Traffic Marking Paints Market size is forecast to reach $6.14 billion by 2025, after growing at a CAGR of 6.15% during 2020-2025. Traffic marking paints are mainly used for marking roads and it ensures public safety with proper guidance. With the rise in infrastructure projects, there is a rise in demand of traffic marking paints as, roadway network projects for airport, highways & bridges, freeways, and others are incomplete without traffic marking paints. Governments’ regulations for awareness of road safety such as carriageway markings, longitudinal markings, hazardous location markings, parking and others will further boost the market growth. In addition, reflective markers in road marking coatings result with higher benefits which have also become the major factor for the market growth.
Key Takeaways
- Asia-Pacific dominates the Traffic marking paints market, as it is the largest consumer of road marking paints across the globe.
- The issues such as traffic congestion, traffic violations, and road accidents are majorly driving the demand for road marking materials in the region.
- On annual contract basis, governments across the globe keep organizing bids for traffic marking paint projects.
- Digital signboards will create small hurdles for Traffic marking paints market.
Formulation – Segment analysis
Hot melt marking paints consists the largest market share in Traffic marking paints market. Hot melt marking paints contains fillers, glass beads, plasticisers and binder resins due to which they have high durability than solvent-based and water-based paints. Holt melt marking paints don’t lose its mark very easily such as in high traffic areas, bad weathers. Whereas solvent & water-based paints coatings come out from its mark very easily in the high traffic areas. So, for longer-term almost, all the contractors prefer hot melt marking paints in traffic marking paints. In a warm climate hot melt marking paint can be expected to last three to six years. Due to its high durability feature hot-melt marking paints.
Chemistry – Segment Analysis
Acrylic has the largest share in the market for traffic marking paints market. Acrylic is a transparent plastic material with outstanding strength, stiffness, and optical clarity. Acrylic sheets are easy to fabricate. It has superior weathering properties compared to many other transparent plastics. Acrylic sheet exhibits glass-like qualities such as clarity, brilliance, and transparency, but at half the weight and many times the impact resistance of glass. From durable signs and skylights to eye-catching retail store fixtures, displays and shelves, acrylic plastics provide outstanding versatility, durability, and aesthetic qualities. One of the potential advantages of acrylic is that it does not contain or release any toxic gases. So, it is also not harmful.
Application - Segment Analysis
Highway road markings has been the primary and largest market for Traffic marking paints. Due to absence of effective alternatives to traffic marking paints, the consumption of traffic marking paints has always been considerably high in traffic marking application. Highway road marking will be the key for self-drive/driverless or automatic motor vehicles as these vehicles are totally dependent on the road marking line. So, that will boost the market for building new roads in the upcoming years and hence the market for traffic marking paints will grow.
China have the largest roadways network followed by India in APAC region, and the world's second-largest roadways network after the United States. Countries such as U.S, China, India and others, with high populations will be the primary market for traffic marking paints as these countries’ roads are continuously repaired, or new roads were built as they acquired large area. Owing to continuous generation of work, Traffic Marking paints are always a profitable market in these high populated countries.
Geography - Segment Analysis
APAC has dominated the traffic marking paints market with a share of more than XX%, followed by North America and Europe. Countries such as India and China are set to bring out the increase of the global traffic marking paints market in forecast period. In these countries, road construction never ends because of the large area (urban & rural) they acquire. The growing road construction in large area countries such as China, India and Others to connect small cities for better development have created growth opportunity for traffic marking paints market. APAC consist a very dominant part in the world’s roadway network because the large area it acquired. Whereas AH1 is the longest route of the Asian Highway Network, running from Tokyo, Japan via Korea, China, Southeast Asia, Bangladesh, India, Pakistan, Afghanistan and Iran to the border between Turkey and Bulgaria west of Istanbul where it joins end-on with European route E80.
Drivers – Traffic Marking paints Market
- Growing demand for Roadways network
In countries such as China, India, Japan and others, there are continuous construction or repairing of roads in both rural and urban areas. China is a developed country but they are very much focused on constructing their border roads and they are continuously constructing or repairing their border roads. Whereas India is a developing country. So there are so many areas where roads are yet not built and the work is under process. As of Japan it is also a developed country but due to frequent natural calamities, construction or repairing of roadways never ends there. So, in countries like these there is a huge market for traffic marking paints because as the market of roadways network grows the market of traffic marking paints will also grow.
- Implementation of Stringent Governments Regulations
According to the Global Status report of World Health Organization (WHO) the number of annual road traffic deaths has reached 1.35 million. On 12th April 2018, United Nations (UN) launched a program named “UN Road Safety Trust Fund”, to ensure public safety. Globally, governments are focusing on public safety to avoid road accidents by marking roads with road safety signs. Awareness plans from governments’ have increased the demand for more traffic marking paints.
Challenges – Traffic Marking Paints Market
- Conservative approach of road contractors
The conservative approach of road contractors is the main restraints of the Traffic marking paints market. Several road contractors prefer basic and low-cost products, while other contractors demand high-performance solutions at low and competitive prices.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Traffic Marking Paints Market. In 2019, the market of Traffic markings has been consolidated by the top five players accounting for xx% of the share. Major players in the Traffic Marking Paints Market are The Sherwin-Williams Company, Ennis-Flint, SWARCO AG, 3M, and Aximum among others.
Acquisitions/Technology Launches
- In July 2017, The Sherwin-Williams Company completed the acquisition of Valspar Corporation. The acquisition has made the company one of the largest paints & coatings manufacturers in US.
- In April 2018, Ennis-Flint acquired the materials manufacturing business of VERNISOL SPA. VERNISOL provides high-quality and reliable products for road safety application and has proven technical knowledge and expertise in traffic paints and MMA/cold plastics. This acquisition is expected to benefit the existing product portfolio of Ennis-Flint.
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