Traffic Road Marking Coating Market Share, Size, Trends, Industry Analysis Report, By Product (Paints, Preformed Polymer Tapes, Thermoplastics, Epoxy, Field-Reacted System, Permanent Markers); By Type; By Type of Marking; By Application; By End Use; By Region, And Segment Forecasts, 2023-2032
- Published Date:Jun-2023
- Pages: 119
- Format: PDF
- Report ID: PM1041
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global traffic road marking coating market was valued at USD 5.85 billion in 2022 and is expected to grow at a CAGR of 7.3% during the forecast period. Road marking coatings are crucial for providing official information on a road's surface, as they assist in facilitating traffic flow and directing drivers. These markings can take various forms, such as patterns, lines, devices, or words, applied to the carriageway, curb, or objects within and adjacent to it to inform, guide, control, and warn road users. Cold plastic compounds can also be used for outdoor applications like bus stops, bicycle lanes, walkways, parking lots, and restricted areas, offering visually appealing decorative images with different color combinations.
To Understand More About this Research: Request a Free Sample Report
Thermoplastic coating, or hot melt marking, has become increasingly popular due to its durability and retro-reflectivity. The global market for road marking coatings is expected to be driven by increased spending on infrastructure development, including new highways and repair and maintenance operations. The industry is associated with new road construction and existing maintenance businesses, which drive demand for repainting.
Investments in intelligent street marking systems and machines have increased in the market. These systems and devices can record important information, such as driver speed, driving conditions, and temperature, which is then communicated to the vehicle's sensor system. Travel lanes, loading zones, and parking spaces are commonly marked using paint. However, thermoplastic coating, also called hot melt marking, is becoming increasingly popular due to its desirable properties, such as durability and retro-reflectivity.
The Performed polymer tape is commonly used to mark crosswalks, stop bars, and traffic lanes. Epoxy, an economical and reliable solution comprising a catalyst and pigmented resin base, is preferred over plastic materials for its affordability and dependability. Manufacturers are developing temperature-sensitive paints that withstand severe environmental conditions like heavy rain and snowfall.
The Traffic Road Marking Coating market is anticipated to experience growth due to an increased demand for markings in public and private parking spaces. Regulatory bodies worldwide are actively developing guidelines to enhance road safety. While established regulatory frameworks for road safety exist in regions like North America and Europe, emerging economies are working towards improving their frameworks to ensure the safety and maintenance of their roads.
Although the initial months of the COVID-19 pandemic brought about significant supply chain instability, reduced traffic led to increased road maintenance and building projects. The crisis also presented an opportunity to assess runway construction schedules. For instance, in May 2020, Auckland Airport announced its plans to take advantage of traffic restrictions during the pandemic to expedite its runway pavement replacement project.
For Specific Research Requirements, Request for a Customized Report
Industry Dynamics
Growth Drivers
The Traffic Road Marking Coating market for traffic safety products like road markings is expected to witness a surge in demand and adoption due to the growing awareness about road safety. Governments and organizations implement measures to ensure road safety, including signaling, signboards, mandating traffic rules, organizing awareness camps, and conveying important messages. Among these, signboards are the most commonly used method to prevent road accidents and mishaps. As roads are the primary transportation medium, users, including pedestrians, cyclists, and motor vehicle drivers, are vulnerable to accidents. It has led to a significant increase in demand for traffic road marking coatings, including safe crossing points, footpaths, rumble strips, cycling lanes, and other traffic calming measures.
The rising number of accidents worldwide has propelled the need for increased awareness. According to the World Health Organization, approximately 1.35 million people die in road traffic crashes annually, with over half of these accidents involving vulnerable road users such as pedestrians and cyclists. The market is also influenced and driven by stringent regulations governing driving, following traffic rules, and promoting safe driving practices.
Ensuring safe driving practices requires the implementation of safe and durable road structures. Increasing government investments in improving road quality, focusing on vulnerable road users and other important factors, is expected to drive market growth. Additionally, initiatives aimed at improving road connectivity between urban and remote areas are anticipated to impact market growth positively.
Moreover, rising construction activities worldwide have increased the demand for efficient and effective solutions for roofing and paving. Among these, using thermoplastic coatings is a highly cost-effective option for consumers.
