Demand for this product will be propelled by increased municipal spending on road safety & maintenance activities across developing and developed world. Due to increased concerns pertaining to road accidents and improvements in road structures and maintenance, the market for this product is set to prosper in upcoming decade.
According to research, road marking paint market is projected to grow with a CAGR of 3.5% – 5.5% for the forecast period of 2021-2031.
What is Driving Demand for Road Marking Paints
Demand for road marking paint has been increasing due to its several beneficial properties such as being wear resistant, technically dominant, lustrous, as well as due to its reflective properties and affluence of application.
The markings give visible signs on streets, berms, motorways, curbs, driveways, sidewalks, parking areas, and airfields, and the product finds profound application in marking zebra crossings, speed breakers, dividers, landing marks, cross roads, highways, local roads, intersections on the roads, and much more.
The paint also finds use in helping to provide direction and give turning signs to drivers. Furthermore, the chemical plays a crucial role in traffic control.
New developments in marking paints are boosting the growth of this market. Researchers and scientists are coming up with innovations like organic-inorganic hybrid polymer latex for high durable traffic marking paint, reactive line markings that charge using solar light, etc. Such new developments in road marking paints are boosting the growth of this market.
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Increasing Road Safety Awareness to Drive Road Marking Paint Market
Lifestyle of population is becoming faster with busy schedules and limitations on travel time. This leads to stress and in turn a lot of road accidents due to lack of awareness by the driver of its surroundings.
To ensure that the driver has a direct view of safety signs and directions, road paint markings play a vital role. These marking indicate which part of the road to use, provides information about the conditions ahead, and indicates where passing is allowed.
It helps the driver in bad weather conditions and night as well due to its highly reflective property. The product comes in different colors to present different signals without any scope for misinterpretation.
Asia-Pacific Road Marking Paint Market Outlook
Asia Pacific region is anticipated to lead and dominate in the global road marking paint market with the largest market share. This shall be owing to the increase in construction activities and rapid development in countries like India and Japan.
Increase in investment in intelligent street marking systems to improve road safety is anticipated to open new opportunities for the market players. There has been an increasing demand for maintained roads in this region, which shall further raise the industry of this product.
North America & Europe Road Marking Paint Market Outlook
The market in North America is expected to expand at a steady pace during the forecast period. This is due to the increased road accident rates in the region that require urgent solutions and better marked road. This paint is applied on highways due to high visibility which makes it vital for road safety.
Also, this region is native to many key player companies like Sherwin Williams and Sealmaster which will continue to invest in this product and innovate new developments. European region is expected to witness a steady rise in the market of this product due to introduction of road safety practices like broadening of road markings and widening of roads.
Roads, highways, and bridges are constantly exposed to high impacts and extreme weather conditions. Thus, the traffic marking lines and sign labeling requires constant maintenance and reapplication of paint coats. This will in turn ensure growth of the market in forecast period.This will in turn ensure growth of the market in forecast period.
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Who are the Key Manufacturers and Suppliers of Road Marking Paint
Some of the key players operating in the global road marking paint market are
- Sherwin Williams (US)
- Swarco (Austria)
- Geveko Markings (Denmark)
- Ennis-Flint (US)
- Hempel (Denmark), Asian Paints PPG (India)
- Sealmaster (US)
- Berger Paints (India)
- Nippon Paint Holdings Co. (Japan)
- and BASF Coatings (Germany).
Many manufacturer companies working towards innovation, and producing paints with new properties like glow-in-the-dark road marking paint, are contributing to the robust growth in road marking paint demands. The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Type:
- Water Based
- Solvent Based
By Product Type:
- Two-Component
- One-component
By Application Coverage:
- Highways
- Urban Roads and Streets
- Parking Lots
- Airports
- Other
By Marking Application Technique:
- Trucks
- Self Propelled Machines
- Hand Guided Equipment
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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