Clever Insight
The road marking materials market size is expected to grow at a CAGR of 4.7% over the decade, from USD 6.6 billion in 2023 to USD 10.44 billion. With increasing emphasis on road safety and traffic management across the globe, the market should witness a positive growth rate.
NEWARK, July 26, 2024 (GLOBE NEWSWIRE) — Brainy Insights projects the global pavement markings market to grow from USD 6.6 billion in 2023 to USD 10.44 billion by 2033. Several factors come into play when selecting a pavement marking material, including performance goals, budget constraints, environmental impact, and legal regulations. Engineers and transportation officials must evaluate the pros and cons of different options based on criteria such as durability, nighttime reflectivity, technology used during installation, and maintenance needs to make the markings more efficient and sustainable. Advances in materials science and manufacturing are continually driving innovation in pavement markings.
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This advancement has led to next-generation solutions focused on improving performance, sustainability, and mitigating environmental impact. These advanced materials range from self-healing coatings that can repair surface damage to eco-friendly formulations derived from renewable resources. The advances observed in this field reveal a common goal among engineers working to minimize environmental impact while meeting the needs of modern transportation infrastructure.
Report Scope Details
Report Scope
detail
Forecast Period
2024-2033
Base year
2023
Market size in 2023
$6.6 billion
Market size in 2033
US$10.44 billion
Average annual growth rate
4.7%
Number of pages in the report
238
Target Segments
Type, Use, Area
driver
Continued expansion and modernization of transportation infrastructure
opportunity
Increased focus on road safety
Constraints
Fluctuations in raw material prices
Key Insights into the Road Marking Materials Market
North America is expected to hold the second largest market share during the forecast period.
North America is expected to hold the second largest market share in the global road marking materials market during the forecast period. North America region to expand significantly. Robust infrastructure investments, regulatory initiatives, and technological advancements have made North America a key market for road marking materials. The region has a vast network of expressways, freeways, and urban roads that require regular maintenance and repairs to adhere to safety protocols and compliance standards. This aspect creates a high demand situation in the North American road marking materials market due to various factors such as road rehabilitation projects, urbanization trends, and other regulatory requirements.
The story continues
The performance-based marking segment is expected to grow at the highest CAGR during the forecast period.
The type segment includes performance-based markings and paint-based markings. The performance-based marking segment is expected to grow at the highest CAGR during the forecast period. Thermoplastic materials are expected to grow significantly due to their unique properties such as excellent reflectivity, durability, and long lifespan. These substances are tightly bonded to the pavement surface by high temperature heating before being applied as a molten liquid and solidifies on cooling. The resulting markings exhibit excellent resistance to wear and tear due to traffic friction and weather changes, making them highly desirable for congested metropolitan roads and highways that require good visibility and long-term durability. Compared to traditional paint-based markings, thermoplastic markings offer many advantages such as long-lasting durability, excellent retroreflectivity, and reduced need for maintenance. This aspect ultimately translates into reduced life cycle costs and improved safety.
The airport marking experience segment is expected to grow at the highest CAGR during the forecast period.
Application segments include airport marking, road marking, factory marking, parking lot marking, etc. The airport marking experience segment is expected to grow at the highest CAGR during the forecast period. The airport marking segment is growing significantly as it plays a vital role in facilitating safe and efficient airfield activities. Runway markings, taxiway markers, apron indicators, and signs are essential to prevent collisions while guiding aircraft movements and aid pilots and ground staff in navigation. As passenger demand continues to increase globally and cargo transportation networks expand, airport operations increasingly require high-quality road marking products. Manufacturers/suppliers are gaining an edge by creating specialized solutions that comply with stringent regulatory requirements. These solutions also withstand adverse environmental conditions while ensuring optimal visibility/durability in terms of airfield runway markers.
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Recent developments:
• January 2023: Oré Peinture, a French manufacturer of safety and road marking paints, was acquired by Geveko Markings and began operations. As a result of the transaction, Geveko Markings’ operations, total assets and production capacity in France increased.
Market Trends
Drivers: Increased regulation and government policies
Global implementation of government policies and regulatory initiatives to promote road safety, mobility, and sustainability is having a major impact on the market trends of the global road marking materials market. These regulations require the utilization of technologically advanced and high-performance road marking materials to enhance driving safety and reduce traffic congestion. This factor is driving the growth and development of the market.
Restraints: Economic downturn
Economic downturn, market uncertainty, and geopolitical instability may affect investment decisions and infrastructure spending. This aspect may ultimately affect the demand for road marking materials. Currency fluctuations and trade disputes arising during recessions and conflicts may disrupt construction projects and delay infrastructure investments. Cuts in government transportation budgets may further add to the challenge of revenue volatility, posing financial challenges to manufacturers and suppliers involved in providing these vital products. This factor is expected to hinder the growth and development of the market.
Opportunities: Technological advances
Technological advancements and material innovations drive the expansion and diversification of the road marking market. Manufacturers are taking advantage of developments in nanotechnology, additive manufacturing, and material science to create next-generation road marking products with high performance. Retroreflective microprism technology has significantly improved reflective road markings, revolutionizing visibility and safety in low-light conditions. This factor is expected to have a positive impact on the growth and development of the market.
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Leading companies operating in the road marking materials market are:
• Sherwin-Williams
• Gebeko marking
• Evonik Industries
• Automac Technologies
• Ozark Materials LL
• Ennis Flint
• Australian Road Marking Industry Association
• Swarco Limburger Lacfabrik GmbH
• Aximum SA
• Kelly Brothers Erin Line
Major market segments covered:
By type:
• Performance-based marking
• Paint-based markings
By application:
• Airport markings
• Road markings
• Factory marking
• Parking lot markings
• others
By region
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain and other European countries)
Asia Pacific (China, Japan, India and rest of Asia Pacific)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, other Middle East and African countries)
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About the report:
The market has been analyzed based on value (USD Billion). All segments have been analyzed globally, regionally and country-wise. The study includes an analysis of over 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain key market insights. The study includes Porter’s five forces model, attractiveness analysis, product analysis, demand and supply analysis, competitor position grid analysis, distribution and marketing channel analysis.
About The Brainy Insights:
Brainy Insights is a market research company that aims to provide actionable insights to businesses through data analytics to improve their business acumen. We have robust forecasting and estimation models that meet the client’s objectives of delivering quality outcomes in a short span of time. We offer both customized (client-specific) and syndicated reports. Our repository of syndicated reports is diverse across all categories and subcategories across all domains. Our customized solutions are tailored to meet the requirements of our clients, whether they are planning to expand in the global market or launch a new product.
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