A railroad tie is rectangular block of support used in the railways for rail tracks. Railroad ties are beneficial in transferring the load to the rail track ballast while holding the tracks intact. Composite railroad tie is an emerging product technology in the market that is largely dominated by wood and concrete materials. Composite Railroad Tie Market has proven to outperform traditional tie materials due to its properties such as resistant to several weather conditions and anti-corrosive. A composite railroad tie does not crumble or decompose over time. Composite railroad tie is also moisture-resistant and immune towards infestation by insects. Composite railroad tie is produced from recycled materials such as plastic and rubber, which makes it environment-friendly. Composite railroad tie manufacturers claim that product has a longer life as compared to its wood counterpart, and requires no trained personnel or special tools for installation.
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Composite Railroad Tie Market: Dynamics
The service life of wooden railroad ties is less as compared to composite railroad ties. Coupled with this, the railway networks are exposed to severe weather conditions which act as a vital factor causing the failure of wooden ties. Being virtually resistant to water, chemicals, and sunlight, composite railroad tie serves as a better alternative for the railway sector around the world. Composite railroad tie offers a better operating lifespan, low maintenance demand and better performance, making the composite railroad tie more desirable. Also, the potential public interest in composite railroad tie as a way of utilizing plastic waste is propelling the demand for the product. The production of wooden railroad ties causes deforestation, which poses a threat to the environment. Composite railroad tie is manufactured by recycling mainly plastic and automotive tires. At the end of its service life, the composite railroad tie is still recyclable. Railway networks have been the most trusted to transport goods on land, and this is expected to grow with an almost mid-single-digit growth rate throughout the forecast period. With new railway tracks planned and being laid down, and growing awareness coupled with the keen interest from public authorities, the global composite railroad tie market is anticipated to remain driven throughout the forecast period.
However, with the first composite railroad ties being laid down in 1960s, the composite railroad tie has gained market share, but still lags behind the wooden railroad tie segment. On the other hand, with newer players entering the composite railroad tie market and introducing patented products with modern technologies like RFID (to improve the product traceability), the composite railroad tie market is anticipated to expand in volume-value terms.
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Composite Railroad Tie Market: Regional Outlook
Regionally, countries in Europe have a much denser railway network in the world, and hence, the composite railroad tie market is expected to experience a significant growth in this region. With more number of major players based in North America, the North American composite railroad tie market is expected to grow at a healthy rate. Asia Pacific and China composite railroad tie markets are anticipated to grow at a faster rate due to the high population and developing rail tracks. With advanced railway technologies, Japan is expected to be one of the key countries in the composite railroad tie market.
Some of the market participants in the global composite railroad tie market identified across the value chain include AXION STRUCTURAL INNOVATIONS LLC, American TieTek LLC, Atlas Trading International LLC, Lankhorst Mouldings, Greenrail Group, eWood Solutions, Sicut Enterprises Limited, Bios Commercial Wood, IntegriCo Composites, and Leonhard Moll Betonwerke GmbH & Co KG.
The research report presents a comprehensive assessment of the market, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, rail track, and material type.
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Composite Railroad Tie Market Growing Demand to Impact Revenue Share during 2018-2028
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