Industry Insights, Market Size, CAGR, High-Level Analysis: Traffic Road Marking Coatings Market
The global traffic road marking coatings market size was valued at USD 4.5 billion in 2019 and is projected to register a CAGR of 6.0% from 2020 to 2027. Increased spending on infrastructural development for constructing new highways and focus on repair and maintenance operations are expected to be the key driving factors for the global market. The industry is not only associated with new road construction activities but also with existing maintenance businesses, which drives the demand for repainting.
The market has witnessed increasing investments in intelligent street marking systems and machines that help record the drivers speed, driving conditions, and temperature while communicating it to the vehicles sensor system. Paint is widely used for travel lane, loading zone, and parking space markings. Thermoplastic coating, also known as hot melt marking, is gaining advantage owing to its properties such as longevity and retro-reflectivity.
Preformed polymer tape is a cold-applied plastic sheet used for marking traffic lanes, crosswalks, and stop bars. Epoxy coating is a reliable and economical solution which consists of a pigmented resin base and a catalyst and is suitable for heavy-wheeled traffic. This coating is preferred over plastic material coatings since it is resistant to oil, gasoline, and transmission fluid and is cost-effective as well. Moreover, manufacturers are coming up with initiatives to develop temperature-sensitive paints, which can withstand adverse environmental conditions, such as snowfall and heavy rains.
Rising demand for traffic road marking coatings for public and private parking spaces is expected to boost the market growth. Regulatory bodies across the globe are continually formulating guidelines to improve road safety. While a well-established regulatory structure is already present in developed regions, such as North America and Europe, emerging economies are still working toward enhancing the framework to ensure road safety and maintenance.
Product Insights of Traffic Road Marking Coatings Market
Thermoplastic coating is projected to emerge as the fastest-growing product segment over the forecast period. Conventional paint is ideal for markings on private spaces and public streets. These paints are available in different colors, each symbolizing a different function. For instance, red markings display crucial information, while colors such as yellow and orange generally symbolize temporary cautions. Reflectors are used in areas frequented by fork-lift traffic to prevent accidents.
Thermoplastic marking coatings are applied in a thick/built up layer to create rumble strips. This coating sets quickly and adheres firmly to the surface. Extra additives can be added to the coating to retain its color over time, thus improving its reflective capabilities. High strength and resistance make this coating wear-resistant.
Preformed polymer tape coatings, also referred to as tape or cold plastic, are placed either over the surface of the pavement or the asphalt concrete during the hardening process. Along with its use for crosswalks and stop bars, it is also supplied in sheets from which unique shapes, forms, or letters can be designed.
Type Insights of Traffic Road Marking Coatings Market
On the basis of type, the traffic road marking coatings market is segmented into permanent and removable traffic road marking coatings. Permanent traffic road marking coatings include pavement tapes and paints. Aerosol permanent paints are widely used for traffic line marking. They exhibit an extremely high percentage of solid and resin content, which contributes to exterior durability along with water, weather, and abrasion resistance. Aerosol paints are available in a variety of colors, but white and yellow are generally preferred in several applications including crosswalks, streets, highways, airport runways, and parking lots. These paints have a longer life compared to conventional paints.
Removable traffic road marking coatings are primarily used for painting signs, identification numbers, and direction arrows for warehouse floors, road construction zones, and synthetic turf fields, among others. These paints are tough and durable; however, they can be easily removed and eventually wear off when exposed to the environment.
Application Insights of Traffic Road Marking Coatings Market
Road marking lines emerged as the largest application segment with a market share of 55.4% in terms of revenue in 2019. Road marking lines are frequently used to guide the vehicles on the road. The marking indicates the delineation of traffic path and lateral clearance from traffic hazard for safe and smooth movement on the road. It also serves as a tool for providing information, controlling traffic, and warning road users.
Road marking labels is projected to emerge as the fastest-growing application segment owing to its wide application for roads, public highways, and on-site applications. Traffic road marking labels are used to promote traffic safety, notify drivers of the speed limit, and provide directions and other useful information to all road users including pedestrians and cyclists. Basic road labeling includes regulatory warnings, roadwork signs, and informational signs. All road marking labels must comply with the road traffic regulations.
Regional Insights of Traffic Road Marking Coatings Market
Europe emerged as the largest market in 2019, while Asia Pacific is projected to witness the highest growth over the forecast period. The European Union Road Federation is actively researching to develop standard recommendations to reach its goal of reducing highway fatalities. Usage of high-quality building materials, safety measures, training, and better surveillance on contractors are expected to drive the product demand in the coming years.
The U.S. government has rolled out initiatives to enhance road infrastructure and encourage the development of durable, high-performance coating products with enhanced visibility and skid resistance. Facilitating vertical market integration by launching manufacturing units for motorway marking and traffic paints would provide contractors and applicators with a chance to acquire better control over the cost and quality of products. This is expected to support the regional market growth over the forecast period.
Market Share Insights of Traffic Road Marking Coatings Market
Manufacturers focus on developing innovative products, such as temperature-sensitive, long-lasting, reflective paints. The market is characterized by a high degree of forward integration, which would help manufacturers enhance their position in the global market. Key players operating in the market include AutoMark Technologies (India) Pvt. Ltd.; Sherwin-Williams Company; Geveko Markings; Ennis Flint, Inc.; Crown Techno; Dow Inc.; 3M Company; and Swarco.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Traffic Road Marking Coatings Market Research Report:
This report forecasts volume and revenue growth at global, regional, and country levels, and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global traffic road marking coatings market report on the basis of product, type, application, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Preformed Polymer Tape
Type Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Road Marking Lines
- Road Marking Labels