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IN THE NEWSFebruary, 2021: The Dow Chemical Company launched DURATRACK 2K Technology for broad area markings, including green bike lanes. This new development is considered to yield superior adhesion, skid-resistance, UV durability and short drying time, while promoting work zone safety through a speedy and efficient installation process.
January, 2021: PPG Industries, Inc. has established a new business unit called Traffic Solutions, following the acquisition of Ennis-Flint in December 2020. This unit is centered towards manufacturing and suppling an array of pavement-marking products and other advanced technologies in various sectors.
The global road marking paints and coatings market is estimated to garner a revenue of ~USD 10 billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 6 billion in the year 2021. The primary growth factor of the road marking paints & coatings market is attributed to the expansion of the global road length. As of 2018, there were 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).
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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. The increase in construction of roads across the global is anticipated to foster the demand of road marking paints & coatings. Highways are heavily constructed in every nation which requires proper road directions to avoid accidents, which is expected to expand the road marking paints & coatings market size. The construction data of India national highways was reported at 1,966 km in June 2022. This was an increase from the previous number of 1,307 km in May 2022.
The road marking paints & 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 expected to garner the highest revenue by 2031 owing to 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.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global road marking paints & coatings market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031 owing to the presence of large road network. As per recent estimates, in 2022, China had the largest roadway network compared to other countries in the Asia-Pacific region, calculating 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 road marking paints & coatings market. Additionally, the high sales and manufacturing of vehicles is an another factor that is estimated to increase the demand of road marking paints & coatings. 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.
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The global road marking paints & coatings market is further classified on the basis of region as follows:
Our in-depth analysis of the global road marking paints & coatings market includes the following segments:
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FREQUENTLY ASKED QUESTIONS
The expansion of global road length, increased sales and production of vehicles along with the investment in road construction are the major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Stringent regulations governing VOC emissions and rising concern for environment are expected to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
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.
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.
The market is segmented by product, type, application and by region.
The roads & highways segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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