Road Marking Materials Market Emerging Trends, Highlights and Challenges Forecast 2023

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.

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.

Segmentation:

The Global Road Marking Materials Market is segmented based on 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 dominate 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.

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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Road Marking Materials Market 2019 Latest Global Insights on Trends and Challenges 2023

Overview:

The Global Road Marking Materials Market is anticipated to touch a value of USD 5,446.5 million by 2023, asserts Market Research Future (MRFR). The market can showcase 5.77% CAGR from 2018 to 2023 (forecast period) to reach this benchmark.

The market is expected to be assisted with increased spending on developing roads. Investments in road infrastructure development which can provide economic and social benefits to cities. Benefits of fostering goodwill between communities by building roads and promoting trade is likely to provide opportunities for the road marking materials market. This is exemplified with countries in Asia Pacific allotting high budgets for improving their roads in order to boost tourism.

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Construction of new roadway projects can fuel the demand rate in the Road Marking Materials Market till 2023. This is best exemplified by the construction of the ambitious One Belt, One Road (OBOR) initiative by China which will connect borders with multiple countries and encourage international trade.

But the utilization of solvent based marking paints which emit toxic fumes can pose a challenge to the market.

Segmentation Analysis:

The Road Marking Materials Market is segmented by Type and Application.

By Type, the thermoplastic paint markings segment accounted for 32.3% market share in 2017. The segment can expand to a value of USD 1,806.9 million by 2023. The explosive growth can be attributed to eco-friendly nature and superior durability of thermoplastic paint markings.

By Application, roads & streets accounted for 55.3% share in 2017 owing to the use of markings for displaying signs and warning lines to prevent collisions and accidents. The segment is predicted to exhibit 6.09% CAGR over the forecast period to touch a value of USD 3,085.8 million by 2023.

Regional Analysis:

Region-wise, the Road Marking Materials Market is segmented into Europe, North America, Asia Pacific (APAC), South America, and the Middle East & Africa (MEA).

Among them, APAC dominated the market in 2017 with more than 38% share. The segment can grow at 6.69% CAGR over the assessment period to reach a value of USD 3,085.8 million by 2023. This can be attributed to continuous development of roads and highways to support the economy.

Competitive Analysis:

Notable player names in the Road Marking Materials Market are 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).

Expansion strategies seem to be the primary focus of these players. Players already have an impressive product portfolio and can gain clients through their services. Enhancing their production capacity can assist these players in sustaining their position in the market. For instance, Swarco AG acquired a majority stake in Bergauer Holding in 2018. The latter specializes in traffic management and developing traffic control system.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact: Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com