The global traffic road marking coatings market size is expected to reach USD 7.1 billion by 2027, at a CAGR of 6.0%, according to a new report by Grand View Research, Inc. Technological advancements and increased concern about public health and safety are factors driving market growth. Growing environmental concerns are driving the need for greener products in an attempt to support a healthy environment.
Paints are regarded as a major source of harmful volatile organic compounds (VOC) emissions. This has resulted in the development of thermoplastic coatings and other eco-friendly alternatives. Increasing instances of road fatalities is another primary concern which is compelling regional governments to invest in technological development to ensure highway safety and maintenance. There is a need for technological development to deal with issues such as traffic safety efficiently, which, in turn, drives the product demand.
Manufacturers are taking initiatives to develop innovative marking systems and temperature-sensitive paints, which is expected to drive market growth. Various initiatives to improve road safety and maintenance and prevent accidents are expected to positively influence the overall market.
Furthermore, favorable regulations established by agencies such as the Environmental Protection Agency (EPA), Traffic Signs Regulations and General Directions (TSRGD) 2002 by the Department for Transport (DT), and initiatives by the European Union to make roads safer are expected to boost the market growth.
The overall growth rate of the traffic road marking coatings market depends on the high potential regions, such as Asia Pacific and Middle East and Africa, where the industrial output is expected to increase over the forecast period. Due to a considerable rise in consumerism, which is driven by economic growth, favorable credit landscape, and increased disposable income, various countries, particularly India and China, have witnessed an exponential rise in manufacturing activities. This has impacted the logistics activities in the aforementioned regions, thereby boosting the demand for traffic road marking coatings for safer roads.
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Further key findings from the report suggest:
- Thermoplastic coatings is expected to emerge as the fastest-growing product segment in terms of revenue over the forecast period. This growth is attributed to its properties such as longevity and retro-reflectivity
- In terms of volume, paint dominated the market in 2019 with a share of 44.9% owing to its wide application for crosswalks, airport runways, and highways
- Asia Pacific is estimated to witness the highest growth rate over the forecast period on account of rise in infrastructure spending in emerging economies such as India, China, and Japan
- Key players operating in the market include BASF SE, Sherwin-Williams Company, Borealis AG, SealMaster, Armacell International S.A., and Recticel Group.
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