RAILWAY COATINGS MARKET ANALYSIS

Railway Coatings MarketSize and Trends

The railway coatings market was valued at US$ 2,334.2 Mn in 2022, and is expected to exhibit a CAGR of 5.2%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 3,497.6 Mn by 2030. Railway coatings are protective coatings that are applied to different surfaces of trains and railway equipment to increase their durability and endurance. These coatings provide corrosion, weathering, abrasion, and chemical resistance. They are primarily employed in the railway sector to extend the life of rolling stock, enhance energy efficiency, and lower maintenance costs. Furthermore, these coatings improve the attractiveness of trains while protecting them from graffiti and vandalism. Railway coatings are used on train exteriors, interiors, bogies, tracks, and a variety of other components. The Global Railway Coatings Market is predicted to rise as the rail transportation sector expands internationally.

Global Railway Coatings Market: Growth Drivers

New railways and repair and refurbishment of existing railways

Introduction of new railways and the repair and refurbishment of existing railways is driving the Global Railway Coatings Market growth. Railway coatings consist of protective coatings for the interior or exterior of rail cars such as tank cars, boxcars, open hoppers, and covered hoppers. Building of new railcars as well as the maintenance of the existing ones are driving the market growth. The installation of new railroads, as well as the maintenance and restoration of existing railways, are significant drivers of the railway coatings industry. These coatings are applied to the inner and external surfaces of rail cars, such as tank cars, boxcars, and hoppers, to protect them. As the rail transportation infrastructure expands throughout the world, the demand for railway coatings is likely to rise. For instance, according to Indian Ministry of railways, the dismantling of old abandoned unsafe Foot Over Bridge at Ludhinana (Firozepur Division, Northern Railway) was completed on 5th May 2020. Dismantling of this 135 meter long old abandoned FOB structure over 19 tracks and 7 passenger platforms was overdue since 2014 after new FOB was commissioned.

Increasing demand for mass transportation and rail freight

The increasing demand for mass transportation and rail freight are expected to foster the Global Railway Coatings Market growth. For instance, according to American Public Transportation Association (APTA), in 2022 commuter rail ridership means a passenger rail transport service that primarily operates within a metropolitan area in the U.S. and 17.29% in October 2022 with respect to 17.82% in November. With increasing population and urbanization across the globe, the demand for mass transportation is also increasing. For instance, according to International Association of Public Transport, as of 2021, there was 15,824 km of LRT network in operation, mainly distributed between Europe (58%) and Eurasia (22%). At a global level, the length of infrastructure has been increasing by 1% per year on average since 2015.

Market Trends

Development of coatings to improve corrosion resistance and provide long-term protection

Growth of new coatings to improve corrosion resistance and provide long-term protection are some of the current trends in the railway coatings market. There is a rising emphasis on creating innovative coatings that may successfully increase corrosion resistance and offer long-term protection for railway infrastructure in the railway coatings market. These coatings are made to endure extreme environmental conditions such as dampness, chemicals, and UV radiation. The desire to extend the service life of railway equipment, decrease maintenance costs, and improve safety is driving demand for such coatings. Increased urbanization and increased investment in rail infrastructure projects lead to market expansion. Nanotechnology advancements have enabled the creation of new coating materials with greater corrosion resistance and endurance. These coatings are suited for railway applications because they have great adhesion, strong abrasion resistance, and increased flexibility. Finally, the railway coatings market is shifting towards the development of new coatings that offer corrosion resistance and long-term protection. These coatings are critical for ensuring the longevity of railway equipment, lowering maintenance costs, and complying with environmental standards.