news

The global road marking materials market size is expected to reach USD 9.97 billion by 2032, growing at a CAGR of 4.5% during the forecast period from 2022 to 2032.

On paved roads, marking materials are used to guide and direct vehicles and pedestrians. Consistent placement of markings is critical to reducing confusion and improving road safety. There are four types of road marking materials: paint, thermoplastics, two-part resins, and prefabricated road markings (sometimes called tape). Paint is the most commonly used road marking medium worldwide. It is popular because it does not require heating, can be applied quickly in warm weather, and is available in solvent-based and water-based formulas. Water-based paint is perhaps the most affordable of all road marking solutions. They are more environmentally friendly, clear paths faster, and are easier to use. In addition, new innovations such as reflectivity, durability of markings, and low installation costs are being used to expand the consumer base of road marking materials.

Key players in the global road marking materials market include Geveko Markings, Sherwin-Williams Company, SWARCO AG, Ennis-Flint, Inc., SealMaster, PPG Industries Inc., 3M, and Asian Paints Ltd. These leading market players are investing heavily in research and development to expand their product portfolio, which will drive the road marking materials market. Market players are also taking various tactical efforts to expand their global presence, including new product launches, contractual agreements, mergers and acquisitions, increased investment, and collaborations with other companies.

For example, in May 2023, the Road Safety Sign Association (RSMA) and the National Highways Agency signed a long-awaited memorandum of understanding (MoU) to allow road testing of new road marking and nailing products. The aim of the MoU is to create a platform for effective collaboration and understanding between the parties, and to establish a site or sites to streamline the certification of road marking and nailing products in the UK, and for the wider marking and nailing business.

The major driver of the market expansion is the increasing expenditure by developing countries on road safety, new transport and other infrastructure projects, which are the factors driving the market. Furthermore, the increasing number of road accidents across the world due to unclear road markings has prompted government associations to adopt these products. According to the International Road Safety Association, approximately 1.3 million people die in road accidents every year, with an average of 35,276 people dying every day worldwide. There is a need to build safer roads to avoid accidents caused by the climatic conditions of the region and poor visibility of road markings during the day and night. Currently, governments in some countries are taking steps to improve driving conditions and provide proper road markings to reduce the number of lives lost on dangerous roads. This is likely to lead to an increase in the application of road marking materials during the forecast period.

In addition, increasing industrialization and manufacturing capacity have also increased the demand for road marking materials. In addition, increased government safety requirements have also led to an increase in the use of highway and aviation marking materials, with airport markings likely to have growth potential due to the increased use of performance coatings and markings such as polyurethane coatings and thermoplastic materials. Positive socio-economic factors and demographic changes such as urbanization, population growth, financial freedom, and rising living standards are driving the global demand for the road marking materials market during the forecast period.

However, the traditional position of road contractors is one of the major limitations of the road marking materials industry. Many road contractors opt for basic and low-cost products, while others require high-performance, low-cost and affordable solutions. This strategy of contractors reduces the profit margins of coating manufacturers, thereby reducing the road marking materials market. In addition, the market expansion is hampered by the increased service life of road marking materials due to increased maintenance costs. On the other hand, technological advances such as intelligent road marking systems are expected to stimulate the market.

The paint marking segment will dominate the market and earn the highest revenue share during the forecast period.

Based on product type, the global road marking materials market is segmented into cold plastics, paint-based markings, water-based coatings, solvent-based coatings, thermoplastic coatings, performance-based markings, and others. Among these, the paint-based marking segment is expected to dominate the market during the forecast period, accounting for the highest revenue share of 46.3%. Due to the widespread use of paint-based markings on roads, the range of their applications has increased significantly. Moreover, affordable prices of paints are likely to drive this market throughout the forecast period. Epoxy coatings for paint-based markings have gained popularity over the past few decades due to their excellent adhesion properties and low dirt absorption. Furthermore, since these coatings promote energy conservation and sustainability, they are often used as building materials and in infrastructure construction.

The road and highway marking segment accounts for the largest revenue share of over 57.2% during the forecast period.

Based on application, the global road marking materials market is segmented into road & highway markings, anti-skid markings, parking lot markings, factory markings, airport markings, and others. Among them, the road & highway markings segment is expected to dominate the market during the forecast period, accounting for the highest revenue share of 57.2%. This marking is expected to dominate the road marking materials market as it is used in the largest segment of the road marking industry, namely, roads & highways. Additionally, one of the major reasons for the market growth is the growing demand for water-based thermoplastic coatings for protecting reflective markings on roads and parking spaces/parking lots. In addition, the growing demand for waterproof coatings in various applications such as airports, shopping malls, shopping mall parking lots, shopping centers, residential complexes, etc. is likely to drive the expansion of the road marking materials market.

The Asia Pacific region dominates the market with a market share of over 48.7% during the forecast period. The major factor driving the expansion in the region is the rising construction activity in both the public and private sectors. The growth of the construction industry coupled with numerous government programs and subsidies to promote the construction and operation of infrastructure will also drive the regional growth. China is one of the largest countries in the world with an extensive network of highways and roads. According to the Ministry of Transport of China, the total length of public roads across the country is approximately 5.28 million kilometers. The highway system has been steadily expanding. Additionally, the Government of India aims to construct 65,000 kilometers of national highways by 2024, which is expected to cost around USD 741.51 billion. With these large-scale initiatives, the road marking materials market in Asia Pacific is expected to grow significantly during the forecast period.

On the contrary, North America is expected to grow the fastest during the forecast period. Increased activity in residential and commercial infrastructure is encouraging the use of road marking paints. In addition, the presence of a large coatings and paints industrial base is expected to support regional growth. Stringent road safety regulations coupled with consumer awareness will drive the expansion of the road marking materials market in this region.