Global Road Marking Materials Market is Estimated to be Worth USD 6,618.19 million in 2018 and is Projected to Reach USD 9,678.61 million by 2026, at A CAGR of 4.87% From 2019 to 2026: Proficient Market
Proficient Market unravels its new study titled “Global Road Marking Materials Market by Product Type (Performance-Based Markings & Paint-Based Markings) and by End-Users/Application (Road Marking, Antiskid Marking, Car Park Marking, Factory Marking, Airport Marking & Others) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2014 – 2026″. Effective exploratory techniques such as qualitative and quantitative analysis have been used to discover accurate data.
According to the report, Global Road Marking Materials Market in 2018 stood at USD 6,618.19 million and is expected to reach USD 9,678.61 million by 2026 growing at a CAGR of 4.87% from 2019 to 2026.
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Road marking materials are widely utilized as an alternative for conventional oil paints for marking on the roads that includes dividers, zebra marking, bumps, etc. While the major raw materials needed are hydrocarbon resin, mineral powders, glass beads, plasticizer, lubricants, pigment, etc. Besides this, there are variety of road-marking materials available that vary in price and performance. The most Commonly used road-marking materials are solvent-borne and waterborne paints, thermoplastic (including preformed tape) and cold plastic.
Road Marking Materials Market Key Players: The research study includes profiles of leading companies operating in the global road marking materials market. Key players profiled in the report include:
The Sherwin-Williams Company
Ozark Materials LLC
AUTOMARK TECHNOLOGIES (INDIA) PRIVATE LTD
Reda National Co
Hitex International Group
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Drivers for the Global Road Marking Materials Market: The major driver of the road marking materials market are the increasing need for the safety on roads. While the increasing Road crash mortalities and disabilities are the also chief concern for the growth of this market. Thus, the Governments have taken initiatives to improve road conditions and provide proper markings on the roads for decreasing the death rate of the people caused due to unsafe roads are the factor driving the growth of this market. However, the spending on road reconstruction, repair, and maintenance is increased by many government bodies, thereby driving the market for road marking materials as well. While the increased use of road markings in lane departure warning systems (LDWS) and autonomous vehicles is fueling the market. Thus all these factors are responsible for the growth of global road marking materials market.
Opportunities for the Global Road Marking Materials Market: The global road marking materials market is expected to be driven by the factors, including increased spending for safer roads and new infrastructure and roadway projects in emerging economies which is witnessed to provide growth opportunities during forecast period. While with the increased use of road markings in lane departure warning systems (LDWS) and autonomous vehicles, the road marking materials market is expected to grow rapidly in the forecasted period. Thus all these factors will provide lucrative opportunities in forecasted span.
Restrains for the Global Road Marking Materials Market: The conservative approach of road contractors is the major drawback of the road marking materials market. Further, various road contractors prefer basic and low-cost products, while other contractors prefer high-performance solutions at low and competitive prices. This strategy of contractors’ recoil coating manufacturer’s margins, thus hampering the road marking materials market. However, the large number of participants in the market provides similar road marking products add to price pressures on the manufacturers, contractors, stakeholders, and local authorities, which indirectly hamper the growth of the market in revenue terms. Thus all, these factors are inhibiting the growth of this global road marking materials market.
Region Wise, Global Road Marking Materials Market Analysis: The market can be segmented into North America, South America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global road marking materials market share which is followed by Europe and North America. While the Asia Pacific leads the global road marking materials market as the APAC region is the largest consumer of road marking materials across the globe. While The growing need to address challenges such as traffic congestion, traffic violations, and road accidents are driving the demand for road marking materials in the region. Apart from this, the increased spending for safer roads, new infrastructure, government spending and roadway projects in emerging economies led to boosts the road marking materials market in this region. While the increased use of road markings in lane departure warning systems (LDWS) and autonomous vehicles is fueling the market of APAC region.
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Global Road Marking Materials Market: Product analysis
On the basis of type, Paint-Based Markings accounted for largest share of total revenue generated due to the longer durability of the paint-based markings which is the major advantage fueling the growth of the market. While the low costs i.e. cost effective product is the major driver for the growth of this market segment. Additionally, the increasing preference & wide utilization boosts the growth of the global road marking materials market. Thus, all these factors are responsible for the growth of road marking materials market segment.
Global Road Marking Materials Market: Application analysis
Car Park Marking
The demand of Global Road Marking Materials Market is highest from Road Marking, due to the continuous need for display signs and warnings on roads. While, the growing demand for sophisticated parking structures in city centers are also fueling the growth of global road marking materials market. Besides this, the growing need to address challenges such as traffic congestion, traffic violations, and road accidents are driving the demand for road marking materials in the region.
Global Road Marking Materials Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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