The Global Traffic Road Marking Coatings Market has recently been analyzed and explored by Fortune Business Insights™ in their latest market research report. The team of dedicated analysts and researchers has gone to great lengths to provide a comprehensive overview of both current and future scenarios pertaining to the Traffic Road Marking Coatings Market. As a result, this report is packed with valuable insights that will be highly advantageous for industry players looking to maintain a competitive edge.
The report also highlights limiting factors and regional industrial presence that may impact market growth trends beyond the forecast period of 2032. The market research aims to gain a complete understanding of the industry’s potential and provide information that will help companies to make informed decisions. The Traffic Road Marking Coatings Market Report is an impressive 100+ page document that includes a comprehensive table of contents, a list of figures, tables and graphs, as well as a comprehensive analysis.
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Forecast Growth Projected:
The global traffic road marking coatings market size was valued at USD 6.89 billion in 2023. The market is projected to grow from USD 7.18 billion in 2024 to USD 9.78 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period.
Segmentation:
Based on product, the market has been divided into water-based coatings, solvent-based coatings, and thermoplastic coatings. Among these, the water-based coatings segment held a leading share of 39.1% in the global market in 2020.
On the basis of application, the market is segmented into roads & highways, airports, parking lots, and others. Geographically, the market has been clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Highlights:
The report contains unparalleled insights into market drivers, trends, and restraints, along with an industry-leading analysis of all possible market segments. Further, the report offers a granular study of the regional developments and prospects of the market, as well as actionable research into the competitive dynamics of the market.
Driving Factor:
Development of Eco-friendly Road Marking Solutions to Invigorate the Market
Traditional paints and coatings are known for their high content of volatile organic compounds (VOCs), which are known to intensify global warming and damage the Ozone Layer. With the movement towards sustainability gaining momentum worldwide, traffic road marking coating producers and researchers are singularly focusing on engineering road markings made from environmentally friendly materials. For example, SWARCO Road Marking Systems teamed up with students to investigate the viability of using biopolymers in thermoplastic road markings and their efforts won them the Borealis Student Innovation Award in December 2020. Similarly, US-based Aexcel Corporation has developed the ToughLine suite of traffic paints that offer high performance, contain low VOC, and are solvent-based. Thus, the introduction of sustainable traffic markings is rapidly elevating the potential of this market.
Regional Insights:
Robust Demand for Construction Activities to Propel the Market in Asia Pacific
Asia Pacific is expected to dominate the traffic road marking coatings market share over the forecast period on account of the escalating demand for constructions in the region. This exponential growth is underpinned by the rapid expansion of urban areas in the region, especially in China and India. Driven by these factors, Asia Pacific boasted a thumping market size of USD 2.37 billion in 2020.
In North America, the growing preference for water-based traffic road marking coatings will be the principal contributing factor for the regional market. In the US market, the water-based coatings segment held a share of 37.3% in 2020. On the other hand, the market in Europe is set to make considerable gains due to increasing investments in upgrading public transport networks by EU members.
Competitive Landscape:
Key Players to Strategically Deepen Business Ties across Geographies
Geographic expansion is a key priority area for leading companies specializing in traffic road marking coating solutions. These players are entering into strategic partnerships with different companies worldwide to deepen their presence in lucrative markets. In addition, some market participants are also devising products to enhance driver safety, which in turn will help in reducing road accidents.
Industry Development:
List of the Key Players in the Traffic Road Marking Coatings Market:
- Sherwin-Williams Company (U.S.)
- Dulux Protective Coatings (Australia)
- Rua Seguridad (Philippines)
- Berger Paints (India)
- Geveko Markings (Sweden)
- 3M (U.S)
- Langfang Tenroads Glass Products Co., Ltd. (China)
- Resincoat Ltd (U.K)
- Asian Paints Ltd. (India)
Key Industry Development:
August 2023 – Traffic and Parking Control Company, Inc. (TAPCO) introduced VizMark, a new pavement marking product designed for multiple road applications.
January 2021 – PPG Industries launched a dedicated Traffic Solutions business unit to produce and supply a wide range of pavement marking products, including paints, thermoplastics, and advanced technologies.
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