The Asia-Pacific Road Marking Paints market size was worth USD 1,009.72 million in 2018 and is estimated to reach USD XX million by 2027, growing at a CAGR of 4.49% during the forecast period (2020-2027).
Road marking paint is made up of three main components: pigments, binders, and solvents. These are generally of 3 types: thermoplastic, solvent-based and water-based road marking paint. It is used to mark travel lanes, mark spaces in parking lots or special purpose spaces for disabled parking, loading zones, or time-restricted parking areas. It can be used in different colors based on the applications vary by locality. Road marking paints have been gaining importance because they are made of reflective materials, which make it easier for travelers to drive on the road at the time of poor visibility, they indicate the danger zones, help in avoiding over speeding and provide more road attractive roads. Thermoplastic is one of the most common types of road marking paint, and it is applied on the road by a hot melt kettle, which melts the powder. The coating then becomes hard, bright and reflective after cooling makes it suitable for use on highways and roads.
Market Dynamics
Drivers
- Increased Spending on New Road Construction Projects Coupled with Growing Repainting of Existing Roads
- Rising Spending on Safer Roads along with the Stringent Road Safety Regulations
Restraints
- Conservative approach of road contractors
- Shortage of Labor in the Countries Such as Japan
Increased Spending on New Road Construction Projects Coupled with Growing Repainting of Existing Roads
Increased Spending on New Road Construction Projects Coupled with Growing Repainting of Existing Roads is one of the major drivers of the Asia-Pacific Road Marking Paints Market. At present, the road and its related construction projects in Asia-Pacific are valued around USD 1.38 trillion, which includes projects from the announced to execution stages. China accounts for a large share of the regional total, with an overall pipeline totalling USD 643.1 billion, ahead of India with a pipeline of USD 234.6 billion. In addition, Several new road projects are being planned in China’s Yunnan Province and Guizhou Province. For Instance, a new expressway will connect Chengjiang and Huaning, featuring a design speed of 100 km/h. The 63.3 km expressway project will cost an estimated USD 1.86 billion.
Plans are being drawn up for a new expressway connecting Guangnan Nasa with Xichou Xingjie, with the construction work estimated at USD 1.61 billion. The link will measure close to 59 km in length and will have a design speed of 80 km/h. The project will require 36 months of construction time and is being handled under the PPP model, with the package being for a period of 33 years including the time needed to build the route. Meanwhile in Guizhou Province, China Gezhouba Group Road & Bridge has won a package of works for the construction of two highway projects. The firm will work on the new highway connecting Nayong with Qinglong as well as the highway between Liuzhi and Anlong. The two projects are worth a total of some USD 8.68 billion. China Gezhouba Group Road & Bridge share of the contracts is worth an estimated USD 1.27 billion. On the other hand, India is also expanding its road network rapidly. There are many highway projects expected to start in the coming years. The National Highways Authority of India (NHAI) has set the timeline for 23 new highways, including a network of expressways and economic corridors, which will be ready by March 2025. Four expressways, including Delhi-Mumbai, Ahmedabad-Dholera and Amritsar-Jamnagar are scheduled for completion by March 2023. Nine more will be ready by March 2024.
Country Analysis
Japan Road Marking Paints market was USD XX million in 2018 and is expected to reach USD 125.00 million by 2027 with a CAGR of 3.48% during the forecast period 2020 to 2027. Increasing investments in various commercial infrastructure projects such as expressways, airports, commercial buildings and more is expected to drive the Japan road marking paints market. In addition, road repairs work is also contributing significant revenue to the Japanese road marking paints market. Moreover, Japan allocated its road construction works to the Japanese companies which are valued around approximately 909 billion Japanese yen. In 2019 the work is shared by the 50 major constructors in Japan. Thus, ongoing road projects along with the upcoming large highway projects in Japan is expected to boost the road marking paints market in Japan.
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