Composites in Passenger Rail Market By Type (Carbon Fiber, Glass Fiber, Others) , By Resin Type (Epoxy Resin, Polyester, Phenolic, Vinyl Ester, Others) By Application (Interior, Exterior) : Global Opportunity Analysis and Industry Forecast, 2024-2033

September 2024 | 340 pages | ID: C00334DEE62CEN
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The composites in passenger rail market was valued at $1.9 billion in 2023, and is projected to reach $4.0 billion by 2033, growing at a CAGR of 7.6% from 2024 to 2033.

Composites are advanced materials created by combining two or more distinct substances to achieve properties that are superior to those of the individual components. In the passenger rail sector, composites—typically comprising materials like fiber-reinforced plastics and resin matrices—are increasingly replacing traditional materials such as steel and aluminum. The drive for composite usage in passenger rail is fueled by their exceptional strength-to-weight ratio, corrosion resistance, and ability to enhance fuel efficiency and operational sustainability.

The growth of the global composites in passenger rail market is driven by surge in demand for composites to reduce weight of railcars and achieve higher energy efficiency, increased fuel efficiency, and reduced operational costs. Furthermore, rise in need for durable railcars is fueling the demand for composites. This is attributed to the fact that composites are resistant to corrosion, fatigue, and harsh environmental conditions, extending the lifespan of rail components and reducing maintenance costs. This durability is particularly advantageous in regions with extreme weather conditions or high humidity levels. Moreover, as countries invest in high-speed rail systems, lightweight and high-strength materials like composites are witnessing significant demand, which is augmenting the market growth. In addition, implementation of stringent regulations to lower greenhouse gas emissions and adopt more sustainable practices acts as a key driving force of the market. This is attributed to the fact that composites contribute to meeting regulatory requirements due to their low environmental impact and potential for recyclability, supporting greener transportation initiatives. According to EU-funded RECOTRANS project—aims to develop efficient, sustainable manufacturing methods for lightweight composite materials in the transport sectors, including automotive, rail, and maritime industries—rails are estimated to witness 57% weight reduction with the use of lightweight composites, which, in turn, will help to reduce greenhouse gas emissions. However, high cost of composite materials restrains the market growth. Moreover, while many composites are durable and lightweight, achieving fire resistance that meets rail safety standards is challenging, thus hampering the market growth. On the contrary, innovations in manufacturing techniques, such as automated production and advanced molding technologies, have made composite materials more accessible and cost-effective. Such developments are expected to offer lucrative opportunities for the market growth during the forecast period.

The global composites in passenger rail market is segmented into type, resin type, application, and region. By type, the market is classified into carbon fiber, glass fiber, and others. On the basis of resin type, it is classified into epoxy resin, polyester, phenolic, vinyl ester, and others. Depending on application, it is divided into exterior and interior. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

By type, the glass fiber segment held the highest market share in 2023, and is expected to maintain its leadership status from 2024 to 2033.

On the basis of resin type, the epoxy resin segment was the major shareholder in 2023, and is anticipated to continue the same trend throughout the forecast period

Depending on application, the interior segment garnered the largest share in 2023, and is projected to dominate the market during the forecast period.

Region wise, Asia-Pacific exhibited the highest growth, in terms of revenue, in 2023.

Competition Analysis

Competitive analysis and profiles of the major players in the global composites in passenger rail market include Hexcel Corporation, Solvay S.A., Toray Industries, Inc., Kawasaki Heavy Industries Ltd., TEIJIN LIMITED, Owens Corning, BASF SE, Mitsubishi Rayon Co., Ltd., SGL Carbon, and ZOLTEK Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.

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Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
  • Analysis of raw material in a product (by %)
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  • Upcoming/New Entrant by Regions
  • Technology Trend Analysis
  • Go To Market Strategy
  • Regulatory Guidelines
  • Additional company profiles with specific to client's interest
  • Additional country or region analysis- market size and forecast
  • Historic market data
  • SWOT Analysis
Key Market Segments

By Type
  • Carbon Fiber
  • Glass Fiber
  • Others
By Resin Type
  • Epoxy Resin
  • Polyester
  • Phenolic
  • Vinyl Ester
  • Others
By Application
  • Interior
  • Exterior
By Region
  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of LAMEA
  • Key Market Players
  • Hexcel Corporation
  • Solvay S.A.
  • Toray Industries, Inc.
  • Kawasaki Heavy Industries Ltd
  • TEIJIN LIMITED
  • Owens Corning
  • BASF SE
  • Mitsubishi Rayon Co., Ltd.
  • SGL Carbon
  • ZOLTEK Corporation
CHAPTER 1: INTRODUCTION

