Road Marking Materials Market is estimated to touch a valuation of USD 5.46 Billion by 2028, as per the latest report by MRFR, and expanding at 5.77% CAGR over the forecast period (2021-2030).
Road Marking Materials Market Overview
Road Marking Materials Market is estimated to touch a valuation at 5.77% CAGR over the forecast period (2021-2030).
The Road Marking Materials Market is mainly driven by road-building activities worldwide. The Road infrastructure has been an important part of global trade and the growing economy of a country. Respective governments are likely to drive the demand for road infrastructure over the coming years.
The growing economic clout of emerging powers such as India, Australia, China, Indonesia, Brazil, and Mexico has improved road infrastructure simultaneously with growing urbanization. Over the last few decades, the countries have been the front player in the growing demand for road infrastructure.
Increased investment in road infrastructure construction may support benefits in large commercial sectors of the country. Sufficient investment in the construction of road networks will bring economic and social benefits to communities.
The growth in Gross Domestic Products and the required investment in the road infrastructure is a well-planned strategy a country can plan with its increasing use in commercial and industrial establishments and construction activities.
The demand for road marking has been motivated by the growth of socio-economic and demographic dividend trends such as urbanization, increasing population, disposable incomes, and raising living standards on which the country's GDP depends.
MRFR projects that the pandemic would have a substantial effect on different factors in the supply chain of road marking products that are supposed to be expressed over time. The implementation of COVID-19 lockdowns across the globe has led to many delays in numerous building projects worldwide. Factors such as delays, lack of productivity, and cost consequences due to the pandemic are also projected in many parts of the world to discourage construction activities. In the building sector, however, relief steps are given for the middle market and major companies. Because of the effects of COVID-19, reverse migration and supply chain instability are some of the many implications that the building industry is likely to face, among others. The heavy & civil engineering construction business has resumed its operations amid all these reasons.
Growing global construction boom to drive market growth
Increased investment on the construction of roads is projected to benefit the sector. Investment in the construction of road networks that will bring economic and social benefits to communities. The benefits of fostering goodwill among communities through the construction of roads and the promotion of trade are likely to provide opportunities for the demand for road marking materials. Other factors that can stimulate demand growth are developments in road marking systems and the availability of laying facilities. In order to minimise the death risk of people caused by dangerous roads, the governments of different countries have taken measures to improve road conditions and provide adequate signs on the roads. The growth in GDP and its increasing use in commercial and industrial establishments, along with growing stress on the construction activity, has led to an increase in demand for road marking materials.
Globally, several government authorities are expected to increase spending on road restoration, repair, and renovation, thus driving the demand for road marking materials. In addition, growing investment on new roads and road projects across developing markets are some of the other factors that are projected to fuel target demand growth over the forecast period. In addition, technical advancements, such as smart road marking technologies, as well as accelerated industrialization, and the demand for road marking materials has been motivated by the growth of manufacturing capability. Positive socio-economic and demographic trends such as urbanisation, increasing population, disposable incomes, and raising living standards have been positive for the growth of the global demand for road marking materials..
Growing investment in R&D activities to Create Growth Avenues for Market Players
The increased prominence of road markings in the Lane Departure Warning System (LDWS) would open up positive opportunities for development. Many technology, such as active wire guidance, laser, magnetic sensors, and image recognition devices, are used as the basis for LDWS. For road marking products, automated mobility provides a possibility in the future. For commuters driving cars, well designed and well-maintained road markings provide direction. The untapped potential of emerging markets offers attractive prospects for expansion.
Stringent Regulations to Impede Market Growth
There are some constraints and obstacles facing the overall development of the industry that will impede it. A main factor expected to delay development during the projected era is the fluctuating cost of raw materials such as pigments, resins, and additives that are derived from crude oil. In addition, the key factor inhibiting demand growth is the cautious policy of road contractors. Related to different political concerns, strict regulatory policies on solvent-based road markers, dysfunctional oil and gas markets around the world are the possible constraints that hamper the overall development of the global demand for road marking materials.
In 2017, the thermoplastic paint markings segment had a 32.3 percent market share. By 2023, the segment could rise to a value of USD 1,806.9 million. The exponential development can be due to the eco-friendly nature of thermoplastic paint markings and exceptional longevity.
Due to the use of markers to display signage and warning lines to avoid crashes and injuries, highways & streets accounted for a 55.3 percent share in 2017. The variables that can be attributed to supplying road users with knowledge and directing traffic. These markers act as a psychological deterrent and reflect the delineation of the direction of traffic. The segment is expected to demonstrate 6.09 percent CAGR over the projected period to hit a value of USD 3,085.8 million by 2023.
Asia Pacific to grow at CAGRR's peak
During the forecast era, Asia Pacific is expected to be the fastest-growing market for road marking materials. During the forecast era, factors such as growing demand for safer roads and increasing investment in the civil construction sector would promote the use of road marking materials in the Asia Pacific region. In addition, increasing awareness about safety coupled with urbanisation across India and China is another factor slated to drive growth of the target market in this region over the forecast period. During the review period, these factors are expected to increase the demand for road marking materials in the Asia Pacific region.
Expansion Strategies to be the Primary Focus of Market Players
Players already have an impressive product portfolio and can gain clients through their services. Enhancing their production capacity can help these players sustain their position in the market.
October 2021- An Austrian transportation technology group Swarco announced the acquisition of a Cheshire road marking company named Hitex. Companies of the Hitex group continue to work for road safety. Swarco believes that with the acquisition of Hitex, the search would turn into a giant company assuring market opportunities and known as a highly reputed, good market penetrator company with a developmental vision.
January 2021: THI's long-term pan-European private equity firm company obtained a majority stake in road markings and constructing highway goods and services.
|Market Size||2030 : Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Asian Paints Ltd. (India), Reda National Co. (Saudi Arabia), PPG Industries Inc. (U.S.), TATU Traffic Group (China), Nippon Paint Holdings Co. Ltd. (Japan), Helios Group (Slovenia), SealMaster (U.S.), Geveko Markings (Sweden), LANINO (South Africa), Zhejiang Brother Guidepost Paint Co. Ltd. (China), Ennis Flint Inc. (U.S.), 3M (U.S.), Hempel (The Netherlands), Sherwin-Williams (U.S.), and Swarco AG (Austria).|
|Key Market Opportunities||The increased prominence of road markings in the Lane Departure Warning System (LDWS) .|
|Key Market Drivers||Rapid industrialization coupled with expansion in production capacity has fueled the demand for road marking materials.|
The global road marking materials market valuation can reach USD Significant million by 2030.
The global road marking materials market stood at USD 3,925.9 million in 2017.
The global road marking materials market can expand at 5.77% CAGR from 2021-2030.
The APAC region can command a massive demand share in the global road marking materials market due to various road development projects in the region.
Ennis Flint Inc., Nippon Paint Holdings Co. Ltd., Geveko Markings, Asian Paints Ltd., LANINO, TATU Traffic Group, Zhejiang Brother Guidepost Paint Co. Ltd., PPG Industries Inc., Reda National Co., Hempel, SealMaster, Sherwin-Williams, Helios Group, 3M, and Swarco AG are major players of the global road marking materials market.