Railway Track Fixture Market

The global railway track fixture market is forecasted to experience continued growth from 2022 to 2030, with an anticipated CAGR of +2.0% in volume terms and +2.7% in value terms. Key players such as the United States, China, and India are driving consumption, accounting for a significant portion of the global market. The article provides detailed insights into consumption trends, production volumes, import and export statistics, as well as average prices for railway track fixtures across various countries.

Market Forecast

Driven by increasing demand for railway or tramway track fixtures and fittings worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 1.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $30.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Railway Or Tramway Track Fixtures And Fittings

Global railway track fixture consumption stood at 1.7M tons in 2022, stabilizing at 2021. The total consumption volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 1.9M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global railway track fixture market revenue stood at $24.7B in 2022, remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a slight reduction. As a result, consumption attained the peak level of $34.1B. From 2019 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (475K tons), China (450K tons) and India (183K tons), with a combined 67% share of global consumption. Russia, Japan, Turkey and Spain lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +54.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($11.8B) led the market, alone. The second position in the ranking was held by the United States ($4.3B). It was followed by China.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan amounted to -4.0%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (-0.7% per year) and China (+6.2% per year).

The countries with the highest levels of railway track fixture per capita consumption in 2022 were the United States (1,417 kg per 1000 persons), Spain (964 kg per 1000 persons) and Turkey (775 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +51.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Railway Or Tramway Track Fixtures And Fittings

In 2022, the amount of railway or tramway track fixtures and fittings produced worldwide stood at 1.7M tons, remaining constant against 2021. The total output volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 28% against the previous year. Over the period under review, global production reached the maximum volume at 1.9M tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, railway track fixture production shrank slightly to $23.6B in 2022 estimated in export price. Overall, production, however, recorded a perceptible setback. The pace of growth appeared the most rapid in 2018 with an increase of 44%. As a result, production attained the peak level of $34.5B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (484K tons), the United States (474K tons) and India (184K tons), together accounting for 69% of global production. Russia, Turkey, Japan and Spain lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +53.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Railway Or Tramway Track Fixtures And Fittings

In 2022, supplies from abroad of railway or tramway track fixtures and fittings increased by 8% to 96K tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 13%. Over the period under review, global imports attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, railway track fixture imports surged to $1.1B in 2022. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Spain (17K tons), distantly followed by the United States (5K tons), New Zealand (4.5K tons) and Germany (4.5K tons) were the largest importers of railway or tramway track fixtures and fittings, together comprising 33% of total imports. Switzerland (3.2K tons), France (3K tons), Canada (3K tons), the UK (3K tons), Uzbekistan (2.7K tons), India (2.7K tons), Taiwan (Chinese) (2.5K tons), Singapore (2.5K tons) and Azerbaijan (2K tons) followed a long way behind the leaders.

Spain was also the fastest-growing in terms of the railway or tramway track fixtures and fittings imports, with a CAGR of +39.8% from 2012 to 2022. At the same time, New Zealand (+38.1%), Singapore (+27.5%), India (+21.5%), the United States (+19.4%), Azerbaijan (+10.2%), Uzbekistan (+6.7%), France (+6.3%), Canada (+5.6%) and Germany (+2.4%) displayed positive paces of growth. Taiwan (Chinese) and Switzerland experienced a relatively flat trend pattern. By contrast, the UK (-3.0%) illustrated a downward trend over the same period. While the share of Spain (+17 p.p.), New Zealand (+4.4 p.p.), the United States (+4 p.p.), Uzbekistan (+2.9 p.p.), Singapore (+2.3 p.p.) and India (+2.2 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the UK (-2.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Spain ($205M) constitutes the largest market for imported railway or tramway track fixtures and fittings worldwide, comprising 19% of global imports. The second position in the ranking was held by Canada ($46M), with a 4.3% share of global imports. It was followed by the United States, with a 4.1% share.

In Spain, railway track fixture imports increased at an average annual rate of +32.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Canada (+4.9% per year) and the United States (+5.3% per year).

Import Prices By Country

The average railway track fixture import price stood at $10,987 per ton in 2022, with an increase of 13% against the previous year. Over the period under review, the import price, however, showed a slight reduction. Global import price peaked at $13,594 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($15,091 per ton), while Uzbekistan ($2,764 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+3.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Railway Or Tramway Track Fixtures And Fittings

In 2022, global railway track fixture exports rose to 104K tons, growing by 3.4% compared with the year before. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 11%. The global exports peaked at 117K tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, railway track fixture exports fell to $954M in 2022. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 26%. The global exports peaked at $1.1B in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

China represented the major exporting country with an export of around 35K tons, which amounted to 33% of total exports. Russia (13K tons) ranks second in terms of the total exports with a 13% share, followed by Spain (7.9%), Austria (6.9%) and the UK (5.2%). Germany (3.9K tons), the United States (3.8K tons), India (3.5K tons), Turkey (3.4K tons), Italy (2.4K tons), Serbia (1.9K tons) and France (1.9K tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, Turkey (+28.1%), India (+20.2%), Spain (+12.0%), Serbia (+11.1%), the United States (+4.2%) and France (+3.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +28.1% from 2012-2022. Italy, Austria and Germany experienced a relatively flat trend pattern. By contrast, the UK (-4.7%) and Russia (-5.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Spain, Turkey and India increased by +12, +5.6, +3.1 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest railway track fixture supplying countries worldwide were China ($160M), Germany ($88M) and the United States ($84M), with a combined 35% share of global exports. Spain, Austria, the UK, France, Italy, Russia, Turkey, India and Serbia lagged somewhat behind, together accounting for a further 36%.

In terms of the main exporting countries, Turkey, with a CAGR of +25.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average railway track fixture export price amounted to $9,201 per ton, waning by -8.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2014 when the average export price increased by 18% against the previous year. Over the period under review, the average export prices hit record highs at $10,051 per ton in 2021, and then declined in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($26,184 per ton), while Russia ($2,543 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+1.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform