A railway fishplate is a rail mechanical component used to link the ends of the rail tracks to retain their specific position vertically as well as horizontally. Fishplates are connected to the rail with the help of rail bolt and nuts. Generally, a fishplate has 4 to 6 holes in which it needs to mesh with the rail correctly. In the U.S., it is known as a rail joints, and in the U.K., it is known as a railway fishplate. Increasing maintenance activities regarding passenger safety is estimated to be the key factor driving the growth of the global railway fishplate market during the forecast period.
Railway Fishplate Market: Outlook
The global railway fishplate market is anticipated to witness noteworthy growth in 2019, and reach a market value of around US$ 4,000 million, while registering a Y-o-Y growth rate of nearly over 3%. Additionally, the global demand for railway fishplate is also expected to be influenced by the new rail lines installation across the globe. High speed rail is an emerging trend in rail transport, and creates the requirement of insulated rail joints, expected to witness significant growth in the coming years.
In the recent past, the emerging economies of China and India have been growing at relatively higher rates as compared to other countries such as Brazil, Germany, and the U.S. This, in turn, is expected to create logistic requirements. Periodic maintenance of rail tracks is required, which is expected to surge the railway fishplate aftermarket. Importantly, in the coming years, the need for efficient and high-strength railway fishplates is expected to boost the demand for composite materials. These are some of the key factors fuelling the demand outlook for railway fishplate.
- On the basis of rail joint type, the insulated rail joints segment is foreseen to experience substantial growth. However, the common rail joints segment is anticipated to account for a dominating volume share in the global railway fishplate market.
- The insulated rail joints segment is expected to witness a growth of more than 4 percent during the forecast period, mostly driven by high speed rails and railway signalling systems.
- On the basis of rail type, owing to increasing passenger and freight density, the heavy rails segment is expected to be a prominent segment in the railway fishplate market, accounting for more than 50% of the market share.
The railway fishplate markets in Europe and North America are expected to experience constant growth, since there are very less ongoing rail installation projects. Countries such as China, India, and Russia, are at the forefront in the railway industry, However, North America and Europe is expected to be prominent regions in terms of railway fishplate sales. Furthermore, China, along with India, is ascertained to witness substantial growth, owing to high railway network density and upcoming railway projects. Lastly, in Latin America and the Middle East & Africa is expected to witness steady demand for railway fishplates.
Railway Fishplate Market: Key Participants
Some of the key manufacturers involved in the railway fishplate market are Koppers Holdings, Inc., L.B. foster company, Unipart Rail Limited, Royal Infraconstru Limited, Taicang Zhongbo Railway Fastening Co. Ltd., Henry Williams Limited, N. Mohanlal Railtrack Pvt. Ltd., Linzhou Changda Railway Materials Co. Ltd., Anyang General International Co., Ltd. (AGICO), Bhaskar Industrial Developments Ltd, Monteferro of America, Jekay International Track Pvt Ltd, Surya Alloy Industries Ltd., Techma Engineering Enterprises Pvt. Ltd., Taicang Zhongbo Railway Fastening Co., Ltd., Suthang Industrial Corporation, and others.
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Long-Term Outlook: In terms of market value, the global railway fishplate market is foreseen to increase at a moderate CAGR of more than 3%, and is set to cater opportunities for all the stakeholders in the railway fishplate market during the forecast period.