Road markings are critical for delineating traffic lanes and directing vehicles safely. They are also used to indicate pedestrian crossings, crosswalks, stop lines, and other important features on the road surface. In recent years, there has been a shift from traditional paints to more durable and longer-lasting products such as thermoplastic and two-component road marking paints.
There are a number of reasons why road markings are necessary. They help to keep drivers safe by providing guidance and information on the road, and they can also be used to improve traffic flow and reduce congestion. In addition, road markings can be used to raise awareness of potential hazards, such as pedestrian crossings or sharp bends in the road.
There are several advantages of the Market. It provides an efficient and convenient method of allocating scarce resources among competing uses. It encourages private production of goods and services that are demanded by consumers. Markets allow for the easy exchange of goods and services. They provide a way to set prices and resolve disputes between buyers and sellers. Markets can be used to measure the value of something, such as a company or a currency.
Road Marking Paint is a paint or coating used on roads. It is usually made of thermoplastic, water-based, or solvent-based material. Road Marking Paint is used to mark the edges of roads, sidewalks, crosswalks, and other areas. It is also used to mark the centerline of a road.
There are various types of Road Marking Paint available in the market. Thermoplastic Marking Paint is one of the most popular types of Road Marking Paint. Thermoplastic Marking Paint is made of thermoplastic material. This type of paint can be applied hot or cold. Water-based Marking Paint is another popular type of Road Marking Paint. Water-based Marking Paint is made of water-based materials such as acrylics, latexes, and urethanes. Solvent-based Marking Paint is also a popular type of Road Marking Paint. Solvent-based Marking Paint is made of solvent-based materials such as alkyd resins and oil-based resins. Two-Component Road Marking Paint is a new type of Road Marking Paint that uses two different components that must be mixed together before application.
Global Road Marking Paint Market was valued at USD 4.50 Billion in 2021 and is expected to reach USD 8.08 Billion by 2031, at a CAGR of 9.1% during the forecast period 2021-2031
There are various restraining factors of the road marking paint market which have been hindering the growth of the market. The volatile raw material prices and strict government regulations are some of the major restraining factors of the road marking paint market. Moreover, the high initial investment cost and lack of awareness about the product are other important factors restraining the growth of this market. However, the increasing demand will boost the market.
There are various key players in the Road Marking Paint Market. Some of them are as Sherwin-Williams Company, 3M Company, PPG Industries, Inc., Hutchinson ,SNC-Lavalin Group Inc., Concoa LP. Other Key Players include Apex Industrial Paints & Coatings, KCC Corporation, Asian Paints Limited, Jotun A/S, Nippon Paint Holdings Co., Ltd., Royal Dutch Shell plc and Robert Bosch GmbH.
The Thermoplastic road marking paints to form major portion of the market
Thermoplastic road marking paints are the most widely used type of road marking paint, due to their superior durability and performance. Thermoplastic road markings are made by melting pigments and binders into a hot liquid form, which is then applied onto the road surface. These markings are highly resistant to abrasion and can last for several years without requiring any maintenance.
The water-based Segment to be on top of the market
The water-based segment is expected to be the largest type segment of the road marking paint market during the forecast period. Water-based road marking paints are less expensive than other types of road marking paints and offer better performance in terms of durability, resistance to fading, and reflectivity.
Asia-Pacific to dominate the market
The Asia-Pacific region is projected to be the fastest growing market, followed by Europe and North America. In terms of value, Asia-Pacific is expected to account for the largest share of the global road marking paint market, followed by North America and Europe. The large share of the Asia-Pacific region can be attributed to the growing construction activities and expanding transportation infrastructure in countries such as China and India.
Covid-19 Impact & Market Status
The outbreak of the COVID-19 pandemic has resulted in a slowdown of the global economy, which has had a direct impact on the road marking paint market. The market is expected to be affected by the lockdown measures implemented by various governments across the globe to contain the spread of the pandemic. This has led to a decrease in construction activity, which is one of the major end-use applications of road marking paint.
Latest Innovations in the Global Road Marking Paint Market: A Snapshot
1. Sherwin-Williams has developed a new water-based road marking paint that is said to be more durable and longer lasting than traditional thermoplastic road markings. This product is currently being trialed in Europe and North America and is expected to be launched commercially by 2020.
2. PPG Industries has also developed a new water-based road marking paint that is designed to meet the requirements of European Union’s EN 1836 standard for Reflective roadway markings. This product is currently being trialed in Europe and North America and is expected to be launched commercially by 2020.
3. Avesta Goodfellow, Inc. has developed a new reflective Thermoplastic Polyolefin (TPO) material that can be used for road markings. This product is currently being trialed in Europe and North America and is expected to be launched commercially by 2020.
Road Marking Paint Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 8.08 Billion|
|Growth Rate||CAGR of 9.1% during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Sherwin-Williams Company, 3M Company, PPG Industries, Inc., Hutchinson ,SNC-Lavalin Group Inc., Concoa LP. Other Key Players include Apex Industrial Paints & Coatings, KCC Corporation, Asian Paints Limited, Jotun A/S, Nippon Paint Holdings Co., Ltd., Royal Dutch Shell plc and Robert Bosch GmbH.|
Key Segment of Global Road Marking Paint Market
By Type Overview 2021-2031, (USD Billion)
• Thermoplastic Marking Paint
• Waterbased Marking Paint
• Solvent Based Marking Paint
• Two-Component Road Marking Paint
By Application Overview 2021-2031, (USD Billion)
• Roads & Streets
• Parking Lot
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa