The road marking paints and coatings market involves products such as paints, thermoplastics, cold plastics and others that are used for marking roads and highways. These products enhance road safety during low-light conditions and help in lane division and traffic regulation. With the growing infrastructure projects worldwide, the need for effective traffic management and organized roads is rising significantly. This is anticipated to drive the demand for road marking paints and coatings in the coming years.
The global road marking paints and coatings market is estimated to be valued at US$ 2,158.17 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Road marking paints improve visibility during night time and wet conditions. They provide a durable marking on the roads without hampering traffic movement. Moreover, thermoplastic road marking paints have advantages such as longer lifespan and higher skid resistance compared to traditional waterborne paints. The growing use of durable and long-lasting road marking materials is expected to boost the market growth.
Key Takeaways
Key players operating in the road marking paints and coatings market are Sherwin Williams Company, Asian Paints PPG, Aximum, Pidilite Industries, Helios Road Markings, Ennis-Flint, Inc., Berger paints, US Specialty Coatings, SealMaster, Geveko Markings, Dow Inc., Aexcel Corporation, Watco Industrial Floors, Shalimar Paints, Fleet Line Markers Ltd., Dulux Protective Coatings, Nippon Paints, Crown USA Inc., ATS Traffic.
The key opportunities in the Road Marking Paints And Coatings Market Size include rising investments in infrastructure development projects globally. Governments across nations are allocating higher budgets for road construction and maintenance activities. This will augment the demand for road marking solutions in the coming years.
Major players are expanding their businesses globally in high growth regions. For instance, Sherwin Williams Company acquired Valspar Corporation in 2017 to expand its coatings business across Asia Pacific and Latin America. Aximum also acquired major shares of Dexters Sdn Bhd, a Malaysian road marking specialist, to strengthen its presence in Southeast Asia. International collaborations and mergers & acquisitions remain important growth strategies for key manufacturers.
Market Drivers
– Infrastructural development projects: Growing investments in highway, road and transport infrastructure projects worldwide is a major factor driving the road marking paints and coatings market.
– Regulatory norms for traffic safety: Implementation of stringent regulations regarding road safety planning and traffic management by governing bodies positively impacts the demand.
Market Restraints
– Volatility in raw material prices: Fluctuations in the prices of key raw materials including resins, pigments and solvents can hamper the profit margins of manufacturers.
– Requirement of frequent re-application: Certain traditional waterborne road marking paints do not last long and require frequent re-application, which incurs extra maintenance costs. This can limit the market potential over the forecast period.
Segment Analysis
The road marking paints and coatings market is dominated by the thermo plastic segment which accounts for over 30% share of the global market. These paints are made from thermoplastic polymers which are durable, have high retro-reflective properties and adhere strongly to any type of road surface. They are the ideal choice for road marking applications that require frequent repainting or re-lining such as highways, airports, parking lots due to their ease of application and removal. Their advantage over traditional paints is that they can be removed simply by heating and do not require any chemicals or scraping for removal.
The cold plastic road marking paints segment is the second largest segment, accounting for around 25% of the global market share. These paints contain premixed reflective glass beads which provide enhanced night time visibility and their viscosity allows for easy spray application. However, they are more expensive than thermoplastic paints.
Global Analysis
The North America region currently dominates the global road marking paints and coatings market, accounting for over 35% of the total market share. Large road network, frequent maintenance and re-painting activities as well as stringent regulations regarding road safety drive the demand for these paints in this region. Europe is the second largest market as countries allocate high budgets for road infrastructure development and maintenance. Asia Pacific is expected to be the fastest growing regional market during the forecast period owing to rapid infrastructure development projects across developing countries in the region. Countries like China and India are expected to boost the demand for road marking paints and coatings in the coming years.
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