The global railway coatings market was valued at US$ 2,040.8 million in 2019, according to Railway Coatings Market Report, by Product Type (Primer, Base Coat, and Topcoat), by Coating Type (Electrocoat, Liquid Coating (Solvent-borne and Waterborne), and Powder Coating), by Application Area (Interior and Exterior), by Application (OEM and Refurbishment), by End Use (Light Rail Vehicles, High Speed Railways, Locomotives, Metros, Regional Trains, Freight Wagons, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global railway coatings market is expected to surpass US$ 2,915.9 million by 2027, exhibiting a CAGR of 5.0% during the forecast period (2020-2027). 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. For instance, In May 2020, China Railway Xi'an group and China railway container transport launched road-rail freight service from Xi'an, China, to Kathmandu, Nepal.
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Browse 50 market data tables* and 45 figures* on "Railway Coatings Market” - Global Forecast to 2027.
Key Trends and Analysis of the Railway Coatings Market:
- Among regions, Asia Pacific accounted for a significant market share in 2019. Asia Pacific region held a market share of 35.6% 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% 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.
Key Takeaways of the Market:
- Among coating type, liquid coating segment held the largest revenue share of 63.5% in the global railway coatings market in 2019. Liquid coating is segmented into solvent-borne and waterborne. Major advantage of solvent-borne coating is its faster drying time and being less susceptible to environmental conditions such as humidity and temperature during the curing phase.
- Major players operating in the global railway coatings market include 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, 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. For instance, in June, 2017, Sherwin-Williams Co. acquired Valspar Corporation, a U.S. based manufacturer and distributor of paints and coatings materials, in order to expand its product portfolio.
Global Railway Coatings Market - Impact of Coronavirus (COVID-19) Pandemic
- 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 principal mode of transportation for freight transport and for passengers. Furthermore, the governments of various countries are likely to continue their investments in rail projects to cater to the transportation needs of the growing population.