report-bg

Road Marking Paints & Coatings Market

Analysis by Product (Water-Based, Solvent-Based, and Thermoplastic); by Type (Permanent and Removable Markings); and by Application (Roads & Highways, Airports, Parking Lots, and Others) - Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

Buy Now
Report ID: 4183 | Published On: Feb 23, 2023
Request Free Sample Copy

Global Road Marking Paints & Coatings Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global road marking paints and coatings market is estimated to garner a revenue of USD 10 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 6 Billion in the year 2022. The growth of the market can be attributed to the expansion of the global road length. As of 2018, there was a total of 64,285,009 km of roads in the world. Out of these, the length of expressways was 411,853 km and the rest 63,873,156 km were considered normal roads (paved and not paved). The addition of extra lanes and road routes helps to reduce the traffic. Also, it improves delivery time by reducing travel time and improving productivity. The increased fuel prices can be saved by traffic control and enhance the economic development of people. Further, the reduction in road traffic helps to minimize carbon emissions and promote an eco-friendly environment. All these factors together are estimated to hike the growth of the market.

Road-Marking-Paints-&-Coatings-Market-scope.jpg	 

Road marking is the process of applying paints and coatings to roadways, pavements, concrete, or asphalt to display information such as directions, lanes, zones, speed limits, parking, stopping, and safety to vehicles and pedestrians. Road marking is usually done either by skilled experts using non-mechanical road marking equipment or by the utilization of road marking machines such as fiber laser, or laser marking machines. The increase in the construction of roads across the globe is anticipated to foster the demand for road marking paints & coatings. Highways are constructed to provide proper road directions in every place to prevent accidents which are anticipated to have a positive impact on the growth of the road marking paints & coatings market. The construction data of India’s national highways were reported at 1,966 km in June 2022. This was an increase from the previous number of 1,307 km in May 2022.


Road-Marking-Paints-&-Coatings-Market-scope.jpg
Get more information on this report: Request Sample PDF

Global Road Marking Paints & Coatings Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~ USD 6 Billion

Forecast Year Market Size (2033)

~ USD 10 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Road Marking Paints & Coatings Market: Growth Drivers and Challenges

Growth Drivers

  • High Expenditure on Street Construction to Improve Road Facility – As per recent findings, the monthly spending on highway and street construction in the United States rose from USD 80 billion in 2012 to USD 100 billion in 2021. Further, the U.S. highway and street construction value are projected to rise to approximately USD 150 billion in 2025.

  • Increase in the Number of Deaths in Road Accidents Owing to Damaged Roads – According to the data released by the World Health Organization in 2022, approximately 1.3 million people die each year due to road traffic crashes globally.

  • Prevalence of Traffic Congestion with Increasing Vehicles on Road – The prevalence of traffic across the globe is estimated to increase the utilization of road marking paints & coatings to direct and clear the congestion within a short span. As of January 2020, the American motor vehicle fleet traveled about 240.6 billion vehicle miles. Further, between January and December 2021, the traffic volume in the U.S. came to around 3.2 trillion vehicle miles of travel.

  • Rise in Demand and Sales of Vehicles with Increasing Disposable Income– As per the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of vehicles rose from 78,774,320 vehicles in 2020 to 82,684,788 in 2021.

  • Expansion in Research and Development Expenditure with Development in Economy – The statistics revealed by World Bank showed that research and development expenditure counted for 2.63% of total GDP in 2020.

Challenges

  • Rising Concern for the Environment - The expansion of roads leads to the cutting down of forest land affects animal habitats, the destruction of beautiful landscapes, trees, and the reduction of the animal population. The increasing pollution from emissions of vehicles increases due to increasing road lanes and routes. This is the estimated reason for the hindrance of market growth during the forecast period.
  • Fluctuating Costs of Raw Materials
  • Stringent Regulations Governing VOC Emissions


Global Road Marking Paints and Coatings Market Segmentation

The global road marking paints and coatings market is segmented and analyzed for demand and supply by application into roads & highways, airports, parking lots, and others. Out of these, the roads & highways segment is anticipated to garner the largest revenue by 2033 owing to a rise in investment in the construction of highways and roads by the government. As per, the Department for Promotion of Industry and Internal Trade Policy (DPIIT), the construction development sector attracted Foreign Direct Investment (FDI) inflow worth USD 90.13 billion between April 2021 - December 2022. Further, according to the India Brand Equity Foundation, in 2021, the private sector invested around USD 1.98 billion in roads. Roads and highways are used by most passenger and commercial vehicles as they connect all the cities, towns, and villages. The introduction of by-pass routes and ring road constructions to eliminate the internal traffic of a city is estimated to rise the growth of the market. The highways are the longest roads that connect more than 1000 km road in a single line. The increasing number of automotive vehicles is also estimated to increase the growth of the market during the forecast period.

