Global Train Coating Market is segmented By Product (Waterborne coatings, Solvent-borne Coatings, Powder coatings, High solid /radiation curing, Others), By Material (Acrylic, Polyester, Alkyd, Polyurethane, Epoxy, Others), By Application (Subway train, Normal-speed railway train, High-speed railway train), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Train Coating Market Overview
The Global Train Coating Market is expected to grow at a high CAGR of 4.0% during the forecasting period (2023-2030).
Train Coatings are coatings used in rail transport vehicles. With the advancements in metallic engineering, the demand for coatings is growing in the global high-speed train market. Scientists have discovered several new pathways for protecting metallic equipment, objects, and infrastructure. This trend is expected to propel the growth of the global high-speed rail coatings market. The unprecedented need for laying train lines that can withstand harsh weather conditions is driving the product demand in the market.
Train Coating Market Scope
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Metrics |
Details |
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Market CAGR |
4.0% |
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Segments Covered |
By Product, By Material, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
Asia Pacific |
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Train Coating Market Growth and Trends
Growing demand for mass transportation, the need for energy efficiency of the rail network across both developed as well as developing economies, and increasing investment in developing strong high-speed rail networks in countries such as India, China, Brazil, Mexico, and Europe will drive the market growth during the forecast period.
Increasing Acrylics Resins Demand dominates the market
Acrylic-based resins are thermoplastic resins produced by the polymerization of acrylate or methacrylate monomers. Increasing demand for acrylic-based coatings owing to their superior properties such as good weather resistance, excellent gloss, color retention, and UV resistance will drive the market growth during the forecast period. High surface hardness can be achieved with the application of these acrylic resins. Acrylic coatings are used in both interior and exterior surfaces of passenger wagons, hopper wagons, tank wagons, boxcars, and locomotives, amongst other rail parts. The growing requirement for durable and corrosion-resistive coatings in rail cars is expected to drive the market for acrylic-based coatings through the years to come.
Rapid train coating products consumption in the Asia Pacific
Rising construction activities and increasing investment in the development of transport infrastructure in emerging countries, such as China, India, Japan, and Southeast Asia, are expected to drive the market over the forecast period. Furthermore, the easy availability of raw materials, coupled with less stringent laws regarding VOC emissions as compared to the law in North America and Europe, has provided huge growth opportunities to the market. Furthermore, low labor costs in the emerging nations of Asia Pacific have attracted many foreign investors to set up their manufacturing facilities in the region.
COVID-19 Impact on Train Coating Market Growth
COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down production facilities to minimize the risk of virus spread. Furthermore, the lockdown policies have significantly affected the demand for chemicals & material products such as acrylic, polyester, alkyd, epoxy, and other products across the globe. Despite the pandemic, there is growth in the overall chemicals & material products and coating product, which is expected to drive the Train Coating's market size in the global market during the forecast period.
Train Coating Market Segment Analysis
Based on the material, the Train Coating market has been classified into acrylic, polyester, alkyd, polyurethane, and epoxy.
The acrylic segment accounted for the highest market share in the global market
In 2019, The acrylic segment led the market and accounted for the dominant revenue share of the global train coatings market. The piece is expected to witness high growth during the forecast period. This growth is attributed to the excellent stabilization and weathering properties of acrylic products. Acrylic resins are widely used in water-reducible and emulsion resins for the manufacturing of coats and varnishes. Its characteristics include thermoplastic nature, optical clarity, weather/UV resistance, and excellent dimensional stability.
Moreover, acrylic resins are used more in wet coats, which have higher VOC levels as compared to powder-based coatings. Currently, owing to the development of advanced technologies, the business has witnessed a massive shift from solvent-based to water-based or powdered coats. Implementation of stringent regulations globally and rising awareness about VOC contents are expected to be the major factors driving the demand for water-based products, which, in turn, is anticipated to drive the demand for acrylic resins.
Based on the product, the train coating market has been classified into waterborne coatings, solvent-borne coatings, powder coatings, high solids/radiation curing, and others.
The waterborne segment dominated the global Train Coating market in 2019
The waterborne segment led the market and accounted for the largest share of the global market in 2019. The increasing spending in the construction sector and consumer preference for eco-friendly products are expected to support the segment growth over the forecast period. Water-based paints and coatings are widely used in confined and poorly ventilated spaces. These coatings dry faster than solvent-based products due to the rapid evaporation of water from the coating layer.
Furthermore, the solvent-borne product segment is estimated to record a slower growth rate as compared to other products owing to the stringent regulations concerning high VOC content. However, the rising application of solvent-based products for industrial and architectural purposes, owing to their lesser drying times and better functionality in open & humid conditions, is expected to fuel the segment growth over the forecast period.
Train Coating Market Geographical Share
Based on geography, the study analyzes the Train Coating market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The Asia Pacific leads the global market throughout the forecast period
Asia Pacific dominates the global train coating market in terms of value and volume primarily due to the rail infrastructure development and easy accessibility of premium quality train coating products in countries such as India, China, Japan, and ASEAN countries. The Asia Pacific is estimated to grow quickly during the forecast period. Global companies are investing in the region to increase the export from the low-cost area, which is further expected to increase the train coating consumption in the domestic region during the forecast period.
Train Coating Market Companies and Competitive Landscape
The Train Coating market is highly competitive, owing to the presence of big coating brands. The key Train Coating market players include The Sherwin Williams Company, PPG Industries Inc., Akzo Noble N.V., Nippon Paint Holdings Co. Ltd., Axalta Coating Systems LLC, BASF SE, RPM International Inc., The Valspar Corporation, GLS Coatings Ltd., Fosroc, Henkel, Hollysys, Hempel A/S, Williams Hayward Protective Coatings Inc., Member Group S.A., Kansai Paint Co. Ltd., T & R Williamson, among others.
BASF SE
Overview:
BASF SE is a leading specialty chemical company. The Company operates in six business segments, including chemicals, plastics, performance products, functional solutions, agricultural solutions, and oil and gas. BASF offers products for energy & resources, furniture & wood, home care, and industrial & institutional cleaning solutions, nutrition, packaging & print, paints & coatings, personal care & hygiene, pharmaceuticals, plastics & rubber, pulp & paper, leather, footwear & textile, and provides a range of system solutions and services. It has more than 117,000 employees in nearly all sectors and almost every country globally. The company operates in Europe, North America, Asia Pacific, South America, Africa, and the Middle East.
Product Portfolio: The company's portfolio comprises coating products, furniture & wood, home care, and industrial & institutional cleaning solutions, nutrition, packaging & print, paints & coatings, personal care & hygiene, pharmaceuticals, plastics & rubber, pulp & paper, leather, footwear & textile, and provides a range of system solutions and other services.
Why Purchase the Report?
- Visualize the Train Coating market segmentation composition by product, material, application, and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the Train Coating market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of Train Coating market – level 4 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global Train Coating market report would provide access to approx. 69 market data tables, 63 figures, and 180 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
