Traffic Road Marking Coatings Market size is forecast to reach US$6.8 billion by 2027 after growing at a CAGR of 5.6% during 2022-2027. The global market is likely to be driven by increased expenditure on infrastructural development for the construction of new highways, as well as a focus on repair and maintenance activities. The industry is linked not only to new road construction but also to current maintenance enterprises, which promotes demand for repainting. Intelligent roadway marking systems and equipment that help record drivers’ speed, driving conditions, and temperature while communicating information to the vehicle’s sensor system have seen increased market investment. Thermoplastic coatings (mainly composed of synthetic resin, titanium dioxide and other additives) are widely used to mark travel lanes, loading zones, parking spaces and so on. Over the forecast timeframe, the rising spending of government bodies in numerous nations on the construction of new roads and roadways would provide enormous potential prospects for the road marking coatings market.
COVID-19 Impact
The impact of the COVID-19 pandemic on numerous end-user industries has been thoroughly investigated. The construction industry, for example, witnessed a dramatic drop in demand due to the suspension of operating and manufacturing activity, which was sensitive to the economic cycle. COVID-19 added to the economic crisis, which was already suffering from a lack of liquidity in the sector. Due to the quick and strict lockdown imposed by various governments, several projects have been left unfinished at various stages. In 2020, a significant drop in demand for traffic road marking coatings was observed as a result of the lack of workforce services. However, the market is steadily recovering since 2021.
Traffic Road Marking Coatings Market Segment Analysis – By Product
Thermoplastic coating dominated the Traffic Road Marking Coatings market in 2021 and is forecasted to grow at a CAGR of 5.8% during the forecast period. Thermoplastic marking coatings is mainly composed of synthetic resin, pigments like titanium dioxide, additives, and so on. For markers on private locations and public roadways, the thermoplastic coating is ideal. These paints are available in a range of colours, each representing a different purpose. Red markers, for example, signal essential information, whereas yellow and orange colours frequently denote interim alerts. Reflectors are used in areas where there is a lot of forklift movement to prevent accidents. Thick/built-up layers of thermoplastic marking coatings are used to create rumble strips. This coating hardens quickly and adheres firmly to the surface. Additional additives can be added to the coating to help it maintain its colour and reflectivity over time. Because of its high strength and resilience, this coating is resistant to wear.
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Traffic Road Marking Coatings Market Segment Analysis – By Application
Road marking lines segment dominated the Traffic Road Marking Coatings market in 2021 and is growing at a CAGR of 5.2% during the forecast period 2022-2027. Road marking lines are commonly used to guide vehicles on the road. For safe and smooth road travel, the marking delineates the driving lane and offers lateral clearance from traffic dangers. It can also be used to provide road users with information, control traffic, and issue warnings. However, road marking labels are expected to be the fastest-growing application category due to their wide application for roads, public highways, and on-site applications. Traffic road marking labels serve all road users, including pedestrians and cyclists, because they improve traffic safety, inform drivers of speed restrictions, and provide directions and other critical information. Basic road labelling includes regulatory warnings, roadwork signs, and educational signage. The laws of the road must be followed by all road marking labels. Every year, over 1.2 million people die and up to 50 million people are injured in traffic accidents around the world. As a result of the growing number of such occurrences, many governments have boosted financing for road safety in their current and future action plans. As a result, the use of road markers, as well as the materials used to make them, has increased dramatically. Moreover, a number of European and Asian countries are testing revolutionary road safety systems. As a result of these factors, the demand for road marking materials is expected to increase in the coming years.
Traffic Road Marking Coatings Market Segment Analysis – By End Use
In 2021, roads & highways dominated the traffic road marking coatings market and are growing at a CAGR of 6.3% during the forecast period, due to increased investments of roads and highways consignments. For instance, In the United States, The I-405 Widening Project in California involves work on 16 miles of the highway, from Long Beach to Costa Mesa. The total cost of the project is expected to be $1.2 billion. The $3.3 billion Hampton Roads Bridge-Tunnel expansion is the largest project in Virginia Department of Transportation history. The project will include the construction of a four-lane tunnel and the widening of I-64 from four to eight lanes between Hampton and Norfolk. The project is expected to complete in 2024.
Furthermore, the Indian government has launched the Gati Shakti-National Master Plan, which will aid in the development of infrastructure in a holistic and integrated manner, creating a large number of job possibilities in the country. By 2025, the government aims to expand 23 new national highways. Therefore, the growth in roads and highways projects are expected to influence traffic road marking coatings market growth.
