Indian Rail Composites Market
Report code - SRTI131 | Published On : May,2018 | Status: Published | No. of Pages: 222

Indian Rail Composites Market by Rail Type (Rail Coaches, Locomotives, and Metro Rails), by Composite Type (Polyester Composites, Phenolic Composites, and Others), by Process Type (Resin Infusion, Open Mold, Filament Winding, and Others), by Application Type (Front-End Modules, Toilet Modules, Brake Blocks, Doors & Windows, Interior Panels, and Others), and by Region (North India, South India, East India, and West India), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023

This report, from Stratview Research, studies the Indian rail composites market over the trend period of 2012 to 2017 and forecast period of 2018 to 2023. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The Indian Rail Composites Market: Highlights

The Indian rail composites market is forecasted to grow at an impressive rate over the next five years to reach an estimated US$ 122.3 million in 2023. The Indian rail industry has undergone a remarkable transition over a period of time with regards to the adoption of composite materials in various applications. The rail industry is one of the largest consumers of composite materials in India and has efficaciously witnessed a continuous increase in the penetration of composites over the last ten years. The penetration of composites would not cede here and is likely to increase further with the development of new composite applications as well as to address changing customer demands with evolving trends, rapid transformations in technologies, and intense market competition. This will correspond to an attractive growth opportunity for both existing as well as new players.

However, the Indian rail industry currently lacks the presence of global composite part molders that have the capability to fabricate a large number of composite parts using advanced manufacturing processes. There is an immense requirement of such players that bring good composite technological capability in India and augment the overall composite capabilities for the Indian rail industry. Another restraint of the market is a relatively low awareness of the rail industry’s personnel about the benefits of composite materials over their rivals. 

The burgeoning growth of the Indian rail composites market is primarily driven by an organic growth of the Indian rail industry. The Indian Ministry of Railways has been increasing investments in order to expand the existing rail network to support the rising passenger traffic. The government is also raising the production capacities of rail coaches to run additional trains on existing rail networks or on new networks. For instance; Integral Coach Factory (ICF) Chennai is likely to manufacture approximately 15,000 rail coaches in the next five years. At the same time, the government is also inaugurating the new rail coach plants in order to meet the incessantly rising demand.

Similar efforts can also be recorded in the locomotive productions as well. Major Indian locomotive houses, such as Chittaranjan Locomotive Works, West Bengal, have registered an overall increase in the locomotive production over the past five years and are likely to maintain this momentum over the next five years as well.

Metro railcars are the new growth engines of the Indian rail industry. Highly congested tier-II cities of India demand a greater means of mass transportation that can efficiently resolve this challenge. Almost all the major cities have either ongoing or proposed plan for setting up metro rails. Expansion on existing metro rail projects in Delhi, Bengaluru, and Kolkata; and ongoing/upcoming metro rail projects in Nagpur, Kochi, Ahmedabad, Lucknow, Chennai, Hyderabad, and Navi Mumbai are some of the prominent examples of a long list, which are likely to create a huge demand for metro railcars in the foreseeable future. Composites are the perennial choice of materials for fabricating structural-to-semi-structural applications of metro railcars, such as front-end module and interior panels.

Additionally, the handsome growth of the Indian rail industry is catching the interest of many global players. Most of the major global players are targeting India as their new revenue pocket and are eagerly eyeing various upcoming rail projects in India. Some of them have already entered the Indian market by setting up their manufacturing plants in different parts of India. These players are not only targeting the huge potential of the growing Indian rail industry but also targeting export in neighboring countries. For instance; Bombardier and Alstom, the two global metro railcar giants, have set up their plants in India to capture the huge local potential as well as to target neighboring countries. A similar trend is also noticed in the locomotive market as well.

The second major factor driving the demand for composites is an incessant increase in its penetration. Composite materials are one of the most versatile materials that offer significant advantages as compared to their rivals including metals. Lightweight, high-strength-to-weight ratio and excellent corrosion and fatigue resistance are merely few benefits among many that composite materials bring to the table. There has been an incessant shift from traditional heavyweight parts to lightweight composite parts.

