Track Pans to Account for 65% Share of Railcar Spill Containment Market, Evaluates Fact.MR
Published : 05 Jul 2021 Industry: Industrial Goods
As per a revised report published by Fact.MR - a market research and competitive intelligence provider, the global railcar spill containment market is anticipated to exceed a valuation of US$ 22,510 ‘000 by 2021, and expand at an impressive CAGR of 5% over the forecast period of 2021 to 2031.
The market is in its growth phase, registering annual growth of 1.6% during 2016 - 2020. Fact.MR anticipates significant potential in the market, owing to factors such as growing oil & gas industries and rising demand for avoiding leakages.
To attract newer customers, market players have been involved in practicing unique market strategies, one of which includes custom made railcar track pans. From the past decade, manufacturers have bagged deal with customers promising customization of railcar track pans based on end use.
This lets clients avail length and breadth options, such as, they can choose whatever they want from a broacher list provided by companies, which also gives them the leverage of selecting mechanical designs.
Key Takeaways from Market Study
- Railcar track pans are expected to remain the most attractive and are likely to witness an absolute dollar opportunity of US$ 10,210 ‘000 during 2021 – 2031.
- Based on material, fiberglass composites are anticipated to be the most lucrative with growth of 5.7 CAGR.
- Based on material, demand for reinforced concrete-based railcar spill containment is expected to grow 1.5X during the projection period.
- Together, North America and Europe represented close to 60% of overall market share in 2020.
- The market in East Asia is expected to lose 87 BPS from 2021 to 2031, and emerge as a market valued at US$ 5,400 ‘000 Mn by 2031.
“Rising petrochemical and oil & gas industries hold significant opportunities for railcar spill containment suppliers, with preventing oil leakage being the utmost priority.” says a Fact.MR analyst.
The railcar spill containment market has been witnessing several acquisitions and mergers. Many new manufacturers have entered the business in addition to companies that are already working in this vertical. Spending on R&D is being done to launch new technologies into the market. Presence of numerous players makes the landscape quite fragmented.
- In 2020, the Century Group partnered with a chemical company in the U.S. for the installation of railcar track pans. These pans were installed in railroads for loading chemicals.
- In 2018, Eagle Manufacturing was acquired by Justrite Safety Group. This acquisition will lead the company’s strategy to better serve customers of industrial safety products, including rail car spill containment.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global railcar spill containment market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of product (railcar track pans, railcar track berms, and railcar containments mats), material (fibreglass composites, reinforced concrete, aluminium, stainless steel, galvanised steel, polyethylene, and poly vinyl chloride), and end use (power plants, oil and gas industries, petrochemical industries, and others industries), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Fact. MR’s Domain Knowledge in Industrial Goods Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact. MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the industrial goods domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Industrial Goods