Global Traffic Road Marking Coatings Market is likely to reach USD 6.3 billion by 2025, according to a new report by Hexa Reports. Technological advancement is an important factor for market growth as countries are becoming more concerned about the public health and safety. The growing environmental concerns including harmful air pollutants are driving the need for greener products in a bid to promote a healthy environment.
Paints are regarded as a major source of harmful VOC emissions. This has resulted in the development of thermoplastic coatings and other environment-friendly alternatives over paints. The rate of road fatalities is another primary concern which is forcing regional governments to invest in technological development to ensure highway safety and maintenance. There is a need for technological development to deal with such issues efficiently and improve the global economic condition as well.
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Manufacturers are taking initiatives to develop innovative marking systems and temperature sensitive paints, which in turn is increasing their product sale as more countries are focused toward beefing up their safety and maintenance.
Various initiatives to reduce accidents and improve road safety & maintenance are expected to influence the overall market demand positively. The consumer buying behavior is supposed to be influenced by newly developed high-performance coatings with improved characteristics.
Key manufacturers operating in the market include Automark Technologies Sherwin-Williams Company, Geveko Markings, Ennis-Flint, Crown Technologies, Swarco AG, etc.
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Further key findings from the report suggest:
- Thermoplastic coatings emerged as the fastest product segment.This segment expected to reach 429.0 kilo tons by 2025
- Thermoplastic markings are applied in a thick/built up layer to create rumble strips. This coating sets quickly and will adhere strongly to the surface
- Paint is expected to be the largest segment with a market share of around 44.5% by volume
- Asia Pacific region is expected to emerge as the fastest growing region and will reach a market valuation of USD 1,670.5 million by 2025
- In North America, The Government has rolled out initiatives to enhance road infrastructure, increasing sales, and encouraging the development of durable, high-performance products with enhanced visibility and skid resistance
- There is a high degree of price competition among industry participants. Innovation remains a major factor for competitive advantage and higher profit margins.