Report Segmentation
The market is primarily segmented based on product, type, type of marking, application, end use, and region.
|
By Product |
By Type |
By Type of Marking |
By Application |
By End Use |
By Region |
|
|
|
|
|
|
For Specific Research Requirements: Request for Customized Report
The Thermoplastic Segment is Expected to Witness the Fastest Growth During Forecast Period
Thermoplastic segment is anticipated to be the fastest-growing product category during forecast period. These paints come in various hues, each representing a different use, such as best reflectors, areas frequently used by a large forklift truck, or temporary markings. The Borealis Student Innovation Award was given to SWARCO Road Marking Systems in December 2020 for their work with students to investigate the viability of incorporating natural polymers in thermoplastic street markings.
Rumble strips are made by painting thermoplastic marks in a thick, built-up layer. Fast-setting and firmly adhering to the surface, this coating sets up. Additional additives can help the material maintain its color over time. Their resistance-wearing capabilities are high.
The Road Marking Lines Segment Witnessed the Largest Growth in 2022
Road marking lines witnessed the largest growth in 2022. In the upcoming years, it is anticipated that demand for route marking lines will increase due to the growing use of these lines to guide moving vehicles. The marker marks the separation of the driving lane from potential dangers and the need for lateral space. Moreover, it can inform, direct, and caution drivers.
Europe is Expected to Witness Significant Growth During Forecast Period
Europe is anticipated to witness significant growth during the forecast period. Rising tourism activities are urgently needed to improve infrastructure and public transportation. Road accidents are becoming more likely due to the rise in passenger vehicles. The need for road safety measures has increased as a result of this.
North America exhibits substantial growth during the upcoming years due to expansion of residential and commercial infrastructure projects that are encouraging the use of traffic road marking paints. Moreover, a paint manufacturing and sizable coatings base is anticipated for regional growth. The market will develop due to strict road safety regulations and customer awareness.
Competitive Insight
Some of the Major players operating in the global market include The Sherwin-Williams Company, AutoMark Technologies (India) Pvt. Ltd., Ennis Flint, Inc., Geveko Markings, Dow Inc, Crown Techno, Swarco, and 3M Company.
Recent Developments
- In March 2021, Nippon Paint Holdings Co., Ltd. and Toyota Motor Corporation teamed up to create ornamental solar module films that increase design flexibility and give the surface of solar modules colour. This change aided the business in growing its clientele and earnings.
- In February 2021, Dow introduced its DURATRACKTM 2K Technology, designed for creating large-area markings like green bike lanes. These coatings blend the convenience of waterborne solutions, which are easy to apply with a spray and the toughness and resilience of a two-component solution. Dow developed this product to offer secure transportation options for citizens within the economy, including multiple modes of transportation.
- In March 2021, The BrandLab (TBL) and 3M announced a two-year initiative (covering 2020 and 2021) to promote diversity in creative fields, including graphic and industrial design.
- In March 2021, Roadsafe Traffic Systems, a provider of traffic control and pavement marking services, announced that it had acquired Innovative Marking Systems. Based in Bluffdale, Innovative Marking Systems provides services such as roadway striping and removal, sign installation, waterborne paint, epoxy pavement markings, and more.
Traffic Road Marking Coating Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 6.24 billion |
|
Revenue forecast in 2032 |
USD 11.75 billion |
|
CAGR |
7.3% from 2023 - 2032 |
|
Base year |
2022 |
|
Historical data |
2019 - 2022 |
|
Forecast period |
2023 - 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
|
Segments covered |
By Product, By Type, By Type of Marking, By Application, By End Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
The Sherwin-Williams Company, AutoMark Technologies (India) Pvt. Ltd., Ennis Flint, Inc., Geveko Markings, Dow Inc, Crown Techno, Swarco, and 3M Company. |
FAQ's
key companies in traffic road marking coating market are The Sherwin-Williams Company, AutoMark Technologies (India) Pvt. Ltd., Ennis Flint, Inc., Geveko Markings, Dow Inc, Crown Techno, Swarco, and 3M Company.
The global traffic road marking coating market expected to grow at a CAGR of 7.3% during the forecast period.
The traffic road marking coating market report covering key segments are product, type, type of marking, application, end use and region.
key driving factors in traffic road marking coating market are increasing need for road safety and maintenance.
The global traffic road marking coating market size is expected to reach USD 11.75 billion by 2032.
© 2024 Polaris Market Research and Consulting. All rights reserved
