August 18, 2021
The global railway coatings market is expected to surpass USD $2,915.9 million by 2027, with a CAGR of five percent during the forecast period (2020-2027), says a new study by Coherent Market Insights.
The growth of the railway coatings market is expected to be driven by the increasing demand for mass transportation and rail freight transport. This increase in mass transportation through railways and metros is expected to favor demand for interior and exterior railway coatings such as primer, base coat, undercoat, and topcoat for the OEMs and refurbishment applications related to railways in the near future.
For instance, according to Eurostat, rail freight transport in 2011 was 499 billion ton kilometers, which increased to 430.3 billion ton kilometers in 2018 in EU-28 nations. Introduction of such new freight trains in different countries is expected to drive growth of the railway coatings market globally.
More insights:
- Asia Pacific accounted for a significant market share in 2019. The Asia Pacific region held a market share of 35.6 percent in terms of revenue in 2019 with respect to the North America railway coatings market. According to the International Union of Railway, Asia Oceania accounted for 77 percent of passenger-kilometers (pkm) in 2019. Furthermore, China, India, and Japan accounted for the highest number of passenger-kilometers of rail transport in 2017, according to the same source. Thus, significant demand for rail transportation in the region plays an important role in driving growth of the Asia Pacific railway coatings market.
- Among coating type, the liquid coating segment held the largest revenue share of 63.5 percent in the global railway coatings market in 2019. Liquid coatings are segmented into solventborne and waterborne.
- Major players operating in the global railway coatings market include AkzoNobel N.V., The Sherwin-Williams Co., Axalta Coating Systems, Weilburger Coatings GmbH, Hempel A/S, HSH Railway Finishes, PPG Industries, Inc., HELIOS, Teknos Group, and Nipsea Group
- Key players operating in the railway coatings market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio.
- Even though passenger train services are suspended in various regions due to the pandemic, freight services still continue to function to provide essential commodities. This may temporarily increase the demand for railway coatings for freight rail applications. The effect of the pandemic is not likely to have a long-term impact on the railway coatings market as rail transportation is one of the principle modes of transportation for freight transport and for passengers. Governments of various countries are likely to continue their investments in rail projects to cater to the transportation needs of the growing population.