Our in-depth analysis segmented the global marking coatings market in the following segments:
Global marking coatings market is further classified on the basis of region as follows:
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The global marking coatings market is anticipated to expand at a significant CAGR during 2017-2027. It is anticipated to attain significant value by 2027.The rapid industrialization and globalization across the globe is increasing the application of marking coatings in various end-uses.
The global marking coatings market can be segmented on the basis of product type and end-user. On the basis of end-use it is further sub-segment into tarmacs & parking lot, road, athletic fields and factory & warehouse. Road sub-segment is anticipated to be fastest growing segment during the forecast period. The rapid urbanization in the various countries is increasing the construction of roads and highways which in turn drives the demand for the marking coatings during the forecast period.
By region, global marking coatings market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to be the leading region on the account of highly developed infrastructure across the region. However, Asia-Pacific is anticipated to witness high growth during the forecast period on the back of rapid urbanization which leads to creation of shopping malls and construction of roads. This in turn propels the marking coatings market in the forthcoming years.
The construction of roads has increased the needs to mark traffic zones, footpaths and pavements. This is expected to augment the demand for marking coatings during the predicted period. Additionally, rising incidences of road accident is compelling the government to make stringent regulations regarding the use of marking coatings. Furthermore, the construction of shopping malls in various regions across the globe is anticipated to fuel the market growth of marking coatings.
However, emission of volatile organic compounds (VOCs) from marking coatings is rising health concern for the population. The government across the globe is making stringent regulation regarding the use of VOCs. Additionally, companies offering the marking coatings are continuously investing in research and development activities in order to develop environment friendly products.