Global Train Coating Market - 2020-2027
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 global high-speed rail coatings market. The unprecedented need for laying train lines that can withstand harsh weather condition is driving the product demand in the market.
The global train coating market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
Growing demand for mass transportation, need for energy efficiency of rail network across both developed as well as developing economies and increasing investment to develop 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 dominate the market
Acrylic-based resins are thermoplastic resins produced by the polymerization of acrylate or methacrylate monomers. Increasing demand for acrylics based coatings owing to its superior properties such as good weather resistance, excellent gloss, and 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 of durable and corrosion-resistive coatings in rail cars is expected to drive the market for acrylic-based coatings through the years to come.
Rapid trian coating products consumption in the Asia Pacific
Rising construction activities and increasing investment for 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. Furthemore, low labor costs in the emerging nations of Asia Pacific has attracted many foreign investors to set up their manufacturing facilities in the region.
COVID-19 Impact Analysis
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 the production facilities to minimize the risk of virus spread. Furthermore, the lockdown policies have significantly affected the demand for chemicals & material products such as arylic, polyster, 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.
Based on the material, the Train Coating market has been classified into acrylic, polyster, alkyd, polyurethane, epoxy, and others.
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 segment 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 huge 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.
Woterborne segment dominated the global Train Coating market in 2019
The waterborne segment led the market and accounted for the largest share of 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, 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 in 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.
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.
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 at a fast pace during the forecast period. The 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.
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., Mder Group S.A., Kansai Paint Co. Ltd., T & R Williamson, among others.
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 the 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 in the globally. The company operates in Europe, North America, Asia Pacific, South America, Africa, and 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.
The global Train Coating market report would provide access to an approx. 69 market data table, 63 figures and 270 pages.
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