NEWARK, Del, May 08, 2023 (GLOBE NEWSWIRE) -- The worldwide road marking paints & coatings market size is estimated to reach US$ 1,902.0 Million in 2023. From 2023 to 2033, sales of road paints and coatings are forecast to soar at 4.3% CAGR. Total market valuation in 2033 is projected to reach US$ 2,899.8 Million.
Rising demand from road and highway applications, parking lot applications, pavement marking applications, etc. will drive the market over the next ten years.
Growth in construction and road-highway maintenance activities globally is likely to elevate demand in the market. Similarly, rapid urbanization and launch of new smart city projects by governments will create high demand for road marking paints and coatings.
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Another key factor that is likely to trigger road marking paint & coating sales is the increasing government regulations along with growing road safety concerns.
The mainstream road marking paints and coatings manufacturers are located in East Asia, and South Asia regions. On the other hand, North America and Europe are key consumer markets due to the high demand for road marking paints.
South Asia and South America markets are expected to remain lucrative markets during the forecast period. This is due to rapid urbanization and increasing infrastructure development activities.
Prominent manufacturers of road marking paints and coatings are strategically expanding their regional footprints through acquisitions of local players and new product launches. Various players are investing in forward integration to provide contractual solutions for road markings.
Key Takeaways:
- The worldwide market for road marking paints and coatings is likely to expand at 4.3% CAGR through 2033.
- By material type, the thermoplastics segment leads the market, holding around 50% of shares.
- By application, the road and highway marking segment is set to progress at 4.4% CAGR in the forecast period.
- North America road marking paints and coatings market is forecast to thrive at 4.3% CAGR through 2033.
- Road marking paint & coating demand in China is likely to rise at 4.7% CAGR from 2023 to 2033.
“Rise in infrastructure projects worldwide has led to a greater focus on enhancing road networks and trade routes connecting key cities within and across countries. Consequently, there has been a surge in demand for road marking paints to not only enhance the aesthetic of paved roads but also enhance driver safety and reduce accidents on modernized roadways.” Says an analyst at FMI.
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Who is Winning?
Sherwin Williams Company, Asian Paints PPG, Aximum, Pidilite Industries, Helios Road Markings, Ennis-Flint, Inc., Berger paints, US Specialty Coatings, SealMaster, Geveko Markings, Dow Inc., Aexcel Corporation, Watco Industrial Floors, Shalimar Paints, Fleet Line Markers Ltd., Dulux Protective Coatings, Nippon Paints, Crown USA Inc., ATS Traffic, and others are few of the leading road marking paint & coating manufacturers profiled in the comprehensive version of the report.
Key players are focusing on expanding their production capacity to increase their market presence all over the globe and to gain maximum traction in the market. Further, they are employing strategies such as partnerships, acquisitions, and mergers to expand their footprint.
For Instance:
- In 2022, Sika AG's European industrial coatings business was acquired by Sherwin-Williams
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More Insights into the Road Marking Paints & Coatings Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global road marking paints & coatings market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on material type, marking type, application, and region.
Market Segmentation:
By Material Type:
- Performance-based
- Marking Tape
- Thermoplastics
- Cold Plastics
- Paint-Based Markings
- Solvent-borne Markings
- Water-borne Markings
- 2-Component Epoxy
- Others
By Marking Type:
- Permanent
- Removable
By Application:
- Road and Highway Marking
- Pavement Marking
- Parking Lot Marking
- Factory Marking
- Airport Marking
- Field Marking
- Other Applications
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Russia and Belarus
- Balkan and Baltic Countries
- Central Asia
- East Asia
- South Asia and Pacific
- Middle East and Africa
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Table of Content (ToC):
1. Executive Summary | Road Marking Paints & Coatings Market
1.1. Global Market Outlook
1.2. Market Share Overview by Segments
1.3. Demand Side Trends
1.4. Supply Side Trends
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends
4. Key Success Factors
4.1. Product Adoption/Usage Analysis
4.2. Product USP’s/Features
4.3. Strategic Promotional Strategies (TOC Continue...)
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