Thirdly, the Indian Ministry of Railways has a plan to retrofit around 40,000 old rail coaches in the next five-and-a-half-years. Composites not only offer excellent mechanical and chemical properties but also augment overall aesthetics of rail coaches. Composites may play a pivotal role in modernizing these large old fleets.  

The Indian rail composites market is segmented based on the rail type as Rail Coaches, Locomotives, and Metro Rails. The rail coaches segment currently dominates the market and is likely to maintain its growth momentum over the next five years as well, driven by increasing production of rail coaches, advancement in the rail coach design, upcoming rail coach factories in India, and increasing penetration of composites in structural to semi-structural applications. Metro railcars, another promising segment, is likely to grow at the highest rate in the market during the forecast period, driven by large ongoing and upcoming metro rail projects in different parts of India including Bengaluru, Hyderabad, Kochi, Lucknow, and Nagpur coupled with a greater composites penetration per railcar.

Based on the composite type, The Indian rail composites market is segmented into Polyester Composites, Phenolic Composites, and Others. Polyester composite is expected to remain the choice of composites in the market during the forecast period, driven by its low-cost advantage and good performance.  In India, all the major composite applications, such as front-end modules, toilet modules, and interior panels, are preferably fabricated with glass fibers impregnated with polyester resins. Phenolic composite is also likely to witness a healthy growth during the same period.

Based on the process type, the Indian rail composites market is segmented into Resin Infusion, Open Mold, Filament Winding, and Others. Resin infusion and open mold are likely to remain the most preferred manufacturing processes in the Indian rail composites market during the forecast period, driven by their low equipment cost, less complexity in operation, and part performance matching the current market requirements.

Based on the regions, the Indian rail composites market is further segmented into North India, South India, East India, and West India. South India and North India are the manufacturing capitals of the Indian rail industry with the presence of major rolling stock manufacturers. Both regions are likely to remain dominant over the next five years. West India currently generates an overall low demand for composite parts but is likely to grow maximum among all regions over the next five years.

The Indian rail composites market is fiercely competitive with the presence of few local players. The overall market is highly price-competitive not only among suppliers but also among competing materials. This gives an edge to the OEMs to easily switch from one player to another. It is anticipated that the excellent growth of the market may attract the global players to enter the Indian market to capture a larger chunk of the market in the coming years. Furthermore, it is also expected that the existing players may develop better technological capabilities in coming time to remain competitive in the long run.

The supply chain of this market comprises of raw material suppliers, composite part fabricators, rolling stock manufacturers, and the government. The major raw material suppliers are Owens Corning India, Goa Glass Fibre Ltd. Reichhold India Private Ltd., Satyen Polymers Pvt. Ltd., and Atul Pvt. Ltd., whereas the major composite part fabricators for the Indian rail industry are Arham Composites, Kineco Private Limited, Tech-Force Composites Pvt. Ltd., Permalli Wallace, and HCL India. The key rolling stock manufacturers are RCF Kapurthala, ICF Chennai, Chittaranjan Locomotive Works, Diesel Locomotive Works, Alstom Transport India Ltd., Bombardier Transportation India Private Ltd., and GE Transportation.

Research Methodology

Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 500 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. About 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts have been executed to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
  • Market trend and forecast analysis
  • Market segment trend and forecast
  • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors

The Indian Rail Composites Market is segmented into the following categories. 

Indian Rail Composites Market by Rail Type:

  • Rail Coaches (Regional Analysis: North India, South India, East India, and West India)
  • Locomotives (Regional Analysis: North India, South India, East India, and West India)
  • Metro Rails (Regional Analysis: North India, South India, East India, and West India)

Indian Rail Composites Market by Composite Type:

  • Polyester Composites (Regional Analysis: North India, South India, East India, and West India)
  • Phenolic Composites (Regional Analysis: North India, South India, East India, and West India)
  • Other Composites (Regional Analysis: North India, South India, East India, and West India)

Indian Rail Composites Market by Process Type:

