Global High-speed Rail Coatings Market - Segmented by Resin, Technology, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global high-speed rail coatings market is estimated to register a moderate growth during the forecast period (2018 - 2023). Asia-Pacific is estimated to lead the market due to the ongoing growth in the transportation and infrastructure industry in the region. Water-based coatings are expected to be the fastest growing type by technology.
Growing Demand for Urban Rail Network across the Globe
Japan, Spain, and China are known for the world’s largest high-speed rail (HSR) systems. There is a surge in the demand for high-speed rail across the globe. With more than 52% of the world’s population living in urban areas, which is to reach around 66% by the year 2050, the demand for high level transportation system at cheaper rates is growing. Growing populations are driving the growth in the number of megacities. Recently, several HSR projects have been approved in Spain, Italy, Estonia, Switzerland, the Netherlands, Malaysia, China, and Canada’s Ontario. These factors are expected to increase the demand for high-speed rails, which in turn, are likely to increase the usage of high-speed rail coatings.
Water-based Technology - The Fastest Growing by Technology
The VOCs released from solvent-based coatings is the core reason for the switch of manufacturers to water-based coatings. The water-based coatings are increasingly replacing organic solvents. There are many regulations from several governments which supports water-based coatings. These are usually used in several applications, which includes transportation, building and construction, and industrial applications. Water-borne exhibits high mechanical strength and toughness, along with electrical and thermal properties. The absence of isocyanate, flammable constituents, costly ventilation systems makes water-based coatings as the first option.
Asia-Pacific to Lead among Regions
The urban railway network in Asia-Pacific has undergone high growth in the recent years. At the end of 2017, China’s urban rail trackage crossed 5,000 km. Chinese cities started 33 new lines totaling around 870 km in the year 2017, a 62.5% increase compared to 2016 with 534 km of new lines completed. China accounts for over 65% of world’s total HSR systems. Indian government announced a budget of USD 23.3 billion for Indian Railways for the year 2018-19, which is the highest in Indian Railway’s history and 13% more than the railway budget of 2017-18. With the upcoming high-speed rail (HSR) projects in Singapore, South Korea, Thailand, etc., the market for high-speed rail coatings in the region is to grow at a fast rate.
Notable Developments in the Market
July 2017: AkzoNobel offered special golden metallic coatings first for Chinese high-speed train model.
September 2016: Axalta’s powder coatings support Shanghai’s new metro line.
Major Key Players: AkzoNobel, AXALTA, Nippon Paints PPG, and The Sherwin Williams Company, amongst others.
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