The global traffic road marking coatings market size is likely to reach USD 6.30 billion by 2025 at a CAGR of 5.0%, according to a new report by Grand View Research, Inc. Technological advancement is an important factor for market growth as countries are becoming more concerned about public health and safety. Growing environmental concerns are driving the need for greener products in a bid to promote a healthy environment.
Paints are regarded as a major source of harmful VOC emissions. This has resulted in the development of thermoplastic coatings and other eco-friendly alternatives. Rising cases of road fatalities is another primary concern, which is forcing regional governments to invest in technological development to ensure highway safety and maintenance. There is a need for technological development to deal with such issues efficiently and improve the global economic condition as well.
Manufacturers are taking initiatives to develop innovative marking systems and temperature-sensitive paints, which, in turn, is boosting the market growth. Various initiatives to improve road safety and maintenance and prevent accidents are expected to influence the overall market positively. Key manufacturers in this market include Automark Technologies Sherwin-Williams Company, Geveko Markings, Ennis-Flint, Crown Technologies, and Swarco AG.
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Further key findings from the study suggest:
Thermoplastic coatings emerged as the fastest-growing product segment over the forecast period
Thermoplastic markings are applied in a thick/built up layer to create rumble strips. This coating sets quickly and will adhere strongly to the surface
In terms of volume, paint was the largest segment in 2018 with a market share of around 44.30% and is likely to maintain the dominance in future
Asia Pacific is expected to emerge as the fastest-growing regional market during the forecast years
In North America, the Government has rolled out initiatives to enhance road infrastructure and encourage the development of durable, high-performance products with enhanced visibility and skid resistance
Grand View Research has segmented the global traffic road marking coatings market on the basis of product and region:
Traffic Road Marking Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Preformed Polymer Tape
Pressure Sensitive Tape
Road Marking Lines
Road Marking Labels
Traffic Road Marking Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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