Traffic Road Marking Coatings Market Segment Analysis – By Geography
Europe dominated the traffic road marking coatings market with a share of 38% in 2021 and is growing at a CAGR of 6.5% during the forecast period 2022-2027. The European Union Road Federation is conducting research to produce standard recommendations in order to achieve its goal of reducing highway fatalities. High-quality building materials, safety measures, training, and increased contractor oversight are expected to drive product demand in the coming years. To meet the goal of reducing road deaths, the European Union Road Federation is working hard to produce common norms. The utilization of high-quality construction materials, safety procedures, preparation, and improved contractor supervision is likely to fuel demand for road marking coatings in the next years.
Furthermore, Asia Pacific is expected to grow with the fastest CAGR during the forecast period. China’s demand for road marking materials is expected to expand at a moderate rate due to rising infrastructure spending and the development of roads, parking lots, and other amenities. Due to increased concerns about road traffic safety, there has been an increase in demand for road marking materials to assure lane driving. In addition, the Chinese government has been providing significant assistance in order to meet the country’s expanding transportation needs. Furthermore, Furthermore, by the end of 2035, China’s Civil Aviation Administration (CAAC) aims to have 400 civilian transport airports. As a result of these large-scale projects, demand for road marking materials is expected to surge in the coming years.
Traffic Road Marking Coatings Market Drivers
The incidence of traffic-related accidents and deaths has climbed dramatically during the previous several years all across the world. The World Health Organization (WHO) recently released data showing that road traffic accidents kill roughly 1.35 million people globally each year, with more than half of these tragedies involving the most vulnerable road users walkers, cyclists, and motorists. Vehicle accidents also cause non-fatal injuries to many millions of people every year, according to WHO data. Coatings for traffic road markings are crucial for ensuring that drivers are aware of road conditions, especially at night and on unfamiliar terrain. Thermoplastic coatings (mainly composed of synthetic resin, titanium dioxide and others additives) are the widely used coatings used for marking. These coatings can help to prevent car collisions and reduce the risk of injury to other road users. Owing to these factors the demand for traffic road marking coating is increasing.
Development of Eco-friendly Road Marking Solutions is expected to boost the Market
Traditional paints and varnishes contain a lot of volatile organic compounds (VOCs), which have been connected to global warming and ozone layer damage. Manufacturers and researchers of traffic road marking coatings are focussing their efforts on producing road markings made of environmentally friendly materials as the worldwide movement toward sustainability gains steam. SWARCO Road Marking Systems, for example, worked with students in 2020, to determine the viability of using biopolymers in thermoplastic road markings. Furthermore, the ToughLine series of traffic paints from Aexcel Corporation, based in the United States, offers high performance, low VOC, and is solvent-based. As a result, the development of long-lasting traffic markings has increased the market’s potential tremendously.
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Traffic Road Marking Coatings Market Challenges
Stringent Regulations Governing VOC Emission May Hamper the Market Growth
Paint is a significant source of volatile organic compound (VOC) emissions. VOCs are extremely hazardous to both the environment and living organisms. Certain VOCs are naturally carcinogenic and can even cause cancer in animals. Furthermore, VOCs like styrene and limonene can react with nitrogen oxides, resulting in the formation of secondary aerosols. They also play a role in the formation of tropospheric ozone and smog. Stringent regulations imposed by government agencies and organisations to limit VOC emissions are expected to limit market growth. France, Germany, and Belgium, for example, have enacted regulations to limit VOC emissions from commercial products and industries, as well as developed Eco label and rating systems such as EMICODE, Blue Angel, M1, and others. This is expected to slow the growth of the traffic road marketing coatings market.
Traffic Road Marking Coatings Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Traffic Road Marking Coatings Market. The key players in the Traffic Road Marking Coatings Market include
AutoMark Technologies (India) Pvt. Ltd.
Sherwin-Williams Company
Geveko Markings
Ennis Flint; Inc.
Crown Techno
Dow Inc.
3M Company
Swarco.
Asian Paints PPG Pvt. Ltd.
Recent Developments
In February 2021, Dow has launched its DURATRACKTM 2K Technology for large-area markings such as green bike lanes. Green bike lane coatings from Dow combine the sprayability and ease of use of a waterborne solution with the performance and durability of a two-component solution. The product was created with the intention of providing residents of the economy with safe multi-modal commuting options.
Key Takeaways
Thermoplastic coating, also known as hot melt marking, is gaining popularity due to properties such as longevity and retro-reflectivity.
The market is expected to grow significantly due to rising consumer awareness of road safety and strict government regulations aimed at preventing road accidents.
Furthermore, market growth is expected to be fueled by favourable laws issued by authorities such as the Environmental Protection Agency (EPA), the Department of Transportation’s Traffic Signs Regulations and General Directions (TSRGD) 2002, and the European Union efforts to make roadways safer.
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