Global Train Seat Materials Market to Raise at a CAGR of 5.6% over the Forecast Period
Posted: Apr 07, 2018
Train seats essentially comprise materials such as foam that is used for cushioning or padding and also seat covers that are made from leather, fabric or vinyl. With increasing inclination towards use of public transport such as railways, especially local passenger trains, train seat materials are gaining high traction since past few years. Development of light weight seats to reduce overall train weight to facilitate higher speeds has driven the demand for less weight materials for train seats. Usability of train seats is also expected to influence the global market for train seat materials. For instance, regular seats do not require high level cushioning, whereas recliner seats use seat materials that deliver high level of cushioning and hence comfort. Likewise, folding seats come with a minimum level of padding.
As per the analysis done by Persistence Market Research, the global market for train seat materials is expected to witness a steady growth during 2017-2024. The global market for train seat materials is estimated to reach a value of US$ 200 Mn by end of the period of assessment (2024), projected to expand at a value CAGR of 5.6% during the period of forecast, 2017-2024.
Rising urbanization has led to higher investments in the railway sector. Rising concerns for eco-friendly mode of transportation is expected to boost the production of rolling stocks in the years to follow. The increasing rate in production of rolling stocks is directly expected to influence the growth of the train seat materials market in a positive way. In addition, growing demand for high speed trains is also anticipated to trigger higher adoption of advanced train seat materials providing high cushioning quotient, which indirectly drives the global market for train seat materials. Moreover, with increasing developments in railway industry, such as emergence of high speed and hyper speed trains, is also expected to support the growth of the global market for train seat materials market in the coming years.
Growing Investments in Railway Sector to Fuel Global Market Growth
Increasing investments in the railway industry is anticipated to trigger higher production of rolling stocks. With increasing number of bogies, the demand for train seats is expected to rise, which in turn is anticipated to drive the growth of the global market. Moreover, rail transportation is considered to be a convenient option and a better transportation alternative. It is considered as a crucial aspect to drive economic development of a country, as trade majorly depends upon railways. Faster mobility along with efficient transportation delivered by railways has pushed manufacturers to invest in the development of rail transport across the globe. This has offered potential growth opportunities for train seats materials market with rising number of various types of trains.
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High Speed Trains to Boost the Growth of the Global Market
Demand for train seats material is expected to be prominently driven by increasing demand for high-speed trains across the globe over the forecast period. The high-speed rail industry is expected to expand exponentially due to the ability of high-speed trains to cover comparatively longer distances in relatively short period of time. This growth is more specifically expected to drive demand for foam materials as significant amount of cushioning is used per seat in high-speed trains to provide more comfort and luxury to customers. Additionally, the number of countries where high-speed trains are used is expected to approximately double in the near future. Asia and Europe are expected to witness higher demand for foam due to relatively higher investments on high-speed train rolling stocks over the forecast period. Some of the major upcoming high-speed projects include Lanxin High Speed Rail (China), Chuo ShinKansen Maglev Line (Japan) and Basque Y High Speed Rail (Spain).
Key Market Highlights
Regular seats are expected to witness higher sales in the coming years, with increasing use in local passenger trains. Also, recliner seats are poised to catch steam especially in high speed trains where higher cushioning is required
Leather as material is expected to witness higher adoption in manufacturing of train seats. Increasing demand for leather in high speed trains is expected to fuel its growth in adoption. Also rising regulations on vinyl is expected to reduce its use for train seats, making leather as a much preferred option
Europe and Asia Pacific (APAC) are expected to reflect higher attractiveness. European market for train seat materials is larger as compared to other regions, followed by APAC. However, APAC train seat materials market is projected to expand at a high value CAGR of 6.2% during the assessment period
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Key companies involved in the global train seat materials market are USSC Group, Inc., Rojac Urethane Limited, TransCal, Delimajaya Group, iFoam Ltd., FlexoFoam Pvt. Ltd., FENIX Group LLC, Rescroft Ltd., Kustom Seating Unlimited, Inc., FISA Srl, Compin-Fainsa, Franz Kiel GmbH, Freedman Seating Co., GRAMMER AG and Magna International, Inc.
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