The global traffic road marking coating market is expected to reach USD 5.35 billion by 2022, according to a new report by Grand View Research, Inc. Growing infrastructure spending in emerging economies of Asia Pacific and the Middle East is expected to drive the global industry over the forecast period.
Various governmental initiatives to reduce accidents is anticipated to influence further industry growth over the forecast period. Regional governments have been developing strategies to minimize highway & street fatalities.
The intelligent marking system is one of the major technological breakthroughs for highway & street safety. Also, manufacturers have been conducting research and development initiatives to develop night glow and temperature-sensitive paints which are expected to create new avenues for investment in the near future. Maintenance and repainting business for highway & street maintenance and safety purpose is anticipated to establish as growth opportunity over the forecast period.
Paint emerged as the leading product segment with demand share estimated at 44.7% in 2014. The industry is anticipated to witness stable growth from 2015 to 2022 on account of increasing preference of alternatives such as thermoplastics.
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Further key findings from the study suggest:
- The global traffic road marking coating market demand exceeded 1,200 kilo tons in 2014 and is expected to reach 1,801.4 kilo tons by 2022, growing at a CAGR of 4.7% from 2015 to 2022
- Thermoplastic is expected to witness the highest growth of 5.1% from 2015 to 2022. This is on account of its high-performance features such as extended durability, reflectivity and negligible VOC emissions which are making it a perfect solution over paints and other coatings.
- Europe was the leading regional market with demand share estimated at 31.9% in 2014. The regional industry is anticipated to witness moderate growth over the forecast period on account of depreciating highway & street quality resulting into the high need for maintenance and repainting activities. Asia Pacific is expected to witness the highest growth of 5.6% from 2015 to 2022.
- The Middle East & Africa is expected to grow at a CAGR of 5.1% over the forecast period. The regional demand is anticipated to be majorly driven by the implementation of marking systems in order to reduce highway & street fatalities rates.
- A significant number of manufacturers are present in the global industry. Key industry participants include Sherwin-Williams Company, Ennis-Flint, Automark Technologies, Asian Paints, Seal Master and Lanino. Expanding product lines are expected to emerge as a major strategy adopted by key manufacturers to increase their global presence.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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