The global road marking coatings market size is valued at USD 5.48 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2030. Increasing infrastructure spending for new highway construction and focus on repair and maintenance are expected to be the major drivers of the global market. This industry is not only associated with the construction of new roads but also with existing maintenance operations, which is driving the demand for resurfacing.
Investments are growing in intelligent street marking systems and machines that help record driver speed, driving conditions and temperature, feeding this data to the vehicle’s sensor systems. Paint is widely used to mark roadways, loading bays and parking spaces. Thermoplastic coatings, also known as hot melt markers, benefit from properties such as durability and reflectivity.
Prefabricated polymer tape is a plastic sheet used to mark driveways, stop posts, and pedestrian crossings. Epoxy is another reliable and cost-effective option, consisting of a pigmented resin base and a catalyst. This coating is more popular than plastic because it is inexpensive and highly reliable. Manufacturers are developing heat-sensitive coatings that can withstand harsh weather conditions such as snowfall and heavy rain.
Growing demand for public and private parking space markings is expected to drive the market growth. Regulatory bodies across the globe are constantly developing guidelines to improve road safety. While developed regions like North America and Europe have well-established regulatory frameworks, emerging economies are still working to strengthen their road safety and maintenance base.
Manufacturers in the road marking coatings market are prioritizing the development of innovative products such as heat-sensitive, durable and reflective coatings. These manufacturers expect large-scale market integration to strengthen their position in the global market.
The major players in the market are Dow Corporation, 3M Company and Asian Paints PPG Sdn Bhd. These companies manufacture products used for applications such as city road markings, highway markings and airport markings. They are also used for pavement markings, indoor markings and parking lot markings. Sports field markings and kerb markings are also some of the other applications of the company’s products that ensure road safety. The company mainly uses strategies such as joint ventures, mergers and acquisitions, expansion of production capacity and development of new products to increase revenue and market share.
For example, Ingevity Corporation announced the acquisition of privately held Ozark Materials, LLC and Ozark Logistics, LLC for $325 million in cash. Completion of the acquisition is subject to regulatory approval and customary closing conditions, and Ingevity expects the transaction to close early in the fourth quarter of 2022.
Emerging and key companies estimate that there is a huge latent demand in the mature markets of North America and European countries. Road marking paint manufacturers are also collaborating with other players in the market to support and develop the market. For example, in January 2022, Geveko Markings was acquired and launched by Oré Peinture, a French manufacturer of road marking coatings and safety materials. The acquisition expands Geveko Markings’ presence in France and increases its overall assets and manufacturing capabilities.
Thermoplastic coatings are expected to be the fastest growing product segment, accounting for over 23.0% of revenue by 2023. Traditional paint is ideal for private premises and public street markings. These paints come in a variety of colors, each serving a different function, such as optimal reflectors, areas frequented by heavy forklifts, and temporary markings. In December 2020, SWARCO Road Marking Systems worked with students to explore the practicality of integrating natural polymers into thermoplastic street markings, and their efforts earned them the Borealis Student Innovation Award.
Thermoplastic markers are applied in thick layers, forming peeling stripes. This coating hardens quickly and adheres firmly to the surface. Additional additives can be added to maintain the color over time, thereby increasing its reflective properties. High strength and durability make it wear-resistant.
Preformed polymer tape, also known as tack tape or cold plastic, is applied to the surface of the pavement or asphalt concrete during the curing process. In addition to being used in crosswalks and parking bollards, it is also available in sheet form and can be made into unique shapes, forms, or letters. In February 2021, Dow introduced DURATRACKTM 2K technology for marking large areas such as green bike lanes. Dow green bike lane coatings combine the ease and sprayability of a water-based solution with the reliability and effectiveness of a two-component solution. The solution is designed to provide economic residents with a safer alternative to intermodal travel.
Based on the type, the market is divided into permanent and removable road marking coatings. Permanent road markings include pavement tape and paint. Aerosol permanent coatings are widely used in road markings. They have extremely high solids and resin content, which helps improve the exterior durability and resistance to water, weather, and abrasion. Aerosol paints are available in a variety of colors, but white and yellow are the most popular for various applications, including crosswalks, streets, highways, airport runways, and parking lots. These paints last longer than traditional paints. In January 2019, Ennis-Flint, Inc., a manufacturer and supplier of road marking materials, made progress on the construction of a new manufacturing facility in the Triad. The new facility is focused on expanding the processing capabilities of prefabricated thermoplastic road markings to meet the company’s needs for specialized products in the market.
