Global Road Marking Materials Market Insights Forecasts to 2032
- The Global Road Marking Materials Market Size was valued at USD 6.42 Billion in 2022.
- The Market Size is Growing at a CAGR of 4.5% from 2022 to 2032
- The Worldwide Road Marking Materials Market Size is expected to reach USD 9.97 Billion by 2032
- North America is expected to grow the fastest during the forecast period
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The Global Road Marking Materials Market Size is expected to reach USD 9.97 Billion by 2032, at a CAGR of 4.5% during the forecast period 2022 to 2032.
On paved roads, road marking materials are utilized to direct and instruct cars and pedestrians. The consistent placement of the markers is critical in reducing confusion and improving road safety. Road marking materials are classified into four types: paints, thermoplastics, two-component resins, and prefabricated road markings, sometimes known as tapes. Paint is the most often used road marking medium worldwide. It's incredibly popular because it doesn't need to be heated, can be applied rapidly and in warm weather, and comes in solvent-borne and water-borne formulations. Water-based paints are probably the most affordable of all road marking solutions. They are more environmentally friendly, clear tracks faster, and are more straightforward to use. Furthermore, new innovations such as retro-reflectivity, marking lifespan, and cheap installation cost are being used to broaden the consumer base for road marking materials.
The major key players in the Global Road Marking Materials include Geveko Markings, Sherwin-Williams Company, SWARCO AG, Ennis-Flint, Inc., SealMaster, PPG Industries Inc., 3M, and Asian Paints Ltd. These leading market players are making investments heavily in R&D to increase the variety of their products, which will propel the road marking materials market forward. The market players additionally engage in an assortment of tactical endeavors to expand their global presence, including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies.
For instance, on May 2023, The Road Safety Markings Association (RSMA) and National Highways have signed a long-awaited Memorandum of Understanding (MoU) to allow for on-road testing of new road marking and stud products. The goal of this Memorandum is to create a platform for effective collaboration and understanding among the parties, as well as to create one or more sites to simplify the certification of road marking and road stud goods for the UK and the wider marking and stud business.
Global Road Marking Materials Market Report Coverage
|Market Size in 2022 :
|USD 6.42 Billion
|Forecast Period 2022-2032 CAGR:
|2032 Value Projection:
|USD 9.97 Billion
|Historical Data for:
|No. of Pages:
|Tables, Charts & Figures:
|By Product Type, By Application, By Region
|Geveko Markings, Sherwin-Williams Company, SWARCO AG, Ennis-Flint, Inc., Evonik Industries, Automack Technologies, SealMaster, PPG Industries Inc., 3M, Asian Paints Ltd, Roadmarking Industry Association of Australia, TATU Traffic Group, Hempel, Nippon Paint Holdings Co. Ltd., Helios TBLUS d.o.o
|Pitfalls & Challenges:
|COVID-19 Empact,Challenges, Future, Growth, & Analysis
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The key drivers for market expansion are rising spending on roadway safety and new transportation and other infrastructure projects in emerging nations, which serve as factors that drive market development. In addition, escalating road accidents worldwide as a result of poor road marking are driving the governmental association to embrace these products. According to the Association of Safe International Road Travel, around 1.30 million people die in road accidents each year, with an average of 3,5276 deaths each day worldwide. Safer roadways must be constructed to avoid accidents caused by the region's climatic conditions and lower visibility of road markings throughout the daytime and at night. Governments in several nations are currently taking steps to boost driving conditions and offer correct road markings in order to reduce the number of people killed on dangerous roads. During the projection period, this is likely to increase the application of road marking materials.
Additionally, increasing industrialization and higher capacities for manufacturing have increased the demand for highway marking materials. Further, increased government security requirements have boosted the use of it in roadways and airways, where airport marking will likely provide the potential for growth due to a rise in the implementation of paint-based and performance-based markings such as polyurethane coating and thermoplastic materials. Positive socioeconomic factors and demographic developments such as urbanization, rising population, financial freedom, and higher standards of living have boosted worldwide demand for the road marking materials market over the forecast period.