1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
  1.4.1. Primary Research
  1.4.2. Secondary Research
  1.4.3. Analyst Tools and Models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET LANDSCAPE

3.1. Market Definition and Scope
3.2. Key Findings
  3.2.1. Top Investment Pockets
  3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
  3.3.1. Bargaining Power of Suppliers
  3.3.2. Threat of New Entrants
  3.3.3. Threat of Substitutes
  3.3.4. Competitive Rivalry
  3.3.5. Bargaining Power among Buyers
3.4. Market Dynamics
  3.4.1. Drivers
  3.4.2. Restraints
  3.4.3. Opportunities

CHAPTER 4: COMPOSITES IN PASSENGER RAIL MARKET, BY TYPE

4.1. Market Overview
  4.1.1 Market Size and Forecast, By Type
4.2. Carbon Fiber
  4.2.1. Key Market Trends, Growth Factors and Opportunities
  4.2.2. Market Size and Forecast, By Region
  4.2.3. Market Share Analysis, By Country
4.3. Glass Fiber
  4.3.1. Key Market Trends, Growth Factors and Opportunities
  4.3.2. Market Size and Forecast, By Region
  4.3.3. Market Share Analysis, By Country
4.4. Others
  4.4.1. Key Market Trends, Growth Factors and Opportunities
  4.4.2. Market Size and Forecast, By Region
  4.4.3. Market Share Analysis, By Country

CHAPTER 5: COMPOSITES IN PASSENGER RAIL MARKET, BY RESIN TYPE

5.1. Market Overview
  5.1.1 Market Size and Forecast, By Resin Type
5.2. Epoxy Resin
  5.2.1. Key Market Trends, Growth Factors and Opportunities
  5.2.2. Market Size and Forecast, By Region
  5.2.3. Market Share Analysis, By Country
5.3. Polyester
  5.3.1. Key Market Trends, Growth Factors and Opportunities
  5.3.2. Market Size and Forecast, By Region
  5.3.3. Market Share Analysis, By Country
5.4. Phenolic
  5.4.1. Key Market Trends, Growth Factors and Opportunities
  5.4.2. Market Size and Forecast, By Region
  5.4.3. Market Share Analysis, By Country
5.5. Vinyl Ester
  5.5.1. Key Market Trends, Growth Factors and Opportunities
  5.5.2. Market Size and Forecast, By Region
  5.5.3. Market Share Analysis, By Country
5.6. Others
  5.6.1. Key Market Trends, Growth Factors and Opportunities
  5.6.2. Market Size and Forecast, By Region
  5.6.3. Market Share Analysis, By Country

CHAPTER 6: COMPOSITES IN PASSENGER RAIL MARKET, BY APPLICATION

6.1. Market Overview
  6.1.1 Market Size and Forecast, By Application
6.2. Interior
  6.2.1. Key Market Trends, Growth Factors and Opportunities
  6.2.2. Market Size and Forecast, By Region
  6.2.3. Market Share Analysis, By Country
6.3. Exterior
  6.3.1. Key Market Trends, Growth Factors and Opportunities
  6.3.2. Market Size and Forecast, By Region
  6.3.3. Market Share Analysis, By Country

