The global hopper car market size was worth around USD 2.1 Billion in 2022 and is further expected to grow to around USD 3.3 Billion by 2030 with a compound annual growth rate (CAGR) of approximately 5.25 percent over the forecast period.
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➤ The market is expected to experience growth due to the increased demand for plastic polymers, fertilizers, and chemicals in transportation.
The automobile industry’s numerous applications have resulted in a twofold increase in the demand for plastic polymers. Chemical reactions and catalysts are employed to polymerize these plastic constituents into polymers and co-polymers, which are then converted into Polystyrene (PS), Polycarbonate (PC), Polyethylene (PE), PVC, PP, and other polymerized materials. These materials are exceedingly stable for molding and production, and they outperform their monomers in terms of characteristics.
➤ The market growth may be impeded by the availability of alternative cost-effective modes of transportation.
Other modes of transportation, such as road and sea, provide superior alternatives for the transportation of goods within the country or internationally. Additionally, the cost of freight transfer via sea is relatively low, and ships can convey a substantial volume of cargo at a reduced cost. Many product manufacturers opt to transport their commodities via the sea route for these reasons. The road remains the primary mode of transportation, with a roughly 45 percent share of the overall freight transport market, according to the statistics.
➤ The demand for hopper cars is expected to increase due to the surplus in car dimensions, which will result in an increase in the demand for new hoppers.
The grain car fleet is slightly overstocked, and ethanol manufacturers are sending fewer distillers of dried grains, as the slow construction market has reduced the demand for small-cube hoppers that are used to transport cement and other building materials, as well as grain shipments by railways (DDG). The deployment of large covered hoppers was lower than anticipated due to a slight decline in the ethanol industry.
➤ The primary obstacles facing the market are the restrictions on cargo weight and safety regulations.
Railroads encounter over a thousand overweight and unevenly laden hopper cars annually, which result in operational complications for both shippers and railroads. Consequently, it is imperative to guarantee that the load does not surpass the utmost load capacity. A wheel assembly breakdown may result from a hopper car that is transporting an excess of weight.
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The Global Hopper Car Market is segmented based on product, application and region
Global Hopper Car Market: Product Segment Analysis
● Covered Hopper Cars
● Open Hopper Cars
Global Hopper Car Market: Application Segment Analysis
● Automotive
● Chemical Products
● Energy & Coal
● Steel & Mining
● Food & Agriculture
The global Hopper Car market profiles key players such as:
● Novatec
● PIOVAN S.p.A.
● Summit Systems
● UK Plastics Machinery Limited
● Maguire Products Inc.
● National Steel Car
● TrinityRail
● The Greenbrier Companies
● American Rail Car Industries
● FreightCar America
● Vertex Railcar Corporation
● ARI Fleet Management. Jenco Controls & Export Limited
● SIMAR GmbH
● Budzar IndustriesInc.
● Movacolor
???? Recent Developments
• 2,000 next-generation hopper vehicles for mineral fertilizers were ordered by EuroChem from United Wagon Company (UWC) in July 2021. The two organizations’ long-standing collaboration is underscored and enhanced by this new agreement, which encompasses maintenance services.
• Togliattiazot, a Russian chemical concern, and UWC executed an agreement in March 2020 to supply 200 hopper cars for the transportation of mineral fertilizers. This is the organization’s inaugural procurement of a new generation of automobiles.
➤ In order to preserve its dominant position in the global market, North America
The global hopper car market is primarily dominated by North America. This is a result of the growing popularity of hopper carriages in the United States. The regional market is dominated by the country, which accounts for nearly 85% of the market share. The United States’ rail network is highly developed and utilizes sophisticated cargo carriers to ensure the safety and quality of the products. Additionally, the early adoption of hopper vehicles in the country was facilitated by the support of government initiatives.
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