June 16, 2024
Railway Coatings Market

Railway Coatings Market is Expected to Witness High Growth Owing to Increasing Demand for Anticorrosive Coatings

Railway coatings are surface protection coatings applied on components and structures of a railway infrastructure such as freight wagons, passenger coaches, locomotives, tracks, bridges, tunnels, platforms for corrosion protection. Railway infrastructure equipment is constantly exposed to harsh climatic conditions and chemicals which can degrade and corrode the steel structures rapidly. Therefore, anticorrosive coatings play a vital role in extending the lifespan of railway assets. The global railway coatings market offers various types of coatings including primer, topcoat, and others. Primer protects the substrate material from corrosion and provides better adhesion properties to subsequent coats. Topcoats provide the final weatherproof layer and ensure resistance to climatic degradation.

The Global Railway Coatings Market is estimated to be valued at US$ 2828.83 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Railway Coatings are Julphar, Biocon, Eli Lilly, Sanofi Aventis, and Novo Nordisk AS, among others. These players are focusing on new product development and expansion strategies to gain a competitive edge in the market.

The growing Railway Coatings Market Demand projects across major countries present significant opportunities for coating manufacturers to strengthen their geographical presence. Furthermore, the rising focus on upgrading existing rail infrastructure will drive the demand for maintenance and repair coatings.

North America and Europe holds the largest share in the global railway coatings market due to the large and well-established railway infrastructure. However, Asia Pacific is expected to witness the fastest growth owing to increasing investments in high-speed rail projects, metros, and freight corridors in China, India, and other developing nations.

Market Drivers

Increasing demand for anticorrosive coatings from the railway industry is one of the key factors augmenting the market growth. Continuous exposure to moisture, chemicals, rain, and extreme temperatures can cause severe corrosion of railway components. Railway Coatings Market protect the assets from corrosion and extend their lifespan, thereby reducing maintenance and replacement costs. Therefore, growing focus on upgrading and protecting existing railway infrastructure will fuel the sales of railway coatings.

PEST Analysis

Political: Government rules and regulations regarding the quality and safety standards of coatings used in railways will impact the demand. Strict emission norms may also boost demand for eco-friendly coatings.

Economic: Growth in the rail and transportation sector will boost demand for railway coatings. Increase in infrastructure spending on rail networks expands opportunities.

Social: Rising incomes and urbanization influence mobility needs and boost rail infrastructure. Eco-friendly products gain acceptance to curb emissions.

Technological: Advancements in coating materials improve durability, resistance and lifespan. Digitization aids supply chain and production management.

Value concentration in regions

Asia Pacific accounts for the largest share in value terms owing to major ongoing infrastructure projects and expanding railway networks in countries such as India and China. Favorable government policies support the regional market growth.

Fastest growing region

Europe is anticipated to witness the highest CAGR during the forecast period. This is attributed to ongoing refurbishment of existing rail infrastructure and rising investment to augment cross-border rail connectivity in the region. Stringent environmental norms also drive the demand.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it