CHAPTER 7: COMPOSITES IN PASSENGER RAIL MARKET, BY REGION

7.1. Market Overview
  7.1.1 Market Size and Forecast, By Region
7.2. North America
  7.2.1. Key Market Trends and Opportunities
  7.2.2. Market Size and Forecast, By Type
  7.2.3. Market Size and Forecast, By Resin Type
  7.2.4. Market Size and Forecast, By Application
  7.2.5. Market Size and Forecast, By Country
  7.2.6. U.S. Composites in Passenger Rail Market
    7.2.6.1. Market Size and Forecast, By Type
    7.2.6.2. Market Size and Forecast, By Resin Type
    7.2.6.3. Market Size and Forecast, By Application
  7.2.7. Canada Composites in Passenger Rail Market
    7.2.7.1. Market Size and Forecast, By Type
    7.2.7.2. Market Size and Forecast, By Resin Type
    7.2.7.3. Market Size and Forecast, By Application
  7.2.8. Mexico Composites in Passenger Rail Market
    7.2.8.1. Market Size and Forecast, By Type
    7.2.8.2. Market Size and Forecast, By Resin Type
    7.2.8.3. Market Size and Forecast, By Application
7.3. Europe
  7.3.1. Key Market Trends and Opportunities
  7.3.2. Market Size and Forecast, By Type
  7.3.3. Market Size and Forecast, By Resin Type
  7.3.4. Market Size and Forecast, By Application
  7.3.5. Market Size and Forecast, By Country
  7.3.6. France Composites in Passenger Rail Market
    7.3.6.1. Market Size and Forecast, By Type
    7.3.6.2. Market Size and Forecast, By Resin Type
    7.3.6.3. Market Size and Forecast, By Application
  7.3.7. Germany Composites in Passenger Rail Market
    7.3.7.1. Market Size and Forecast, By Type
    7.3.7.2. Market Size and Forecast, By Resin Type
    7.3.7.3. Market Size and Forecast, By Application
  7.3.8. Italy Composites in Passenger Rail Market
    7.3.8.1. Market Size and Forecast, By Type
    7.3.8.2. Market Size and Forecast, By Resin Type
    7.3.8.3. Market Size and Forecast, By Application
  7.3.9. Spain Composites in Passenger Rail Market
    7.3.9.1. Market Size and Forecast, By Type
    7.3.9.2. Market Size and Forecast, By Resin Type
    7.3.9.3. Market Size and Forecast, By Application
  7.3.10. UK Composites in Passenger Rail Market
    7.3.10.1. Market Size and Forecast, By Type
    7.3.10.2. Market Size and Forecast, By Resin Type
    7.3.10.3. Market Size and Forecast, By Application
  7.3.11. Rest Of Europe Composites in Passenger Rail Market
    7.3.11.1. Market Size and Forecast, By Type
    7.3.11.2. Market Size and Forecast, By Resin Type
    7.3.11.3. Market Size and Forecast, By Application
7.4. Asia-Pacific
  7.4.1. Key Market Trends and Opportunities
  7.4.2. Market Size and Forecast, By Type
  7.4.3. Market Size and Forecast, By Resin Type
  7.4.4. Market Size and Forecast, By Application
  7.4.5. Market Size and Forecast, By Country
  7.4.6. China Composites in Passenger Rail Market
    7.4.6.1. Market Size and Forecast, By Type
    7.4.6.2. Market Size and Forecast, By Resin Type
    7.4.6.3. Market Size and Forecast, By Application
  7.4.7. Japan Composites in Passenger Rail Market
    7.4.7.1. Market Size and Forecast, By Type
    7.4.7.2. Market Size and Forecast, By Resin Type
    7.4.7.3. Market Size and Forecast, By Application
  7.4.8. India Composites in Passenger Rail Market
    7.4.8.1. Market Size and Forecast, By Type
    7.4.8.2. Market Size and Forecast, By Resin Type
    7.4.8.3. Market Size and Forecast, By Application
  7.4.9. South Korea Composites in Passenger Rail Market
    7.4.9.1. Market Size and Forecast, By Type
    7.4.9.2. Market Size and Forecast, By Resin Type
    7.4.9.3. Market Size and Forecast, By Application
  7.4.10. Australia Composites in Passenger Rail Market
    7.4.10.1. Market Size and Forecast, By Type
    7.4.10.2. Market Size and Forecast, By Resin Type
    7.4.10.3. Market Size and Forecast, By Application
  7.4.11. Rest of Asia-Pacific Composites in Passenger Rail Market
    7.4.11.1. Market Size and Forecast, By Type
    7.4.11.2. Market Size and Forecast, By Resin Type
    7.4.11.3. Market Size and Forecast, By Application
7.5. LAMEA
  7.5.1. Key Market Trends and Opportunities
  7.5.2. Market Size and Forecast, By Type
  7.5.3. Market Size and Forecast, By Resin Type
  7.5.4. Market Size and Forecast, By Application
  7.5.5. Market Size and Forecast, By Country
  7.5.6. Brazil Composites in Passenger Rail Market
    7.5.6.1. Market Size and Forecast, By Type
    7.5.6.2. Market Size and Forecast, By Resin Type
    7.5.6.3. Market Size and Forecast, By Application
  7.5.7. South Africa Composites in Passenger Rail Market
    7.5.7.1. Market Size and Forecast, By Type
    7.5.7.2. Market Size and Forecast, By Resin Type
    7.5.7.3. Market Size and Forecast, By Application
  7.5.8. Saudi Arabia Composites in Passenger Rail Market
    7.5.8.1. Market Size and Forecast, By Type
    7.5.8.2. Market Size and Forecast, By Resin Type
    7.5.8.3. Market Size and Forecast, By Application
  7.5.9. UAE Composites in Passenger Rail Market
    7.5.9.1. Market Size and Forecast, By Type
    7.5.9.2. Market Size and Forecast, By Resin Type
    7.5.9.3. Market Size and Forecast, By Application
  7.5.10. Rest of LAMEA Composites in Passenger Rail Market
    7.5.10.1. Market Size and Forecast, By Type
    7.5.10.2. Market Size and Forecast, By Resin Type
    7.5.10.3. Market Size and Forecast, By Application

