Road Marking Paints and Coatings Market Trends 2023- Global Industry Share, Key Players, Growth Drivers, Business Challenges, Opportunities and Competitive Analysis 2033: SPER Market Research
Pigments, binders, and solvents are the three essential components of road marking paints and coatings. These are often available in a variety of forms, including water-based, solvent-based, thermoplastic, and others. It is utilized in various colors according to the uses that vary by location to identify loading zones, travel lanes, and special purpose areas for handicapped parking, time-restricted parking, etc. Since reflective mats make it easier for drivers to drive on the road in low visibility, road marking paints and coatings have become more and more popular.
According to SPER Market Research, ‘Road Marking Paints and Coatings Market Size- By Material Type, By Marking Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Road Marking Paints and Coatings Market is estimated to reach USD 12.99 billion by 2033 with a CAGR of 6.47%.
The market for road marking paint and coatings is expected to increase as a result of multiple factors. While an increasing emphasis on worldwide road repair and maintenance will require updating current lines, increased investments in building new roads and highways will provide a blank canvas for markings. Moreover, the need for high-performance markings is anticipated to increase in response to more stringent laws requiring increased road safety. The market is also seeing a change in favour of greener solutions, with aqueous coatings becoming more and more popular as a sustainable substitute. In addition, creative road markings that work with digital transportation systems will be needed as smart city initiatives proliferate globally.
A significant challenge is the increased expense of customized thermoplastic, paint, and epoxy road marking materials when compared to more affordable options. Small budgets are impacted by the cost of specialised versions that are created from high-quality resins and pigments to satisfy the demanding performance requirements of transportation agencies. The requirement for frequent reapplication cycles to restore visibility as a result of weathering and damage from moving vehicles raises the authorities’ long-term costs. Some degree of wider acceptance may be hampered by these issues.
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Impact of COVID-19 on Global Road Marking Paints and Coatings Market
The COVID-19 pandemic has significantly impacted the growth of the global market for paints and coatings used for road markings. Projects to build infrastructure and implement stringent social separation measures were momentarily halted by lockdowns imposed by multiple governments. As a result, work on roads and highways was postponed or delayed. The need for road marking materials in the transportation and infrastructure sectors declined dramatically over this period. Paint producers had less access to raw materials due to increased restrictions on international trade and disruptions in the supply chain.
Road Marking Paints and Coatings Market Key Players:
During the forecast period, the road marking paints and coatings market in Asia Pacific is anticipated to develop at the most efficient rate. During the projected period, the Asia Pacific region’s use of road marking materials is supported by factors such as the growing demand for safer roads and the rise in investments in the civil construction sector. The major players in this market are Sherwin Williams Company, Nippon Paints, Crown USA Inc., Pidilite Industries, Helios Road Markings, Berger Paints, US Specialty Coatings, Aexcel Corporation, Fleet Line Markers Ltd., and others.
Road Marking Paints and Coatings Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Material Type: Based on the Material Type, Global Road Marking Paints and Coatings Market is segmented as; Marking Tape, Thermoplastics, Cold Plastics, Paint-Based Markings, Solvent-borne Markings, Water-borne Markings, 2-Component Epoxy, Others.
By Marking Type: Based on the Marking Type, Global Road Marking Paints and Coatings Market is segmented as; Permanent, Removable.
By Application: Based on the Application, Global Road Marking Paints and Coatings Market is segmented as; Road and Highway Marking, Pavement Marking, Parking Lot Marking, Factory Marking, Airport Marking, Field Marking, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Traffic Road Marking Coatings Market Future Outlook
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