Removable road markings are mainly used to apply signs, identification numbers and direction arrows in storage areas, road construction sites, artificial turf fields, etc. These coatings are strong and durable, but can be easily removed or worn out by the weather throughout the year.
Road markings have become the largest application area, with a market share of 55.1% in 2023. The increasing use of road markings to control vehicles on the road is expected to increase the demand for road markings in the coming years. The markings indicate the separation of traffic paths and lateral clearances from road obstacles to ensure safe and smooth movement on the road. It also serves as a tool for providing information, traffic control and warning road users.
Road marking labels are expected to be the fastest growing application area as they are well suited for roads, public highways and field conditions. Road marking signs improve road safety, inform drivers of speed limits and provide directions and other useful information to all road users, including pedestrians and cyclists. Key road signs include regulatory warnings, road construction signs and information signs. All road marking signs must comply with traffic regulations.
Europe has emerged as the largest market, while Asia Pacific is expected to register the highest growth during the forecast period. As part of its ongoing efforts, the European Road Federation is actively working to develop recommendations for standards to achieve the goal of reducing road fatalities. The use of high-quality construction materials, safety measures, training and better supervision of contractors are expected to drive demand in the coming years.
The US government has introduced initiatives to improve road infrastructure and encourage the development of durable, high-performance, visible and slip-resistant pavements. Promoting vertical integration of the market through the establishment of road marking and pavement manufacturing facilities will enable contractors and pavement applicators to better control the cost and quality of their products. This is expected to boost the regional market growth during the forecast period.
Key companies are adopting various organic and inorganic growth strategies such as capacity expansion, mergers and acquisitions, and joint ventures to maintain and expand their market share.
Sherwin-Williams is looking to expand its product offerings in the road marking coatings market. The company has an extensive product line of about nine coating products that meet the requirements of road marking coatings.
The leading companies in the road marking coatings market are listed below. Together, these companies hold the largest market share and set the industry trends.
AutoMark Technologies (India) Pvt. Ltd.; Geveco Markings, Inc.; The Dow Company;
Roads are an important mode of transport for most people. Every day, many people travel on the road network, which increases the need for traffic management and safety. Therefore, various methods such as signals, signs, and road markings are used to manage traffic by transmitting or communicating information to travelers. According to WHO, as of 2018, there is more unmanaged traffic in developing countries than in developed countries. Unmanaged traffic often leads to an increase in road accidents, resulting in serious injuries and deaths. According to WHO statistics, more than 1.35 million people die in road accidents every year, with 20 to 50 million people suffering non-fatal injuries. Road accidents were the eighth leading cause of death in 2016 and are expected to become the fifth leading cause of death by 2030. Moreover, the same report shows that middle- and low-income regions account for 90% of total road deaths worldwide.
Demand for road marking coatings is directly related to road infrastructure spending. Increased highway and street construction plans are expected to increase the use of road markings for traffic flow management, which in turn will increase overall product demand.
Road markings are required on all roads, including highways and streets, to ensure traffic flow management. Consistent road maintenance procedures ensure road safety and prevent accidents. The demand for road safety products is largely driven by government initiatives to improve road safety in their regions. Consistent road maintenance procedures ensure road safety and prevent accidents. The demand for road safety products is largely driven by government initiatives to improve road safety in their regions. The high number of road accidents in recent years has led to the development of stricter national standards and regulations for the reflectivity of road markings, which in turn has accelerated the need for frequent lane replacement. The demand for traffic-friendly surfaces is not only related to road construction activities, but also depends on the maintenance, repair and repainting of existing roads. While most countries focus on building new highways and streets, few also invest in repainting and maintenance. In Germany, for example, motorway maintenance is crucial to maintaining road quality and traffic flow, for which the country requires significant funds and investments.
The road marking coatings market is segmented into four segments namely product (coatings, thermoplastic coatings, prefabricated polymer tapes, epoxy resins), type (permanent, removable), application (road markings, road marking tags) and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa)
Post time: Nov-29-2024