CHAPTER 8: COMPETITIVE LANDSCAPE

8.1. Introduction
8.2. Top Winning Strategies
8.3. Product Mapping Of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top Player Positioning, 2023

CHAPTER 9: COMPANY PROFILES

9.1. Hexcel Corporation
  9.1.1. Company Overview
  9.1.2. Key Executives
  9.1.3. Company Snapshot
  9.1.4. Operating Business Segments
  9.1.5. Product Portfolio
  9.1.6. Business Performance
  9.1.7. Key Strategic Moves and Developments
9.2. Solvay S.A.
  9.2.1. Company Overview
  9.2.2. Key Executives
  9.2.3. Company Snapshot
  9.2.4. Operating Business Segments
  9.2.5. Product Portfolio
  9.2.6. Business Performance
  9.2.7. Key Strategic Moves and Developments
9.3. Toray Industries, Inc.
  9.3.1. Company Overview
  9.3.2. Key Executives
  9.3.3. Company Snapshot
  9.3.4. Operating Business Segments
  9.3.5. Product Portfolio
  9.3.6. Business Performance
  9.3.7. Key Strategic Moves and Developments
9.4. Kawasaki Heavy Industries Ltd
  9.4.1. Company Overview
  9.4.2. Key Executives
  9.4.3. Company Snapshot
  9.4.4. Operating Business Segments
  9.4.5. Product Portfolio
  9.4.6. Business Performance
  9.4.7. Key Strategic Moves and Developments
9.5. TEIJIN LIMITED
  9.5.1. Company Overview
  9.5.2. Key Executives
  9.5.3. Company Snapshot
  9.5.4. Operating Business Segments
  9.5.5. Product Portfolio
  9.5.6. Business Performance
  9.5.7. Key Strategic Moves and Developments
9.6. Owens Corning
  9.6.1. Company Overview
  9.6.2. Key Executives
  9.6.3. Company Snapshot
  9.6.4. Operating Business Segments
  9.6.5. Product Portfolio
  9.6.6. Business Performance
  9.6.7. Key Strategic Moves and Developments
9.7. BASF SE
  9.7.1. Company Overview
  9.7.2. Key Executives
  9.7.3. Company Snapshot
  9.7.4. Operating Business Segments
  9.7.5. Product Portfolio
  9.7.6. Business Performance
  9.7.7. Key Strategic Moves and Developments
9.8. Mitsubishi Rayon Co., Ltd.
  9.8.1. Company Overview
  9.8.2. Key Executives
  9.8.3. Company Snapshot
  9.8.4. Operating Business Segments
  9.8.5. Product Portfolio
  9.8.6. Business Performance
  9.8.7. Key Strategic Moves and Developments
9.9. SGL Carbon
  9.9.1. Company Overview
  9.9.2. Key Executives
  9.9.3. Company Snapshot
  9.9.4. Operating Business Segments
  9.9.5. Product Portfolio
  9.9.6. Business Performance
  9.9.7. Key Strategic Moves and Developments
9.10. ZOLTEK Corporation
  9.10.1. Company Overview
  9.10.2. Key Executives
  9.10.3. Company Snapshot
  9.10.4. Operating Business Segments
  9.10.5. Product Portfolio
  9.10.6. Business Performance
  9.10.7. Key Strategic Moves and Developments


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