Safe roads are required to avoid the accidents due to the decreased visibility of the road markings during the day as well as the night.
Rising Spending on Safer Roads along with the Stringent Road Safety Regulations in Asia-Pacific especially in the countries such as India, South East Asia, and Japan, among others is expected to propel the market further during the forecast period.
According to the Association of Safe International Road Travel, approximately 1.25 million people die in road crashes each year, on average 3,287 deaths a day across the world. These accidents take place primarily due to improper road conditions.
Safe roads are required to avoid accidents due to the decreased visibility of the road markings during the day as well as the night. Governments of various countries such as Japan, China, and India have taken initiatives to improve road conditions and provide proper markings on the roads to decrease the death rate of people caused due to unsafe roads. This is expected to enhance the use of road marking paints during the forecast period.
In addition, increasing road accidents in India are expected to increase the demand for thermoplastics. As of 2018, there were around 151 thousand deaths due to road accidents in India.
The pandemic is estimated to have a significant impact on various factors of the value chain of road marking materials, which is expected to reflect during the period, especially in the year 2020-2021. The various impact of COVID-19 are as follows:
Impact on the construction of new facilities:
The imposition of COVID-19 lockdowns across the world has led to many delays in various construction projects globally. For instance, the construction of the Silk Route, a high investment project of China, has been witnessing many delays due to travel restrictions and lockdowns in the Southeast Asia region.
Also, factors like delays, loss of efficiency, and cost impacts because of the pandemic are estimated to deter construction activities in many parts of the world. However, relief measures are provided for the middle market and large businesses in the construction industry.
Impact on non-residential construction:
Due to the impact of COVID-19, reverse migration and disruption of supply chains, among others, are some of the multiple consequences that the construction sector is expected to face.
Despite all these factors, the heavy & civil engineering construction sector resumed its activities. For instance, as per the Ministry of Road Transport and Highways (India), highway construction in the country dropped to 18 km per day as laborers were optimally employed to complete the highways with minimal hindrance.
Impact on non-residential construction:
This is estimated to positively impact the road marking materials market in India. Similar is the case in Turkey as well, wherein many roadways and construction projects have been awarded in the year 2020, to revive the economy from the negative impacts of COVID-19
Impact on the raw material of road marking materials market:
Southeast Asian nations like Singapore, Thailand, and China are some of the major exporters of resins like polyurethane, epoxy, and others which are used to manufacture road marking materials. Hence, the lockdowns imposed by various European and Asian countries have severely impacted the raw material supply chain of the road marking materials market, on a global level.
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