Road Marking Paints and Coatings Market size is projected to cross USD 10 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period i.e., 2023-2033. In the year 2022, the industry size of road marking paints and coatings was over USD 6 Billion. 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 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 6 Billion |
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Forecast Year Market Size (2033) |
~ USD 10 Billion |
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Regional Scope |
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Application (Roads & Highways, Airports, Parking Lots)
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.
Type (Permanent, Removable Markings)
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 market includes the following segments:
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By Product |
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By Type |
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By Application |
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APAC Market Statistics
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.
Europe Market Forecast
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.
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.
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 on manufacturing and supplying an array of pavement-marking products and other advanced technologies in various sectors.
Author Credits: Smruti Ranjan, Rajrani Baghel
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