The global Railway Track Fittings market will grow at a 4.2% CAGR during the forecast period 2023 to 2033 to reach a valuation of about US$ 6.1 Billion by 2033, projects Future Market Insights.
The growing use of high-speed rail sleepers in developing countries is expected to drive the global railway track fittings market to new heights in the coming years. The increasing government spending on building rail infrastructure and rise in the number of people using the rails as a result of expanding railway track fittings market. It is anticipated that Europe will holds 27% of the worldwide market.
| Attributes | Details |
|---|---|
| Market Size 2022A | US$ 3.7 Billion |
| Market Size 2023E | US$ 4.1 Billion |
| Market Size 2033F | US$ 6.1 Billion |
| Value CAGR (2023 to 2033) | 4.2% |
In the globalization era, import and export between countries is rising day-by-day. This factor demands for infrastructure development. In order to meet the need for infrastructure, new railway lines must be built to connect the land corridors. New rail line installation is anticipated to create a positive flow of transportation. Developing and developed economies demand for the efficient and fast transportation facility to meet the trade requirements. Along with that, in metro cities, human transportation is a prominent challenge, which demands for metro and high speed railways. Henceforth, the rising infrastructure will likely to fetch the requirement of railway track fittings in the upward rally.
According to the FMI analysis, the Railway Track Fittings market reached over US$ 3.7 Billion in 2022 and is anticipated to register a CAGR of 4.2% during 2023 to 2033.
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From 2018 to 2022, the market for Railway track fittings expanded at a 3.1% CAGR and is anticipated to increase by 9.8% in 2023. This significant increase in YOY growth in 2023 is due to the increasing expansion and necessity of railway sector. The traffic congestion post COVID has raised the demand for developing infrastructure for public transportation, which has raised the demand for railway track fittings in recent years. In recent period technological development and rising awareness towards sustainable development has enhanced the demand for the railway track fittings, manufacturers are investing huge capital for meeting the regulations regarding development for the sleeper and track fittings material & their durability, and load capacity.
The United States ranks first among large economies in terms of railway track. The USA government is increasingly focusing on railway track maintenance & replace wooden sleepers with substitute material to minimize deforestation due to production of wooden sleepers.
The need of Railway track fittings in the global market is anticipated to grow by 1.4x from 2023 to 2033
The rail wheel has high friction and impact force on the track fitting, thus joint bar damage critically. Therefore, to remain in optimum condition it is necessary to ensure the regular maintenance of rail tracks and the installed fittings. Moreover, the damaged track fittings cause accidents and may injure or put the passengers’ life in jeopardy, which is an issue of major concern.
To ensure the safety of passengers, there is an upsurge in demand for rail track fittings and maintenance. Therefore, increasing accidents due to the failure of track fittings creates an opportunity for the supplier to provide after-sales services and excel the market positioning.
By releasing innovative & robust products that are specific to different railway tracks and offer a variety of operational advantages while also complying with current laws, market participants can maintain product differentiation and solidify their positions in the global Railway track fittings market.
The two most important factors for the valuation of the railroad track are the load capacity and lifetime. Modern composite materials are being introduced into railway tracks to reduce the need to replace railway sleepers on a regular basis. This presents a sizable potential for manufacturers that are actively looking to enter the global railway track fittings market over the forecast period.
Principal Consultant
Every railroad transport service provider concerns about railroad safety measures. These safety measures appeal for the periodic maintenance of the railroad tracks. On a regular basis, these rail tracks are inspected for the smooth operations of the railroad transportation. Due to this periodic maintenance, it is expected to swell the railway track fittings market demand.
The maintenance period in some countries like India, China, and Australia is around 7 to 15 days. In an emergency maintenance case, rail tracks are needed to be rebuilt within a specific period. In that emergency, joggled type fishplates are utilized on the cracked and fatigue rails to avoid the failure of rails. This factor is expected to drive the demand for track fittings for emergency maintenance scenario.
In the global context, increasing population and growing trade volume generate the requirement for efficient and cost-effective transportation system. Railroad transportation is one of the cost-effective and efficient transportation systems available all over the globe to cater transportation activities. To meet this global demand, every railroad service provider is expanding the operations by installing new railroad lines, which is expected to drive the demand for railway track fittings.
These are few of the prominent factors creating a huge demand for the Railway Track Fittings market during the forecast period 2023 to 2033. The market is estimated to reach a valuation of about US$ 6.1 Billion by 2033 and grow at a robust CAGR of about 4.2% during the forecast period 2023 to 2033.
As one of the market's prime consumer, the United States is anticipated to generate enormous demand for Railway Track Fittings between 2023 and 2033. Over the course of the forecast period, North America is anticipated to experience a solid CAGR of roughly 5.1%.
The majority of the demand in the United States is coming from development for railway tracks for the industrial applications. The USA has world’s largest railway tracks in the world, according to the USA department of transportation, with around 140,000 route miles, the USA freight rail network continue to remain the largest, safety and most cost-efficient freight sytem in the world. The freight rail industry stood around US$ 80 Bn in the USA, which makes it lucrative market for the Railway track fittings.
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The growing sales of mild steel track fittings in the railway are anticipated to support revenue sales in the Railway track fittings market. The mild steel track fittings material segment in the market is projected to grow at a CAGR of 4.6% from 2023 to 2033. This increase in demand can be attributed to factors such as climate conditions with track fittings material properties.
Rail tracks that are generally made of mild steel and expand in hot weather conditions as well as contract in cold weather conditions. Hot weather heat up the mild steel rail tracks and cold weather changes the shape of the mild steel track, the mild steel made track fittings bears the extreme weather conditions and do not changes shapes, which results in most preferable material for track fittings. Mild steel material segment is expected to account for around 44% of the total market value share.
Key players operating in the Railway Track Fittings market include AGICO Group, ArceloeMittal Europe, Warwood Tool, KVT-Fastening, Unit Rail, International Track Systems, Kingrail, Harsco Corporation, Erico, American Equipment Company, and Enerco.
To build a strong position in the Railway Track Fittings market, key market participants are expanding their market presence through crucial strategies such as system differentiation, new product development, and strategic alliances and partnerships with key stakeholders in the market.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.2% from 2023 to 2033 |
| Base Year for Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume in Units and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Fitting Types, Material Types |
| Regions Covered | North America; Latin America; East Asia; South Asia & Pacific; Western Europe; Eastern Europe; Central Asia; Russia & Belarus; Balkan & Baltic Countries; Middle East & Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Argentina, Germany, Italy, France, UK, Spain, BENELUX, Nordics, Poland, Hungary, Romania, Czech Republic, Russia, Belarus, China, Japan, South Korea, India, ASEAN, Australia and New Zealand, KSA, UAE, Türkiye, South Africa, Northern Africa, Israel |
| Key Companies Profiled | ArceloeMittal Europe; Warwood Tool; Unit Rail; KVT-Fastening; Kingrail; International Track Systems; Harsco Corporation; Erico; Enerco; American Equipment Company; AGICO Group |
| Customization & Pricing | Available upon Request |
In 2022, the value of the Railway Track Fittings market reached over US$ 3.7 Billion.
During the forecast period, the Railway Track Fittings market is estimated to expand at a CAGR of 4.2% during 2023 to 2033.
The Railway Track Fittings market are projected to reach US$ 6.1 Billion by the end of 2033.
United States is projected to lead Railway Track Fittings market in North America.
Key players operating in the Railway Track Fittings market include AGICO group, American Equipment Company, ArcelorMittal, Unit Rail, and King Rail.
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