The railway fishplate market is set to reach a significant milestone, with projections estimating it will hit USD 5.89 billion by 2028, driven by a steady compound annual growth rate (CAGR) of 3.4%. This growth highlights the increasing demand for reliable rail infrastructure. Fishplates, which are crucial for connecting rails and ensuring the stability and safety of railway tracks, are becoming more essential as global transportation networks expand and modernize.
The demand for insulated rail joints is primarily driven by high-speed rail systems and advanced railway signaling technologies. These joints are widely used to detect trains within track circuits, reduce noise, enhance comfort, and perform effectively in various climatic conditions. To improve safety and prevent accidents, operators are focusing on the enhancement and maintenance of railroads and related components. Additionally, the growing number of passengers is boosting the need for reliable transportation solutions, with heavy rail being a preferred choice for long-distance travel.
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However, the market faces potential challenges, including low transverse resistance and vulnerability to chemical attacks, which could hinder growth. Additionally, the higher cost of advanced fishplates, particularly those used for heavy rail applications, may restrain market expansion in the near future.
Key Takeaways from the Railway Fishplate Market Report:
- North America and Europe are at the matured stage of railway fishplate market. This could be credited to growing popularity on the part of high speed rails, growing utilization of trams for the local transport, and higher prevalence of the high railway track network density in the US and Canada. The UK prefers railway as a feasible mode of transport. Several investments and efforts are being made by private companies and governments for improving connectivity across every corner of the UK. The Rail Industry Finance (UK) report states that overall rail expenditure in 2019-20 witnessed a 4% increase as compared to the previous year. On the other hand, the US freight rail network does continue to stay the largest and most cost-efficient system all across (140,000 route miles).
- The Asia-Pacific is expected to grow at a speedy pace in the railway fishplate market in the forecast period due to improvement in transportation infrastructure coupled with ascertaining high-end safety to consumers through the ongoing railway projects. India is known to be the 4th largest railway system around the world. The IBEF states that Indian Railways did have nearly 13,169 passenger trains with 8,479 freight trains in the year 2019-20. Plus, in 2021-22, The Railway Ministry did identify 56 projects in several railway zones to be completed within a short time-span.
Competitive Landscape:
- AGICO, since August 2018, started supplying 460 sets of fish bolts and railway fishplates to a railway project based out of Malaysia.
- Henry Williams has its fishplates produced by making use of forging process that does maximize the raw materials’ inherent strength by maintenance of grain flow through metal. Emergency clamped joggled fishplates do facilitate proper functioning of trains by catering to fractured or welded rail section on an emergency basis.
Leading Key Players:
The railway fishplate market is dominated by leading key players such as Koppers Holdings, Inc., L.B. Foster Company, and Unipart Rail Limited, who are known for their high-quality and durable products. Other significant contributors include Royal Infraconstru Limited, Taicang Zhongbo Railway Fastening Co. Ltd., and Henry Williams Limited, which are renowned for their innovative solutions. Companies like N. Mohanlal Railtrack Pvt. Ltd., Linzhou Changda Railway Materials Co. Ltd., and Anyang General International Co., Ltd. (AGICO) also play crucial roles in this market. Bhaskar Industrial Developments Ltd, Monteferro of America, Jekay International Track Pvt Ltd, Surya Alloy Industries Ltd., and Techma Engineering Enterprises Pvt. Ltd. further bolster the competitive landscape with their extensive product ranges and global reach.
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What does the Report fix?
- The research study is based on rail joint type (common rail joint, compromise rail joint, insulated rail joint, and joggled fish plate), and by rail type (heavy rail and light rail).
- With realization of the fact that railway fishplates make way for superlative thermal stability, insulation, and resistance against corrosion, the global railway fishplate market is likely to grow inadvertently in the near future.
Railway Fishplate Market Segmentation:
By Rail Joint Type:
- Common Rail Joint
- Compromise Rail Joint
- Insulated Rail Joint
- Joggled Fish Plate
By Rail Type:
- Heavy Rail
- Light Rail
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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