by The railway coatings are used on rolling stocks, wagons, locomotives, passenger coaches and other railway infrastructure components to provide protection against corrosion, wear & tear and enhance aesthetics. Railway coatings include primers, topcoats and other auxiliary coatings that find applications in interior as well as exterior parts of railway network. Railways are a vital mode of transportation for both passenger and freight movement across countries. Growing population and rapid urbanization has led several governments to focus on expanding and strengthening their railway infrastructure which is projected to drive the demand for railway coatings market during the forecast period.
The global railway coatings market is segmented into passenger coaches, locomotive, railway carriage, wagon and others. Railway coatings effectively safeguard steel surfaces from corrosion and protect against mechanical damages for enhanced durability and life cycle of railway assets. Major railway coating resins include acrylic, epoxy, alkyd, polyurethane and vinyl among others.
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:
Government emphasis on revamping ageing rail infrastructure in developed economies along with expanding rail network in developing nations is a key driver for railway coatings market growth. Substantial railway infrastructure spending planned over the next decade by countries such as India, China and various European nations is anticipated to boost the consumption of rail coatings. For example, the Indian government announced a railway infrastructure development budget of US$ 110 billion for 2023-24 fiscal year. Furthermore, advancements in rail coatings such as anti-graffiti and low VOC formulations to meet stringent environmental norms also support the industry outlook. However, availability of alternatives modes of transportation in developed markets along with volatile raw material costs remain a challenge for railway coatings manufacturers. Key players are focused on developing bio-based and customized rail coatings with extended durability to further penetrate the market.
Segment Analysis
The global railway coatings market is dominated by two major segments – platform ballast, roof, and tank coatings. Platform ballast coatings account for over 30% of the market share as they protect the railway tracks and platforms from corrosion caused by rain, humidity, chemicals, dirt, and other contaminants. These coatings ensure smooth movement of trains and extend the life of railway infrastructure. Roof and tank coatings form the second largest segment, constituting around 25% share. Tank coatings are applied on fuel tanks, water tanks, and other reservoirs of train compartments to prevent corrosion from chemicals and moisture. Roof coatings prevent rusting of train roofs and offer an aesthetic appeals.
PEST Analysis
Political: Government investments in rail expansion projects are boosting demand. For example, Chinese government’s “Belt and Road Initiative” involves building new railway lines which will drive coating consumption.
Economic: Growing transportation sector and extensive railway construction in Asia Pacific are major drivers. Decline in oil prices has made rail freight comparatively cheaper than road transport.
Social: Rising population and rapid urbanization necessitate mass transportation systems like metros and high-speed rails. This increases requirement for advanced corrosion resistant coatings.
Technological: Development of eco-friendly waterborne and powder coatings conforming to strict VOC regulations have boosted their use over solvent-borne coats. Nanotechnology is enabling properties like self-cleaning.
Key Takeaways
The global railway coatings market is expected to witness high growth between 2023 to 2030, supported by extensive railway infrastructure development worldwide. 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 dominates currently with a share of over 40% owing to Chinese and Indian government investments. Major projects under China’s Belt and Road Initiative spanning several countries will augment regional market revenue.
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 Industries are focusing on developing eco-friendly and high-performance coatings using nanotechnology to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
