The Global Road Marking Materials Market is anticipated to touch a value of USD 5,446.5 million by 2023, asserts Market Research Future (MRFR). The market can showcase 5.77% CAGR from 2018 to 2023 (forecast period) to reach this benchmark.
The market is expected to be assisted with increased spending on developing roads. Investments in road infrastructure development which can provide economic and social benefits to cities. Benefits of fostering goodwill between communities by building roads and promoting trade is likely to provide opportunities for the road marking materials market. This is exemplified with countries in Asia Pacific allotting high budgets for improving their roads in order to boost tourism.
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Construction of new roadway projects can fuel the demand rate in the Road Marking Materials Market till 2023. This is best exemplified by the construction of the ambitious One Belt, One Road (OBOR) initiative by China which will connect borders with multiple countries and encourage international trade.
But the utilization of solvent based marking paints which emit toxic fumes can pose a challenge to the market.
The Road Marking Materials Market is segmented by Type and Application.
By Type, the thermoplastic paint markings segment accounted for 32.3% market share in 2017. The segment can expand to a value of USD 1,806.9 million by 2023. The explosive growth can be attributed to eco-friendly nature and superior durability of thermoplastic paint markings.
By Application, roads & streets accounted for 55.3% share in 2017 owing to the use of markings for displaying signs and warning lines to prevent collisions and accidents. The segment is predicted to exhibit 6.09% CAGR over the forecast period to touch a value of USD 3,085.8 million by 2023.
Region-wise, the Road Marking Materials Market is segmented into Europe, North America, Asia Pacific (APAC), South America, and the Middle East & Africa (MEA).
Among them, APAC dominated the market in 2017 with more than 38% share. The segment can grow at 6.69% CAGR over the assessment period to reach a value of USD 3,085.8 million by 2023. This can be attributed to continuous development of roads and highways to support the economy.
Notable player names in the Road Marking Materials Market are Asian Paints Ltd. (India), Reda National Co. (Saudi Arabia), PPG Industries Inc. (U.S.), TATU Traffic Group (China), Nippon Paint Holdings Co. Ltd. (Japan), Helios Group (Slovenia), SealMaster (U.S.), Geveko Markings (Sweden), LANINO (South Africa), Zhejiang Brother Guidepost Paint Co. Ltd. (China), Ennis Flint Inc. (U.S.), 3M (U.S.), Hempel (The Netherlands), Sherwin-Williams (U.S.), and Swarco AG (Austria).
Expansion strategies seem to be the primary focus of these players. Players already have an impressive product portfolio and can gain clients through their services. Enhancing their production capacity can assist these players in sustaining their position in the market. For instance, Swarco AG acquired a majority stake in Bergauer Holding in 2018. The latter specializes in traffic management and developing traffic control system.
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