Pavement Marking Materials Market is Projected to Reach US$ 3.7 Billion in 2027

Pavement Marking Materials Market is expected to reach US$ 3.7 Billion in 2027, growing at a CAGR of 4% during 2022- 2027, reports Stratview Research.

Raipur, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Pavement Marking Materials Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.

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How is the Report Helpful?

The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.

Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.

What are the Top Market Drivers?

According to the report, the Pavement Marking Materials Market is driven by a host of factors, some of which are noted below:

  • Increase in the dimension of traffic marking in different countries across the world
  • Evaluation of high-performance marking for upcoming automated vehicles
  • Marking on roads to separate safe paths for light vehicles and non-vehicular road users,
  • Rising concern toward road safety to avert road accidents,
  • Increasing road maintenance spending

The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.

Pavement Marking Materials Market Segmentation:

Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.

  • By Product Type (Paints, Thermoplastics, 2-Components, and Tapes),
  • By Application Type (Roads & Highways, Airport Marking, Parking Lot, and Others),
  • By Region (North America, Asia-Pacific, Europe, and Rest of the World)

Pavement Marking Materials Market Insights

By Product Type

The pavement marking materials market is segmented into paints, thermoplastics, 2-components, and tapes. Globally, paints remain the most popular pavement marking material in the market, owing to their widescale usage in different regions. The USA, Canada, Brazil, South Africa, France, and Spain are among the major markets for pavement marking materials, which predominantly use paints. The segment’s growth over the forecast period would be driven by the development of low VOC solvent-based paints, increasing use of water-borne paints, and other features such as ease of application, low price, and quick application. Their ability to be applied in warm weather would also support the growth of the product over the forecast period.

However, thermoplastics are anticipated to grow at the fastest rate and surpass paints as the dominant product type. Thermoplastics are a more durable, cost-effective, and environmentally friendly alternative to VOC-emitting paints, and they are gradually replacing these paints. Furthermore, they have high reflectivity and are less expensive than tapes and two-component marking materials. Thermoplastics are applied by using numerous methods which include screeding, spraying, extrusion, etc.

By Application Type

The market is segmented into roads & highways, airport marking, parking lots, and others. The roads & highways segment is expected to remain the biggest demand generator for pavement marking materials during the forecast period. Pavement marking materials are used on streets and highways to display various types of markings such as longitudinal marking, transverse marking, hazard marking, block marking, an arrow marking, and directional marking. The expansion of the road network combined with a growing concern for road safety to reduce fatal accidents would accelerate the segment's growth in the coming years. Different materials are used for different types of applications. For instance, water-borne paint is preferred for airport marking, two-component materials are preferred for anti-skid markings, etc.

Which region offers the best opportunity and growth?

Asia-Pacific is expected to remain the largest and fastest-growing market for pavement marking materials during the forecast period due to the region's largest share of the global road network. The region mainly uses thermoplastic materials for pavement markings. China, India, Japan, and Australia are the major markets in the region that have a high usage of thermoplastic marking materials. Increasing demand for pavement marking materials in the region due to various government plans in the region such as China’s National Highway Network Planning (2013-2030) to expand the Chinese road network, would create new revenue pockets for the market participants. The development of international corridors in the region to promote trade and tourism would further add a stir to the market demand. Increasing road networks and improving road connectivity in the region, as well as the growing focus of regional governments on road maintenance and repair, would spur regional market growth. Some global players, such as Geveko Marking and Ennis Flint, are continuously trying to expand their presence in the region to grab the growing opportunities in the region.

COVID-19 Impact on the Pavement Marking Materials Market

The sudden outburst of the pandemic in 2020 further dampened the market. As a result of that, there was an enormous decline in the demand for batteries across industries. Overall, the Pavement Marking Materials market witnessed a significant decline of -6%+ in 2020.

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Who are the Top Market Players?

After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -

  • Ennis Flint, Inc. (PPG Industries, Inc.)
  • The Sherwin-Williams Company
  • 3M
  • Geveko Markings (The Solix Group AB Company)
  • Nippon Paint
  • Aximum S.A. (Colas Group)
  • Kansai Helios
  • Landscapus Inc.
  • Zhejiang Tiancheng Transportation Technology Co., Ltd.

What deliverables will you get in this report?

  • In-depth analysis of the Pavement Marking Materials Market
  • Detailed market segmentation.
  • Competitive-landscape analysis.
  • Historical, present, and future market size analysis.
  • Industry trends, technologies, and advancements.
  • Growth and operation strategies adopted by key players.
  • Potential segments/regions offering promising growth.
  • Geographical presence of the key players.

Related reports which might be useful:

  1. Industrial Flooring Market

  1. Traffic Marking Coating Market

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