Road Marking Materials Market Forecasts to 2030 – Global Analysis By Type (Performance Based Markings, Paint Based Markings and Polymer Based Markings), Construction Type, Marking Type, Technology, Application, End User and By Geography

Road Marking Materials Market Forecasts to 2030 – Global Analysis By Type (Performance Based Markings, Paint Based Markings and Polymer Based Markings), Construction Type, Marking Type, Technology, Application, End User and By GeographyAccording to Stratistics MRC, the Global Road Marking Materials Market is accounted for $7.35 billion in 2023 and is expected to reach $11.34 billion by 2030 growing at a CAGR of 6.4% during the forecast period. To communicate and provide guiding information to drivers and pedestrians, road marking materials can be used on the roads and pathways. To avoid driveway confusion and increase road safety, marking consistency is standardized. In order to expand the market potential for road marking materials, technological developments, including marking lifespan, retroreflectivity, and cheap installation costs, are used.

According to EuroNAP, the technology in autonomous vehicles works effectively with the help of road markings and traffic signals. Vehicles which fall under the LEVEL 1 to LEVEL 4 are particularly dependent on the road markings to perform efficiently on roads.

Market Dynamics:

Driver:

Rise in spending on safer roads

The Association for Safe International Road Travel estimates that around 1.25 million individuals worldwide lose their lives in traffic accidents every year, or 3,287 people each day. The poor state of the roads is the main cause of these incidents. To prevent accidents brought on by local weather conditions and reduced visibility of road markings at night and during the day, safer roads are necessary. The governments of many nations, including the US, UK, China, and Switzerland, have taken steps to improve road conditions and add adequate markings to the roadways in an effort to reduce the number of accidents brought on by unsafe roads. During the forecast, this is anticipated to increase the use of road marking materials.

Restraint:

Certifications for road markings in Nordic countries

In order to ensure and improve road safety around the world, road markings are considered extremely important. The characteristics of the material used for road markings and the weather, however, play a big role in how well they operate. In Nordic countries or at night, the importance of these characteristics is more obvious. In comparison to the rest of the European Union, the Nordic countries have different requirements for road marking materials during colder winters due to the use of studded tires and winter maintenance. Transport authorities in Sweden, Norway, Denmark, and Iceland devised a certification system for road marking materials to assess their effectiveness in the chilly and severe Nordic environment in order to increase road safety.

Opportunity:

Surge in the pavement construction

High retroreflectivity, durability, and other factors are ensured in pavements by the use of raised pavement markers and road pavement marking materials such as water-based paints, thermoplastic, and others. The creation of new pavements is being fueled by expanding government efforts and new projects related to pavement development. For instance, the State Transportation Board of Phoenix adopted the 2023–2027 Five-Year Transportation Facilities Construction Program in June 2022. The plan calls for investing more than US$2.5 billion over five years in pavement preservation initiatives across Arizona, bringing 400 lane miles of deteriorated pavement up to good condition.

Threat:

Conservative approach of road contractors

The primary barrier to the market for road marking materials is the cautious approach taken by road contractors. While some road contractors choose basic, inexpensive products, others desire cost-effective, high-performance alternatives. However, the road marking materials market contracts as a result of contractors' tactics, which reduce margins for paint manufacturers.

Covid-19 Impact:

The global implementation of COVID-19 lockdowns has caused several delays in a variety of construction projects. For instance, due to the travel restrictions and lockdowns in the Southeast Asia region, the development of the Silk Route, a high investment project of China, has been experiencing numerous delays. Additionally, it is predicted that the pandemic will discourage construction in many regions of the world due to variables like delays, efficiency losses, and cost consequences. For the middle market and major enterprises in the construction industry, relief measures are offered, though.

The performance-based segment is expected to be the largest during the forecast period

Performance-based type of road marking material is projected to grow at the largest share throughout the forecast period. Performance-based materials include two subtypes: thermoplastics and cold plastics. These kinds of performance-based road markings provide benefits like greater durability, a lack of VOC components, outstanding reflecting qualities, and the necessity for a longer lifespan for road markings. These elements are anticipated to fuel the rise of performance-based markings in the market for road marking materials by type. During the anticipated period, these factors are anticipated to strengthen the market for road marking materials.

The road & highway segment is expected to have the highest CAGR during the forecast period

The road and highway segment is expected to hold lucrative growth during the extrapolated period. One of the major factors propelling the segment's expansion is the rising need for water-borne thermoplastic coatings that protect the retro-reflectivity markings on roads and highways. In order to provide drivers with clear directions, warnings and information about circumstances that are likely to come their way so they are more aware of their surroundings, therefore, road marking materials are being employed on more roads and highways.

Region with largest share:

Asia Pacific region dominated the largest market share throughout the projected period. China has the largest GDP of any country in the area. One of the world's fastest-growing emerging economies is China, followed by India. Recently, there has been a rise in the need for road marking materials to enforce lane driving due to worries about road traffic safety. One of the biggest nations in the world, China has an extensive road and highway system. However, the entire length of public roads in China, according to the Ministry of Transport, is 5.28 million kilometers. The number of roads has been steadily growing throughout history.

Region with highest CAGR:

Asia Pacific region is anticipated to witness lucrative growth throughout the forecasted period. In order to improve regional connectivity through the development of roads and rail lines, China also launched the Belt and Road Initiative (BRI), joining other nations in Europe, Asia, the Middle East, Latin America, and Africa. The project is expected to be finished in 2049. By 2027, it is anticipated that BRI will have cost USD 1.2–1.3 trillion. Furthermore, the country experiences considerable demand for road marking supplies as a result of all such expansions and routine maintenance of roads and highways. By this year, the Indian government hopes to build 65,000 km of national highways at a cost of about INR 5.35 lakh crore (USD 741.51 billion). Road construction in Andhra Pradesh will cost USD 296.05 million.

Key players in the market

Some of the key players in Road Marking Materials market include The Sherwin-Williams Company, Swarco, Sealmaster, PPG Industries Inc, Kestrel, Kelly Bros, Kataline Group, Ingevity, Helios Tblus d.o.o, Geveko Markings, Dianal America Inc, Crown USA LLC, Basler Lacke Switzerland, BASF SE, Automark Industries (India) Pvt. Ltd and 3M.

Key Developments:

In October 2022, Ingevity Corporation completed the acquisition of privately owned Ozark Materials in an all-cash transaction valued at USD 325 million. Ingevity expects the acquisition to be immediately accretive to Ingevity’s earnings per share. The business will be included in Ingevity’s Performance Chemicals segment.

In January 2022, Geveko Markings completely acquired and started operating with French road marking paint and safety materials manufacturer Oré Peinture. The acquisition led to the expansion of Geveko Markings’ operation in France and overall assets and production capacity.

In December 2020, Geveko Markings introduced a ViaTherm LongDot road marking which provides better visibility, noise reduction, and increased road safety.

Types Covered:
• Performance Based Markings
• Paint Based Markings
• Polymer Based Markings

Construction Types Covered:
• Remodeling/Renovation Construction
• New Construction

Marking Types Covered:
• Extruded
• Flat

Technologies Covered:
• Epoxy Based
• Polyurethane Based
• Acrylic Based

Applications Covered:
• Factory Marking
• Parking LOT Marking
• Road & Highway Marking
• Antiskid Marking
• Airport Marking
• Warehouse Markings
• Car Park Markings
• Airport Markings
• Other Applications

End Users Covered:
• Sports
• Leisure
• Pavement
• Lane
• Playground and School
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements