Composites provide significant flexibility in train design and help optimize train performance. Composite materials are largely used in the rail industry, wherein performance improvement is critical and the need to meet regulatory requirements is mandatory. The usage of composite materials in engineering designs has also become essential because of their satisfactory performance in extreme conditions such as high temperature, moisture, pressure, corrosion, and high stress. Rail composites lower energy consumption, facilitate the dampening of vibration to reduce noise levels, and improve passenger comfort. Various other benefits associated with the reduction of railway weight are lower inertia, less track wear, enhanced stability, and ability to achieve high speed. Demand for composites has increased in the railway sector, led by the implementation of extensive research and cost-effective mass production techniques. Rail composites primarily comprise metal or non-metal honeycomb and sandwich constructions. These are used in various applications in railways.
The global rail composites market is primarily driven by government initiatives across countries to embark upon large number of projects and deliver industry-oriented rail composites. Furthermore, increase in pricing pressure on energy resources and implementation of stringent environmental regulations are driving the need for substantial improvements in the performance of materials used in engineering and manufacturing. Rail composites offer the dual feature of mechanical properties and esthetic appearance. Therefore, rail composites have been identified as potential materials for the global transportation industry. Demand and consumption of rail composites is expected to rise significantly in the near future owing to implementation of stringent quality requirements.
Based on application, the rail composites market can be bifurcated into interior and exterior. Demand for interior components is high. Increase in demand for high performance, fire retardant materials with good esthetic properties is the major factor anticipated to boost the interior segment during the forecast period. Decrease in cost of rail composite processing and lower cycle time are further estimated to propel the global rail composites market during the forecast period.
In terms of type of fiber, the rail composites market can be divided into glass fiber composite, carbon fiber composite, and other composite. Among them, glass fiber composite was the highly consumed type of rail composites across the globe. Rail composite materials mentioned above offer superior properties than conventional materials. They are also flexible; thus, they can be molded in any shape. The carbon fiber composite segment is also estimated to expand significantly owing to the light weight properties.
Based on geography, the rail composites market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific led the global rail composites market over the last decade due to the rise in usage of rail composites in the transportation industry in the region. This trend is projected to continue during the forecast period. China, India, and Japan are projected to be key countries of the rail composites market owing to the availability of economical labor; and high demand for materials that offer long-term service, reduced maintenance costs, and improved resistance to wear and tear. Railway composites lower energy consumption and operating costs. Furthermore, rail composites are being used increasingly in passenger coaches, due to their exceptional structural qualities and the ability to impart enhanced esthetic value. These factors are likely to augment market growth. The most important trend in the global rail composites market is hybrid construction, i.e. using several materials to form one component.
Key players operating in the rail composites market include Toray Industries Inc. (Japan), Cytec Industries Inc. (U.S.), Koninklijke Ten Cate nv (the Netherlands), and Gurit Holding AG (Switzerland).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.