The global road marking paints 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. The key drivers for the global market are expected to be increasing infrastructure spending for the construction of new highways and a focus on repair and maintenance. The industry is not only associated with the construction of new roads but also the maintenance of existing ones, which drives the demand for repainting.
The market is seeing increased investment in intelligent road marking systems and machines that help record driver speed, driving conditions, and temperature, and feed this information into the vehicle’s sensor system. Paints are widely used to mark driveways, loading bays, and parking spaces. Thermoplastic coatings, also known as hot melt markers, offer a number of benefits, including durability and reflectivity.
Preformed polymer tape is a plastic sheet used to mark driveways, stop posts, and crosswalks. Epoxy resins are another reliable and cost-effective option, consisting of a pigmented resin base and a catalyst. This coating is preferred over plastic due to its low cost and high reliability. Manufacturers are developing heat-sensitive coatings that can withstand adverse weather conditions such as snow 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 such as North America and Europe have well-established regulatory structures, emerging economies are still struggling to strengthen the foundations for road safety and maintenance.
Despite significant supply chain instability in the early months of the pandemic, some road maintenance and construction projects were carried out in response to reduced traffic. In addition to road construction, the crisis and reduced flights also provide an opportunity to assess the runway construction window. For example, in May 2020, Auckland Airport announced its intention to take advantage of the opportunities created by pandemic-related traffic restrictions to undertake a runway resurfacing project.
Manufacturers in the road marking paint market are prioritizing the development of innovative products such as heat-sensitive, durable and reflective coatings. These manufacturers are counting on large-scale direct market integration to strengthen their position in the global market.
The major companies in the market are Dow Company, 3M Company and Asian Paints PPG Private Limited. The products manufactured by these companies are used in areas such as city road markings, highways and airports. They are also used for pavement marking, indoor markings and parking spaces. Sports ground markings and curb markings are some other examples of the company’s products being used for road safety. The company primarily uses strategies such as joint ventures, mergers and acquisitions, expansion of production facilities and new product development 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. Completion of the acquisition is subject to regulatory approval and customary closing conditions; Ingevity expects the transaction to close early in the fourth quarter of 2022.
Emerging and leading companies recognize that there is a huge potential 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 by French road marking paint and protective materials manufacturer Oré Peinture and began operations. This 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 share by 2023. Traditional paints are ideal for both private property and public street markings. These paints come in a variety of colors, each serving a specific function, such as reflectors, for areas frequented by heavy forklifts, and temporary markings. In December 2020, SWARCO Road Marking Systems worked with students to explore the feasibility of integrating natural polymers into thermoplastic street markings, and their efforts earned them the Borealis Student Innovation Award.
Thermoplastic markers are applied in thick/accumulative layers to create rumble stripes. This coating hardens quickly and adheres firmly to the surface. Additional additives can be added to maintain color over time, thereby improving its reflective properties. High strength and durability make it wear-resistant.
Preformed polymer strips, also known as tapes or cold plastics, are laid onto the surface of the pavement or asphalt concrete during the curing process. In addition to being used for pedestrian crossings and stop signs, it is also available in sheet form that can be designed with unique shapes, patterns or letters. In February 2021, Dow introduced DURATRACKTM 2K technology for marking large areas such as green bike paths. Dow’s eco-friendly bike path coatings combine the ease and convenience of a water-based spray solution with the reliability and effectiveness of a two-component solution. The solution is designed to provide economic residents with a safer alternative to multimodal travel.
Based on type, the market is segmented into permanent and washable road marking paints. Permanent road markings include road tape and paint. Aerosol permanent paints are widely used for road markings. They have an extremely high percentage of solids and resin, which provides external durability and resistance to water, weather, and abrasion. Aerosol paints are available in a variety of colors, but the most popular are white and yellow for various applications, including crosswalks, streets, highways, airport runways, and parking lots. These coatings last longer than traditional ones. 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 aims to expand the processing capabilities of preformed thermoplastic road markings to meet the needs of the company’s specialty market.
Removable road markings are mainly used to apply signs, identification numbers and direction arrows to warehouse floors, road construction areas, artificial turf fields, etc. These coatings are strong and durable, but can be easily removed or worn away by weather conditions throughout the year.
Road markings will be the largest application area, with a market share of 55.1% in 2023. The growing use of road markings to control vehicles on the road is expected to drive the demand for road markings in the coming years. Markings indicate the separation of traffic paths and lateral distances from hazardous areas to ensure safe and unhindered passage on the road. It can also serve as a tool for providing information, traffic management and warning road users.
Road markings are expected to be the fastest growing application segment as they are well suited for roads, public highways and field work. Road markings promote road safety, inform drivers of speed limits, and provide directions and other useful information to all road users, including pedestrians and cyclists. Basic road markings 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 see the highest growth during the forecast period. As part of its ongoing efforts, the European Road Federation is actively working on developing standard guidelines to achieve the goal of reducing highway fatalities. The use of high-quality construction materials, safety measures, training and improved contractor supervision are expected to drive demand in the coming years.
The US government has taken initiatives to improve road infrastructure and encourage the development of durable, high-performance pavements with improved visibility and skid resistance. Promoting vertical integration of the market by establishing a road marking and traffic coatings manufacturing unit will provide contractors and pavers with better control over 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 committed to expanding its product offerings in the road marking coatings market. The company has a broad range of approximately nine coating products designed for road marking applications.
Post time: Mar-21-2025