The global road marking paints and coatings market is also segmented and analyzed for demand and supply by type into permanent and removable markings. Amongst these two segments, the permanent markings segment is expected to garner a significant share. Permanent traffic markings are applied on road to separate the coming and going vehicles from each other and to indicate the end of the road. The zebra crossings are also made of permanent markings as they are needed for the safety of pedestrians. Usually, thermoplastic aerosol paints are used to make permanent markings on these roads. The signs such as stop, pavement markings, parking restrictions, yellow lanes, turning and reversible lanes, and HOV lanes are marked with permanent paintings. Additionally, road markings prevent most road accidents caused due to no directions or visibility issues.  Thus, road markings improve the safety of the roads. In the year 2021, the number of road accidents in India was estimated to be over 4,00,320. All these factors are anticipated to boost the market growth during the forecast period.

Our in-depth analysis of the global road marking paints and coatings market includes the following segments:

                By Product

  • Water-Based
  • Solvent-Based
  • Thermoplastic

               By Type

  • Permanent Markings
  • Removable Markings

             By Application

  • Roads & Highways
  • Airports
  • Parking Lots
  • Others

 


Global Road Marking Paints & Coatings Market Regional Synopsis

The Asia Pacific road marking paints and coatings market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the presence of a large road network. As per recent estimates, in 2022, China had the largest roadway network compared to other countries in the Asia-Pacific region, calculated to be approximately 4.9 million kilometers. India followed China with a roadway coverage of about 4.6 million kilometers in the same year. The high density of roads available is estimated to propel the growth of the road marking paints & coatings market. Further, the increasing sales and production of automotive vehicles is the reason for the growth of the road marking paints & coatings market in the coming years. As per the International Organization of Motor Vehicle Manufacturers (OICA), the sales and registrations of new vehicles in the region rose from 40,322,544 vehicles in 2020 to 42,663,736 vehicles in 2021.

The Europe region road marking paints and coatings market is estimated to share the second largest share in the coming years. The increasing development standards by the government of the European Union to improve road infrastructure and facilities. The increasing safety concerns decrease deaths on highways during traffic congestion. Additionally, it improves the surveillance, quality of building materials, and safety of people on roads. Therefore, the increasing growth in the market is attributed to the factors mentioned above. According to the estimations, in 2021, around 40 million road fatalities are registered in Europe with an increase of over 4% from 2020.

Road-Marking-Paints-&-Coatings-Market-Region.jpg

Road-Marking-Paints-&-Coatings-Market-Region.jpg
Get more information on this report: Request Sample PDF

Top Featured Companies Dominating the Global Road Marking Paints & Coatings Market

    • The Dow Chemical Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • PPG Industries, Inc.
    • Sherwin-Williams
    • Geveko Markings
    • Crown Technology Inc.
    • Nippon Paint Holdings Group
    • Hempel A/S
    • Allnex Netherlands BV
    • Teknos Group Oy
    • Aexcel Corporation
    • Hitex

In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the road marking paints & coatings market?

Ans: The expansion of global road length, increased sales, and production of vehicles along with investment in road construction are the major factors driving the market growth.

2) What would be the CAGR of road marking paints & coatings market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the road marking paints & coatings market growth?

Ans: Stringent regulations governing VOC emissions and rising concern for environment are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of road marking paints & coatings market in future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the road marking paints & coatings market?

Ans: The major players in the market are The Dow Chemical Company, PPG Industries, Inc., Sherwin-Williams, Geveko Markings, Crown Technology Inc., Nippon Paint Holdings Group, Hempel A/S, Allnex Netherlands BV, Teknos Group Oy, Aexcel Corporation, Hitex and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the road marking paints & coatings market?

Ans: The market is segmented by product, type, application, and by region.

8) Which segment captures the largest market size in application in the road marking paints & coatings market?

Ans: The roads & highways segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Let Us Hear About Your Requirements:

Submit Your Request For Proposal (RFP)

Request Research Report Sample