However, the traditional stance of road contractors is one of the primary limitations of the road marking materials industry. A number of road contractors choose basic and inexpensive products, while others require high-performance solutions at cheap and affordable costs. This contractor strategy reduces the profits of coating manufacturers, consequently contracting the road marking materials market. Furthermore, the extended lifespan of road marking materials has hampered market expansion due to an increase in expenses for upkeep. Technological advances like smart road marking systems, on the other hand, are expected to fuel the market.
By Product Type Insights
The paint based marking segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global road marking materials market is segmented into the cold plastics, paint based marking, water based paints, solvent based paints, thermoplastics coating, performance based marking, and others. Among these, the paint based marking segment is dominating the market with the largest revenue share of 46.3% over the forecast period. Because of its ubiquitous use on roadways, paint-based marking has seen significant expansion. Furthermore, the affordable price of paint is likely to propel this market throughout the forecast period. Epoxy paints used in paint-based marking have gained popularity in the past few decades because of their superior adhesive properties and low dirt pick-up ratio. In addition, because these paints promote energy conservation and sustainability, they are frequently used as building materials and infrastructure development.
By Application Insights
The road & highway marking segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of application, the global road marking materials market is segmented into road & highway marking, antiskid marking, parking lot marking, factory marking, airport marking, and others. Among these, the road & highway marking segment is dominating the market with the largest revenue share of 57.2% over the forecast period. These markings are expected to dominate the road marking materials market since they are used on the largest segment of the road markings industry, which are roads and highways. In addition, some of the primary reasons driving the market are the increasing demand for water-borne thermoplastic coatings for safeguarding retro-reflectivity markings on roadways and parking spaces/lots. Furthermore, the growing demand for water-proof coatings from a variety of application areas such as airports, malls, mall parking lots, retail centers, housing societies, and others is likely to boost road marking materials market expansion.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 48.7% market share over the forecast period. The primary element impacting expansion throughout the region is an increase in construction activity in both the public and private sectors. The development of the building sector, in conjunction with numerous government programs and subsidies that assist construction and infrastructure operations, will also drive regional growth. China is one of the world's largest countries, with an extensive network of highways and roads. According to China's Ministry of Transport, the overall length of public roads in the country is around 5.28 million kilometers. The highway system has been expanding at a steady rate. Furthermore, the Government of India intends to build 65,000 km of national highways by 2024 at an estimated expense of around USD 741.51 billion. As a result of such large-scale initiatives, the market for road marking materials in the Asia Pacific region is predicted to rise significantly over the forecast period.
North America, on the contrary, is expected to grow the fastest during the forecast period. Increased residential and commercial infrastructure activity is encouraging the use of traffic road marking coatings. Furthermore, the availability of a major coating and paint industrial base is projected to support regional growth. Stringent road safety regulations, as well as consumer awareness, will drive the expansion of the region's road marking materials market.
List of Key Market Players
- Geveko Markings
- Sherwin-Williams Company
- SWARCO AG
- Ennis-Flint, Inc.
- Evonik Industries
- Automack Technologies
- PPG Industries Inc.
- Asian Paints Ltd
- Roadmarking Industry Association of Australia
- TATU Traffic Group
- Nippon Paint Holdings Co. Ltd.
- Helios TBLUS d.o.o
Key Market Developments
- On October 2022, Ingevity Corporation announced the completion of its previously announced $325 million all-cash acquisition of privately held Ozark Materials. Ozark Materials is a well-known manufacturer of pavement marking materials such as thermoplastic pavement markings, waterborne traffic paints, and preformed thermoplastics. Ozark Logistics, which primarily provides transportation support for the materials industry, is included in the deal.
- On October 2021, Swarco, a traffic technology company, has acquired Hitex Group, a UK road marking company. The acquisition broadens the Austrian company's road marking systems business in the United Kingdom. Hitex's companies generate approximately €27 million in revenue and perform a variety of road safety-related tasks, including the manufacture of road marking materials and decorative surface products, contracting for road marking services, and manufacturing road marking vehicles and machinery.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Road Marking Materials Market based on the below-mentioned segments:
Road Marking Materials Market, Product Type Analysis
- Cold Plastics
- Paint Based Marking
- Water Based Paints
- Solvent Based Paints
- Thermoplastics Coating
- Performance Based Marking
Road Marking Materials Market, Application Analysis
- Road & Highway Marking
- Antiskid Marking
- Parking Lot Marking
- Factory Marking
- Airport Marking
Road Marking Materials Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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