Funnily enough I was wondering this morning why trains are so heavy - AFAIK most coaches are of steel construction throughout. If a significant proportion could be made from aluminium or composites, perhaps a coach could be brought from ~40 tonnes to ~30.
Obviously this would increase the production cost significantly, but if it's possible wouldn't it more than pay for itself over the lifetime of the vehicle in energy and track access?
I doubt that you could get modern vehicles' weight down to less than 70% of their present level soley with material changes yet retain the same safety and equipment capabilities. Compare the equipment carried on modern stock with that of pressure ventilated MKII designs which were the first in the UK to depart from the strong chassis/non-structural bodywork route. In modern stock, all coaches have air conditioning, retention toilets, power operated doors and better soundproofing.
Aluminium does not have the same volumetric strength as steel and composites are as you say more expensive, much more in the volumes required for rail rolling stock. The same arguments apply for road vehicles, particularly cars, where steel is still the main material of choice except on cars whose market can support much higher prices.
To reduce weight significantly, look at the steps that Siemens and Bombardier have taken with their new bogies. The new type fitted to the 700s and the type that will be fitted to the 345s have inside frames with smaller wheels with shorter wheelbases. This allows much reduction in weight by smaller sections. Motor bogies will have lighter permanent magnet motors and the traction electronics will get lighter as device technology progresses. Expect to see lighter air conditioning with many plastic components like heat exchangers and reservoirs with reduced coolant volumes.
With all this weight reduction going on, the seats will take their turn, with single piece mouldings in composites with thinner upholstery. Contrary to much of the criticism of thinner seats, lightweight designs will produce seats with better posture than the soggy designs that some people call 'comfortable'.