  • Resin Infusion (Regional Analysis: North India, South India, East India, and West India)
  • Open Mold (Regional Analysis: North India, South India, East India, and West India)
  • Filament Winding (Regional Analysis: North India, South India, East India, and West India)
  • Others (Regional Analysis: North India, South India, East India, and West India)

Indian Rail Composites Market by Application Type:

  • Front-End Modules (Regional Analysis: North India, South India, East India, and West India)
  • Toilet Modules (Regional Analysis: North India, South India, East India, and West India)
  • Brake Blocks (Regional Analysis: North India, South India, East India, and West India)
  • Doors& Windows (Regional Analysis: North India, South India, East India, and West India)
  • Interior Panels (Regional Analysis: North India, South India, East India, and West India)
  • Others (Regional Analysis: North India, South India, East India, and West India)

Indian Rail Composites Market by Region: 

  • North India
  • South India
  • East India
  • West India

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to 3 players)
  • SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com. 


List of Figures

List of Tables

Disclaimer

Copyright

Abbreviation

Currency Exchange

About Us

Report Scope

Report Objectives

Research Methodology

Secondary Research

Key Information Gathered from Secondary Research

Primary Research

Key Information Gathered from Primary Research

Breakdown of Primary Interviews by Region, Designation, and Value Chain Node

Data Analysis and Triangulation

1.      Executive Summary

2.      Indian Rail Composites Market - Overview and Market Forces

2.1.               Introduction

2.2.               Market Classification

2.2.1.                       By Rail Type

2.2.2.                       By Material Type

2.2.3.                       By Process Type

2.2.4.                       By Application Type

2.2.5.                       By Region

2.3.               Market Drivers

2.4.               Market Constraints

2.5.               Supply Chain Analysis

2.6.               Industry Life Cycle Analysis

2.7.               PEST Analysis: Impact Assessment of Changing Business Environment

2.8.               Porter’s Five Force Model

2.8.1.                       Bargaining Power of Suppliers

2.8.2.                       Bargaining Power of Constraints

2.8.3.                       Threat of New Entrants

2.8.4.                       Threat of Substitutes

2.8.5.                       Competitive Rivalry

2.9.               SWOT Analysis

3.      Indian Rail Composites Market Analysis - By Rail Type

3.1.               Strategic Insights

3.2.               Indian Rail Coach Composites Market Trend and Forecast (US$ Million)

3.2.1.                       Regional Trend and Forecast (US$ Million)

3.3.               Indian Locomotive Composites Market Trend and Forecast (US$ Million)

3.3.1.                       Regional Trend and Forecast (US$ Million)

3.4.               Indian Metro Rail Composites Market Trend and Forecast

3.4.1.                       Regional Trend and Forecast (U$ Million)

4.      Indian Rail Composites Market Analysis - By Composite Type

4.1.               Strategic Insights

4.2.               Indian Rail Polyester Composites Market Trend and Forecast (US$ Million)

4.2.1.                       Regional Trend and Forecast (US$ Million)

4.3.               Indian Rail Phenolic Composites Market Trend and Forecast (US$ Million)

4.3.1.                       Regional Trend and Forecast (US$ Million)

4.4.               Indian Rail Other Composites Market Trend and Forecast (US$ Million)

4.4.1.                       Regional Trend and Forecast (US$ Million)

5.      Indian Rail Composites Market Analysis - By Process Type

5.1.               Strategic Insights

5.2.               Resin-Infused Indian Rail Composites Market Trend and Forecast (US$ Million)

5.2.1.                       Regional Trend and Forecast (US$ Million)

5.3.               Open-Molded Indian Rail Composites Market Trend and Forecast (US$ Million)

5.3.1.                       Regional Trend and Forecast (US$ Million)

5.4.               Filament-Wound Indian Rail Composites Market Trend and Forecast (US$ Million)

5.4.1.                       Regional Trend and Forecast (US$ Million)

5.5.               Other Process-based Indian Rail Composites Market Trend and Forecast (US$ Million)

5.5.1.                       Regional Trend and Forecast (US$ Million)

6.      Indian Rail Composites Market Analysis - By Application Type

6.1.               Strategic Insights

6.2.               Front-End Modules: Indian Rail Composites Market Trend and Forecast (US$ Million)

6.2.1.                       Regional Trend and Forecast (US$ Million)

6.3.               Toilet Modules: Indian Rail Composites Market Trend and Forecast (US$ Million)

6.3.1.                       Regional Trend and Forecast (US$ Million)

6.4.               Brake Blocks: Indian Rail Composites Market Trend and Forecast (US$ Million)

6.4.1.                       Regional Trend and Forecast (US$ Million)

6.5.               Doors & Windows: Indian Rail Composites Market Trend and Forecast (US$ Million)

6.5.1.                       Regional Trend and Forecast (US$ Million)

6.6.               Interior Panels: Indian Rail Composites Market Trend and Forecast (US$ Million)

6.6.1.                       Regional Trend and Forecast (US$ Million)

6.7.               Others: Indian Rail Composites Market Trend and Forecast (US$ Million)

6.7.1.                       Regional Trend and Forecast (US$ Million)

7.      Indian Rail Composites Market Analysis - By Region

7.1.               Strategic Insights

7.2.               Northern India Rail Composites Market Analysis

7.2.1.                       Northern India Rail Composites Market Trend and Forecast, by Rail Type (US$ Million)

7.2.2.                       Northern India Rail Composites Market Trend and Forecast, by Composite Type (US$ Million)

7.2.3.                       Northern India Rail Composites Market Trend and Forecast, by Process Type (US$ Million)

7.2.4.                       Northern India Rail Composites Market Trend and Forecast, by Application Type (US$ Million)

7.3.               Southern India Rail Composites Market Analysis

7.3.1.                       Southern India Rail Composites Market Trend and Forecast, by Rail Type (US$ Million)

7.3.2.                       Southern India Rail Composites Market Trend and Forecast, by Composite Type (US$ Million)

7.3.3.                       Southern India Rail Composites Market Trend and Forecast, by Process Type (US$ Million)

7.3.4.                       Southern India Rail Composites Market Trend and Forecast, by Application Type (US$ Million)

7.4.               Eastern India Rail Composites Market Analysis

7.4.1.                       Eastern India Rail Composites Market Trend and Forecast, by Rail Type (US$ Million)

7.4.2.                       Eastern India Rail Composites Market Trend and Forecast, by Composite Type (US$ Million)

7.4.3.                       Eastern India Rail Composites Market Trend and Forecast, by Process Type (US$ Million)

7.4.4.                       Eastern India Rail Composites Market Trend and Forecast, by Application Type (US$ Million)

7.5.               Western India Rail Composites Market Analysis

7.5.1.                       Western India Rail Composites Market Trend and Forecast, by Rail Type (US$ Million)

7.5.2.                       Western India Rail Composites Market Trend and Forecast, by Composite Type (US$ Million)

7.5.3.                       Western India Rail Composites Market Trend and Forecast, by Process Type (US$ Million)

7.5.4.                       Western India Rail Composites Market Trend and Forecast, by Application Type (US$ Million)

8.      Competitive Analysis

8.1.               Strategic Insights

8.2.               Presence by Rail Type

8.3.               Presence by Application Type

8.4.               Geographical Presence

8.5.               Strategic Alliances: Mergers and Acquisitions, Joint Ventures, Collaborations etc.

8.6.               Market Share Analysis

9.      Competitive Analysis

9.1.               Strategic Insights

9.2.               Market Attractiveness Analysis

9.2.1.                       Attractiveness Analysis by Rail Type

9.2.2.                       Attractiveness Analysis by Composite Type

9.2.3.                       Attractiveness Analysis by Process Type

9.2.4.                       Attractiveness Analysis by Application Type

9.2.5.                       Attractiveness Analysis by Region

9.3.               Growth Matrix Analysis

9.4.               Emerging Trends

9.5.               Key Success Factors

10. Company Profiles of Key Players

10.1.          AB Composites Private Limited

10.2.          Arham Composites

10.3.          Excel Composites

10.4.          Hindustan Composites Limited (HCL)

10.5.          Kineco Private Limited

10.6.          Mohan Rail Components Private Limited

10.7.          Tech-Force Composites Private Limited



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