Asia, Europe and Africa. Significant funds are allocated by Indian government for developing railway stations, tracks and coaches offering huge business potential.
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, and Nipsea Group. Major manufacturers are focusing on manufacturing eco-friendly water based and powder coatings to meet the stringent emission norms. Innovation in development of high build and abrasion resistant formulations help lengthening asset life and reducing maintenance cost of rail structures significantly over the forecast period from 2023 to 2030.
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