Railway Coatings Market Poised to Witness High Growth Due to Increasing Railway Infrastructure Development Projects
Railway coatings are paints and surface coatings that are applied to rail tracks, locomotives, coaches and other railway vehicles for protection and decoration. They prevent corrosion on steel surfaces and provide an aesthetic appeal. These coatings are applied by air spray, airless spray, brush or roller techniques. They find applications in rail tracks, rolling stock, freight wagons, passenger coaches and locomotives. Railway networks globally are expanding to accommodate growing passenger and freight traffic. Countries are allocating significantly higher budgets for railway infrastructure development projects which utilizes coatings on a large scale.
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 Dynamics:
The increasing railway infrastructure development projects is one of the major driver of the railway coatings market. Governments globally are investing heavily on development and expansion of railway networks to handle freight as well as passenger traffic. For instance, Indian government planned railway infrastructure projects worth US$ 120 billion for 2022-23. China has earmarked over US$ 124 billion for rail infrastructure between 2022-2025. Expansion of rail tracks requires application of protective and decorative coatings. Additionally, growing rail freight sector drives demand for freight wagons, locomotives that requires external and internal coatings. The growing railway infrastructure promotes market growth of railway coatings during the forecast period.
SWOT Analysis
Strength: Global Railway Coatings Market Size\ provide protection to railroad assets from corrosion and abrasion which helps in increasing their life. They help in maintaining the aesthetics and branding of railroad assets. They provide thermal insulation which helps in increasing fuel efficiency.
Weakness: Frequent railway coating maintenance work causes disruption in train schedules. High investment and time consumption involved in railway coating process.
Opportunity: Growing railway infrastructure development across emerging countries provides huge opportunity for market growth. Advances in coating technologies help in developing more durable and efficient coatings.
Threats: Political uncertainties and economic slowdowns negatively impact railway infrastructure spending and thereby demand. Strict environment regulations pose challenges in material selection.
Key Takeaways
The global Railway Coatings market is expected to witness high growth. 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
Rail coating demand is the highest in Asia Pacific region contributing over 35% of the global market share. China, India, Japan, and other Southeast Asian countries are witnessing largest coating consumption for new railway lines and maintenance of existing rail networks. Europe accounts for significant share owing to developed railway infrastructure and focus on network modernization.
Key players related content comprises
Key players operating in the Railway Coatings market are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others.Julphar maintains a strong position in GCC regionwhile Biocon has widespread operations across Asian and European markets. Eli Lilly and Sanofi Aventis aredominant players catering to developed markets of North America and Europe. Novo Nordisk focusses on diabetes drug market leadership.
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