PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408883
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408883
Hopper Car Market size was valued at USD 2,437.05 Million in 2023, expanding at a CAGR of 5.5% from 2024 to 2032.
The hopper car is a self-clearing enclosed freight vehicle for railroads that has a fixed roof, sides, and bottom spaces for unloading and loading through the roof. Covered hopper cars may transport dry bulk loads of everything from grain to manufactured goods like sand and clay.
The automotive sector has led to a twofold increase in demand for plastic polymers because of their numerous uses. Polystyrene (PS), Polycarbonate (PC), Polyethylene (PE), PVC, PP, and other polymerized materials are produced by polymerizing these plastic monomers into polymers and co-polymers by chemical reactions and catalysts. These materials are incredibly stable for molding and manufacturing, and they perform better in terms of properties than their monomers. High-performance automotive plastics have forced manufacturers to use them, which has advanced recycling methods. Therefore, it is anticipated that demand for hopper cars will rise, thereby increasing the availability of this type of polymerized plastic across international borders. The worldwide hopper car market is also growing as a result of rising demand for bulk cargo, which includes things like grain, fertilizer, and chemicals that need to be kept out of the weather.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. This is because hopper vehicles are becoming more and more popular in the US. About 85% of the regional market is contributed by the nation. The United States has a sophisticated rail network that uses cutting-edge freight carriers to ensure the items' quality and safety. Hopper automobiles were first used in the nation with the help of government programs. Besides, the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Growing nations like China and India have extensive rail networks that are vital to the transportation of commodities. Furthermore, during the projection period, it is anticipated that these nations' quickly growing chemical, agricultural, food, and beverage sectors would boost demand for hopper cars.
The major players operating the Hopper Car market are: American Rail Car Industries, PIOVAN S.p.A., Advanced Auxiliary Equipment, UK Plastics Machinery Limited, Maguire Products Inc., National Steel Car, Movacolor, The Greenbrier Companies, Novatec, FreightCar America, Vertex Railcar Corporation, SIMAR GmbH, Budzar IndustriesInc., TrinityRail and Summit Systems among others. These players adopted various types of strategies to acquire a major market share. The strategies include product launch, acquisition, collaboration, agreement, expansion and others.
In October 2022, Trinity Industries, Inc. announced that Trinity Rail Group, LLC, a subsidiary, and GATX Corporation ("GATX") have signed a new long-term railcar supply deal that requires the delivery of 15,000 freshly constructed freight and tank railcars spread out over six years. Every order year, GATX can place an extra 500 railcar orders. As per the deal, Trinity is required to provide 6,000 tank cars between 2024 and 2028, at a pace of 1,200 vehicles per year. From 2023 to 2028, 1,500 cars will be ordered annually at a pace of 1,500 cars every order year for the remaining 9,000 cars, which may be a combination of freight and tank cars. The delivery schedule will be decided upon.
The scope of this report covers the market by its major segments, which include as follows: