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Jul 20, 2020 11:00 AM ET

High-speed Rail Coatings Market Forecast to Reach Around $8 Billion by 2025 Growing at a CAGR of 5.5% During 2020-2025


High-speed Rail Coat

iCrowd Newswire - Jul 20, 2020

The High-speed Rail Coatings Market size is forecast to reach around $8 billion by 2025, after growing at a CAGR of 5.5% during 2020-2025. The growing high-speed rail track construction and train manufacturing projects worldwide drives the growth of global High-speed Rail Coatings market size during the forecast period. For instance, BASF SE, committed its support to build 30,000 km of high-speed rail lines by 2020 in China. Furthermore, the growth of transportation and infrastructural activities in developed and developing economies are contributing to the increase in demand for High-speed Rail Coatings.

Technology – Segment Analysis
The solvent-borne segment held the largest share of more than 35% in the global high-speed rail coating market in 2019 due to widely used in the various rail application include steel component coating, exterior protection, aesthetic finishes, interior aluminum coatings, and underframe coatings. The solvent-borne epoxy primer/filler and top coat provides high corrosion protection, high mechanical resistance, and high chemical resistance. Hence, it is mostly used on steel, aluminium, stainless steel, nitro and various plastics (GFRP) components. Whereas, the stringent environmental regulations across the United States and Europe and the presence of significant amounts of volatile organic compounds (VOCs) in solvent-borne coatings compared to water-borne, restraints the growth of this segment in the global high-speed rail coatings market during the forecast period.

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Resin Type – Segment Analysis
Among the resin types, epoxy was the largest segment in 2019 contributing more than 25% share in the global market. The use of epoxy resin coating offers great adhesion, low shrinkage, high resistance to chemicals, and can be formulated to cure under any moisture and temperature conditions. Hence, these factors are responsible for making epoxy coating the largest segment by resin type during the forecast period. Additionally, the growing use of epoxy primer in both water-borne and solvent-borne coating technologies further drives the growth of epoxy resin coating, which in turn boosts the growth of global high-speed rail coating industry during the study period.

Geography – Segment Analysis
In 2019, APAC dominated the High-speed Rail Coatings market with a share of more than 35%, followed by North America and Europe. The presence of emerging countries with large customer base like Chin and India, availability of low cost labors, flourishing manufacturing sector, and growing high-speed rail construction projects in China, Japan, and India are contributing to the growth of high-speed rail coating share in APAC region during the study period. Additionally, the growing trend of decorative Coatings and functional Coatings in railways is also driving the market growth.

Drivers – High-speed Rail Coatings Market

Growing high-speed rail constructions worldwide
The demand for transportation is growing with increasing population. Furthermore, the increasing preference from consumers for high-speed transportations with better facilities drives the growth of high-speed rail transportation, which in turn propels the growth of coatings market. As coating works as resistant to weathering, resistant to corrosion and chemicals, protecting from harmful UV rays, and provide better appearance for the rails. For instance, in 2017, AkzoNobel, adds a special golden touch on both the body and the interior to the China’s Fuxing high-speed train technology.

Besides, the Government of India (GoI) has focused on the development of rail infrastructure through investor-friendly policy and enabled 100% FDI in rails. For instance, in 2018, the Government of India (GoI), considered the High Speed Rail Corridor project between Mumbai and Nagpur. Additionally, Government of India (GoI) has signed a MoU with Government of Japan for the implementation of the Mumbai-Ahmedabad high speed rail corridor by 2022. Whereas, in 2019, China has planned to expand its high-speed rail network by 3,200 km. The growth of such high-speed rail constructions projects drives the growth of rail transportation, which in turn propels the demand for high-speed rail coatings over the study period.

Implementation of Stringent Environment Regulations
The growing environmental awareness and stringent environment norms from developed and developing regions drive the demand for coatings with low Volatile organic compounds (VOC) emitting material like water-borne coatings. Governments globally are focusing on green practices for reducing the impacts of chemicals on rails, human health, and the environment. Whereas, the key players operating in the global market are more inclined towards providing coatings that meets industry standards and environment regulations. For instance, BASF SE supplied waterborne coatings solutions to Beijing Ruiweitong Engineering Machinery Co., Ltd., with a focus on VOC reduction in the commercial transport industry. Additionally, in 2017, Ruiweitong, a Chinese manufacturer of rail maintenance machinery, became the China’s 1st commercial transportation sector to use waterborne coatings in all layers of its machinery.

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Challenges – High-speed Rail Coatings Market

Unstable economic conditions and volatile prices of raw material
Conventional rail transportation is considered a challenging factor for the growth of the global High-speed Rail network, which in turn restrains the growth of the high-speed rail coating market during the forecast period. Furthermore, the growing trade war between the two largest economies includes the US and China, along with geopolitical tensions, global trade tensions, and global macroeconomic performance as a whole are the factors responsible for the unstable economic conditions. The unstable economy is considered as a challenge for the growth of this market. Furthermore, in 2020, due to the geopolitical issues between the US, Iraq, Iran, and Saudi Arabia, there is a decline in crude oil prices. As most of the coating is produced from crude oil products, so this fluctuation in crude oil prices globally, act as a challenging factor for the growth of this market during the forecast period.

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the High-speed Rail Coatings market report. Major players in the High-speed Rail Coatings Market industry outlook are Akzo Nobel N.V, BASF SE, PSG Limited, GLS Coatings Ltd, Zytexx, The Sherwin-Williams Company, Fosroc, Henkel, Hollysys, PPG Industries, Inc., The Valspar Corporation, Axalta Coating Systems, LLC, and Siemens.

Acquisitions/Technology Launches
In 2017, Axalta Coating Systems, coated the China’s new Fuxing model bullet train in collaboration with CRRC Qingdao Sifang Co., Ltd., the world’s largest supplier of rail transit equipment. The coating coated by Axalta provided the trains with 1,500 hours of resistance to aging, significantly upgrading the lifespan of the painted exterior of the bullet train. Furthermore, with this service, the company has focused in strengthening its transportation networks and operation capacities across China.

Key Takeaways
Among the regions, in 2019, the Asia-Pacific dominates the High-speed Rail Coatings market owing to growing transportation, increasing urbanizations, and developing rail infrastructure across the region.

In North America region, the US dominates the High-speed Rail Coatings market in 2019 and is projected to hold the largest share during the forecast period. Besides, in RoW, the Africa region is projected to witness a higher growth during the forecast period owing to the growing high-speed rail infrastructure across the region.

The high investment cost required for high-speed rails than the traditional rails and presence of volatile materials in coatings are restraining the growth of high-speed rail coatings market size during the forecast period.

Related Reports:

Bullet Train/High-Speed Rail Market

https://www.industryarc.com/Research/Bullet-Train-High-Speed-Rail-Market-Research-505729

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