The global road marking materials market is expected to exhibit a solid 5.77% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR). The MRFR report covers historical information about the global road marking materials market to provide forecasts as to the market’s likely movement in the coming years. Major drivers and restraints affecting the global road marking materials market as well as the major players operating in the market are profiled in the report to provide a comprehensive view of the market. The global road marking materials market is expected to reach a valuation of USD 5,466.5 million by 2023, rising from a 2017 valuation of USD 3,925.9 million.
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Road marking materials are used to paint on road signs such as lane marking, turn signals, and others. The visibility of road signs is a vital factor in preserving high safety rates in road traffic. As a result, the road marking materials market has grown to become crucial due to the growing roadbuilding efforts around the world. Governments around the world are taking increasing efforts to make their road network safer. This includes spending high amounts on road marking materials to ensure visibility and increase road safety standards.
Thermoplastic road marking materials are a new entry in the global road marking materials market and are likely to dominate the market in the coming years due to the growing demand for high performance from road marking materials. Thermoplastic road marking materials can be made in any color, and contain added glass beads to increase the reflectivity of the paint. This makes the road markings even more visible and thus safer. As a result, thermoplastic road marking materials are likely to remain a key development in the global road marking materials market over the forecast period.
Regional Analysis:
Asia Pacific is likely to be the major revenue generator in the global Road Marking Materials Market over the forecast period due to the high volume of roadbuilding activity going on in countries such as China, Malaysia, India, Thailand, and Indonesia. The high volume of unmet needs in the region and the growing government participation in roadbuilding and improvement initiatives are likely to be the major drivers for the road marking materials market in Asia Pacific over the forecast period.
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Segmentation:
The global road marking materials market is segmented on the basis of type, application, and region.
By type, the global road marking materials market is segmented into waterbased marking paints, solvent based marking paints, two-component road marking paint, thermoplastic marking paints, and others. The thermoplastic marking paint segment is likely to exhibit steady growth over the coming years due to the growing demand for technologically advanced road marking materials offering a higher level of security.
By application, the global road marking materials market is segmented into airports, parking lots, roads and streets, and others. The roads and streets segment dominates the global road marking materials market and is likely to remain the leading revenue generator over the forecast period. The airport segment of the road marking materials market is also likely to grow at a steady pace over the forecast period due to the increasing demand for airport construction and renovation around the world.
Competitive Analysis:
Leading players in the global road marking materials market include Helios Group, Zhejiang Brother Guidepost Paint Co. Ltd., TATU Traffic Group, Reda National Co., LANINO, SealMaster, Asian Paints Ltd., PPG Industries Inc., Geveko Markings, Hempel, Ennis Flint Inc., Nippon Paint Holdings Co. Ltd., Swarco AG, Sherwin-Williams, and 3M. Major players in the global road marking materials market are likely to focus on the development of more conspicuous and more visible road marking paints in the coming years. Product development is likely to remain a key competitive strategy in the global road marking materials market over the forecast period.
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Over summer 2019, Saanich in Canada implemented new thermoplastic road markings in three locations. This is likely to be a growing trend in North America, where the availability of product advancements in the road marking materials market is quite high.
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