Road Marking Paint Market

SKU: DM3118 | Last Updated On: Dec 21 2022 | Available Formats

> Road Marking Paint Market Expected to reach a high CAGR 5.63% By 2029: DataM Intelligence

Road Marking Paint Market is segmented By Type (Thermoplastic, Water-Based, Solvents Based, Two-Component, Bio Renewable, Others), By Applications (Roads, Airports, Parking Lot, Ports, Commercial/ Manufacturing Industries, Private Apartments, Racing Tracks/ Children Parks, Others), By Marking Machines (Trucks, Self Propelled Machines, Hand Guided Machines), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Road Marking Paint Market Overview

The Global Road Marking Paint Market is expected to grow at a CAGR of 5.63% during the forecasting period (2022-2029).

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 be used in different colors based on the applications that vary by locality. Road marking paints have been gaining importance because they are made of reflective mat making, making it easier for travelers to drive on the road at poor vi. They indicate the danger zone avoids overspeeding and 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 making it suitable for use on highways and roads.

Road Marking Paint Market Scope and Summary

Metrics

Details

Market CAGR

5.63%

Segments Covered

By Type, By Applications, By Marking Machines, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

 

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Road Marking Paint Market Dynamics and Trends

The global road marking paints market growth is driven by increasing awareness of road safety, better road infrastructure, and regular maintenance of roads.

The increasing awareness of road safety is expected to drive the market over the forecast period

The increasing demand for road marking paints is due to the increasing number of road accident cases worldwide. According to the World Health Organization report, in 2021, Nearly 1.35 million people die each year due to road accidents. Further, it is aimed to reduce the death ratio from road accidents by half The countries take various initiatives countries to reduce the accident cases, such as the widening of road marking lines. According to the MDPI report, 2020, European countries like Belgium, Germany, and Sweden have started using markings up to 30 cm in width. Sweden increased its longitudinal road marking’s width to improve visibility at night, from 10 to 15 cm on the axis and from 20 to 30 cm at the edges, which reduces the speed by 2.91 kmph. Hence, shifting towards road safety initiatives will boost the road marking paint market.

Alternatives of road marking paints are expected to hinder the market growth

On the contrary, road marking paints are replaced by cold plastic and spray plastic as these provide more durability, eliminate the need for large equipment, and require less time, unlike paints that need time to get dried.

COVID-19 Impact Analysis on Road Marking Paint Market

Due to the pandemic, stakeholders across the road marking paints market have seen a notable impact as all the construction and industrial projects are delayed or revised all over the world. According to the Economic Times report, 2021, construction of everything from roads to ports was behind schedule by an average of three-and-a-half years. Costs of 1,682 projects were expected up to 4 trillion rupees ($54 billion). India’s largest project Bharatmala Pariyojana was scheduled for completion in 2021-22 and is now likely to get completed by 2025-26, ICRA. Till February 2020, 246 road projects with a total length of about 10,100 km were granted under BMP Phase-I at a total cost of Rs 2.38 lakh crore. Also, there was a huge toll revenue loss for national and state highways during the lockdown, which highway roads maintenance roads further, resulting in a loss for the road marking paint market.

On the other covering to cover up all the existing construction has been paced up, which will help boost the road marking paint market in the upcoming years globally.

Road Marking Paint Market Segmentation Analysis

By type, the road marking paints market is classified into thermoplastic, water-based, solvent-based, and others.

The thermoplastic paint segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The thermoplastic type of paint has the most considerable revenue in the global road marking paint market in terms of volume and value. The growing demand for thermoplastic paint is due to the following advantages: high durability due to high strength materials, better safety as the paint is made up of reflective materials, and these paints can be used in different forms of marking based on the use. Thermoplastic paint has been used in various big projects worldwide. According to the Hindu report, 2018, the National Highway connecting Mumbai and Mirudhunagar has been provided by barricades created with thermoplastic paint across the lanes that light up an entire stretch at the night and provide greater safety on the roads. In Spain, the national road system extends about 164.000 Km of extension: 26.000 km of main roads, 72.000 km, of national roads, and 68.000 regional routes which cater to the demand of the horizontal marking market in Spain depends mostly on public tenders for road maintenance covering signs, lighting, handrails, etc. There are generally companies 35 companies gathered in ACEX, covering 85% of trading paintings in Spain.

Asia Pacific market segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The Asia Pacific dominates the road marking paints market and is expected to grow during the forecast period as the region observed significant growth in the construction sector and guidelines towards road safety. According to the Statista report, in 2019, the Asia Pacific region holds the largest paint and coating market with an estimated value of 77 billion U.S. dollars. Moreover, China's Belt and Road Initiative, which aims to build connectivity and cooperation across six main economic corridors encompassing China, Russia, Eurasian countries; Central and West Asia, Pakistan, and other countries of the Indian sub-continent, will help to develop the infrastructure of various countries and is expected to boost the market in the forecast period.

Europe has also seen significant growth in road marking paint with the introduction of road safety practices. For instance, the output from Europe's road construction industry reached 1.64 trillion Euros in 2016, and the implementation of regulations like the widening of road markings will be likely to boost the road marking paint market.

Road Marking Paint Market Companies and Competitive Landscape

The road marking paints market is consolidated and highly competitive with a few local players, followed by global companies contributing to the market's significant share. Leading key players contributing to the market's growth are Sherwin Williams, Swarco, Geveko Markings, Ennis-Flint, Hempel, Asian Paints PPG, Sealmaster, Berger Paints, Nippon Paint Holdings Co., andBASF Coatings.

The major players are adopting various new strategies to dominate the market, such as launching high-quality paints, acquisitions, and collaborations responsible for the growth of the road marking paints market globally.

Sherwin Williams

Overview: Sherwin Williams is an American company in the paint and coating manufacturing industry. The company, with headquarters in Cleveland, U.S. and has been operating in over 120 countries.

Product Portfolio: The Company is engaged in the manufacture, sales, and distribution of paints, coating, primers, wood stains, sealers, aerosols, faux finishing and floor coatings, and various related products.

Key Development: In 2020, Sherwin Williams was the leading paints and coatings company globally with a revenue of 18 billion U.S. dollars.

Also, in 2020, Sherwin-Williams Company announced establishing its new global headquarters in downtown Cleveland and its new R&D center in the Cleveland suburb. The investment for both facilities will be around $600 million.

 

Frequently Asked Questions

What is the Road Marking Paint Market growth?

The market is growing at a CAGR of 5.63%.

What is Road Marking Paint Market size in 2021

The Road Marking Paint Market size was valued at USD YY million in 2021.

Who are the key players in Road Marking Paint Market?

Ennis-Flint, Hempel, Asian Paints PPG, Sealmaster, Berger Paints, Nippon Paint Holdings Co.

 

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