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The road marking materials market size is forecast to increase by USD 1.63 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing awareness and adoption of road safety measures worldwide. Smart and autonomous mobility is another key trend, as advanced road marking technologies enable more effective communication between vehicles and home infrastructure. Additionally, certification in Nordic countries, known for their stringent safety regulations, is fueling demand for high-performance road marking materials. These factors, coupled with advancements in technology, such as thermoplastic and photoluminescent materials and Driver assistance system, are expected to drive market expansion in the coming years. The market is poised for robust growth, with a focus on enhancing safety, improving mobility, and meeting the demands of emerging technologies.
The market is witnessing significant growth due to the increasing prioritization of road safety and infrastructure sector development. The expansion of road networks in emerging economies and highway construction projects, driven by economic activities, is a major factor fueling market growth. Environmental regulations are also playing a crucial role in the market's development, as eco-friendly road marking materials, such as thermoplastics and cold plastics, gain popularity. Longitudinal and transverse markings are the two primary types of pavement markings used in road construction. Longitudinal markings, which include materials like Polyurethane and Epoxy, are used to mark the centerline and edge lines of roads. Transverse markings, such as paint-based markings using solvent-based or water-based paints, are used to mark intersections and road lanes. The certification system for road marking materials is another important factor influencing market growth. Companies like Geveko Markings and SealMaster are leading players in the market, offering a range of certified road marking materials. The Belt Road Initiative, National Highways, and Public-Private Partnerships are also driving demand for road marking materials in infrastructure projects. The adoption of electric mobility and the Silk Route project are expected to create new opportunities for the market. In addition, non-residential construction and civil engineering projects are also expected to contribute to market growth. Overall, the market is poised for robust growth in the coming years.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The paint-based marking segment is estimated to witness significant growth during the forecast period. Road marking materials play a crucial role in enhancing road safety and facilitating efficient traffic flow in the infrastructure sector. These materials, which include pavement markings, are applied to roads and pavements to convey essential information to drivers and pedestrians. Longitudinal markings, a common type of pavement marking, are used to indicate the centerline, lane markings, and edge lines of roads.
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The paint-based marking segment was the largest segment and valued at USD 3.73 billion in 2018. The demand for road marking materials is driven by the ongoing development of the road network and the increasing focus on environmental regulations. In the context of highway construction, electric mobility, and public-private partnerships, infrastructure investment, and economic activities, major companies such as PPG Industries and Ingevity are making strategic acquisitions to expand their offerings in the performance chemicals segment. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Market is experiencing significant growth due to the prioritization of road safety and infrastructure development. This sector plays a crucial role in the expansion of the highway construction industry, particularly in the context of economic activities along National Highways and the Belt and Road Initiative. Environmental regulations are driving the demand for eco-friendly pavement markings, such as thermoplastics and cold plastics, which offer superior durability and performance. Hence, such factors are driving the market in APAC during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing awareness and adoption of road safety is notably driving market growth. The World Health Organization (WHO) reports that one person dies in a road collision or accident every 24 seconds, equating to approximately 1.3 million fatalities annually. In response to this preventable crisis, WHO initiated the Decade of Action for Road Safety at the end of October 2021, urging governments and partners to collaborate in addressing this issue.
Moreover, a recent third-party study commissioned by 3M, involving 11 countries, revealed that 33% of global respondents have experienced the loss or serious injury of a family member or friend due to a car crash. Shockingly, 40% of these incidents occurred during the pandemic. Road marking materials play a crucial role in ensuring road safety, with various options available such as SealMaster, paint-based marking using solvent-based and water-based paints, antiskid marking, parking lot marking, factory marking, and airport marking. Thus, such factors are driving the growth of the market during the forecast period.
Smart and autonomous mobility is the key trend in the market. The role of road marking materials is crucial in ensuring the safety and efficiency of transportation systems, particularly in the context of the growing trend towards autonomous driving. Companies like SealMaster provide a range of marking solutions, including paint-based markings using both solvent- and water-based paints.
For enhanced safety, antiskid marking and parking lot marking are essential. SWARCO Road Marking Systems, for instance, utilizes premium glass beads to ensure high visibility and retroreflection of markings. Their in-house production of marking materials, such as ViaTherm LongDot, contributes to superior performance in various applications, including factory marking and airport marking. Thus, such trends will shape the growth of the market during the forecast period.
Certification in Nordic Countries is the major challenge that affects the growth of the market. NordicCert is a renowned certification system for road marking materials in the Nordic region, encompassing Denmark, Iceland, Norway, and Sweden. This system mandates a documented product approval for using any road marking material on roads governed by the national authorities.
Moreover, the approval process involves the evaluation of material samples, which are applied to test fields on public roads and monitored for performance measurements. The certification system includes designated test sites in Denmark for product approval in Denmark and in Norway/Sweden for approval in Iceland, Norway, and Sweden. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company is involved in offering wide range of road marking materials such as all weather elements 50 series, liquid pavement marking 5000 series among others which have advance technologies to deliver true reflected color and optimized visibility tailored to roadway requirements.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Enhancing Road Safety and Infrastructure Development Road marking materials play a crucial role in ensuring road safety and facilitating efficient infrastructure development. The Infrastructure sector, driven by Road network development and Economic activities, is witnessing significant growth, leading to an increase in Road construction projects and Highway construction. Environmental regulations are a major concern, driving the demand for eco-friendly marking materials such as Thermoplastics and Cold plastics. Major companies like PPG Industries and Ingevity are making acquisitions in the Performance Chemicals sector to expand their Road Marking Solutions portfolio. Road safety concerns and Infrastructure investment statistics are key factors fueling the market growth. Road maintenance and Construction are essential aspects of the industry, with certification systems ensuring quality and compliance. The Belt Road Initiative, Used car, Silk Route, and Public-Private Partnerships are significant initiatives contributing to the market growth. Major road projects, including National highways and Non-residential construction, require the use of various marking materials like Polyurethane, Epoxy, and Longitudinal marking. The Road Transport sector, particularly Highways, is a significant user of road marking materials. The market is expected to grow further with the increasing focus on Safer roads and Performance-based road designs. Civil engineering and Road maintenance are integral to the industry's growth, with companies continually innovating to meet the evolving needs of the market.
Market Scope |
|
Report Coverage |
Details |
Page number |
138 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 1.63 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
China, US, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Axnoy Industries LIp, AutoMark Technologies (India) Pvt. Ltd., AUTOMARK INDUSTRIES (India) Pvt. Ltd., Basler Lacke AG, Crown Technology LLC , Evonik Industries AG, Geveko Markings, Kataline Group, KELLY BROS, Kestrel Thermoplastics Ltd., Nanjing Roadsky Traffic Facility Co.Ltd., NIPSEA Group, Ozark Materials LLC, PPG Industries Inc., Rembrandtin Coatings GmbH, SealMaster, Sunrise Overseas, SWARCO AG, and The Sherwin Williams Co. |
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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