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Railway Fishplate Market is Anticipated to Register CAGR of 3.0% by 2029
Posted: Jul 20, 2019
The global market for railway fishplate (US) or rail joint (UK), is anticipated to witness noteworthy growth in 2019, and reach a market value of around US$ 4,000 million, while registering a Y-o-Y growth rate of over 3%. Additionally, the global demand for railway fishplate is also expected to be influenced by the new rail lines installation across the globe. A new study by Future Market Insights (FMI) suggests that easy installation and cost effectiveness of railway fishplates than the conventional CRW method will remain the key growth influencers sustaining the revenues of railway fishplate market.
Increasing maintenance activities regarding passenger safety is estimated to be the key factor driving the growth of the global railway fishplate market during the forecast period. According to FMI’s analysis, high-speed rail is an emerging trend in rail transport, and creates the requirement of insulated rail joints, expected to witness significant growth in the coming years.
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On the basis of rail joint type, the insulated rail joints segment is foreseen to experience substantial growth. However, the common rail joints segment is anticipated to account for a dominating volume share in the global railway fishplate market. The insulated rail joints segment is expected to witness a growth of more than 4 percent during the forecast period, mostly driven by high speed rails and railway signalling systems. Based on the rail type, owing to increasing passenger and freight density, the heavy rails segment is expected to be a prominent segment in the railway fishplate market, accounting for more than 50% of the market share.
Developed Regional Markets Retain Lead, Rail Maintenance Projects Push Developing Markets
The railway fishplate markets in Europe and North America are expected to experience constant growth, since there are very less ongoing rail installation projects. Countries such as China, India, and Russia, are at the forefront in the railway industry, However, North America and Europe is expected to be prominent regions in terms of railway fishplate sales. Furthermore, China, along with India, is ascertained to witness substantial growth, owing to high railway network density and upcoming railway projects. In Latin America and the Middle East & Africa is expected to witness steady demand for railway fishplates.
In the recent past, the emerging economies of China and India have been growing at relatively higher rates as compared to other countries such as Brazil, Germany, and the US. This, in turn, is expected to create logistic requirements. Periodic maintenance of rail tracks is required, which is expected to surge the railway fishplate aftermarket. Importantly, in the coming years, the need for efficient and high-strength railway fishplates is expected to boost the demand for composite materials. These are some of the key factors fuelling the demand outlook for railway fishplate.
Key Vendor Insights – Railway Fishplate Market
Within the global railway fishplate market, players need to focus on changing requirement of demand side such as high strength and stiffness material and coping with trend of high speed rails. Railway fishplate market is expected to cater the majority of aftermarket front whereas OEM opportunity totally depends on the new upcoming railroad projects.
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The report covers strategic profiles of some of the key manufacturers involved in the railway fishplate market, including Koppers Holdings, Inc., L.B. foster company, Unipart Rail Limited, Royal Infraconstru Limited, Taicang Zhongbo Railway Fastening Co. Ltd., Henry Williams Limited, N. Mohanlal Railtrack Pvt. Ltd., Linzhou Changda Railway Materials Co. Ltd., Anyang General International Co., Ltd. (AGICO), Bhaskar Industrial Developments Ltd, Monteferro of America, Jekay International Track Pvt Ltd, Surya Alloy Industries Ltd., Techma Engineering Enterprises Pvt. Ltd., Taicang Zhongbo Railway Fastening Co., Ltd., and Suthang Industrial Corporation, among others.
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