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Driving Forward: The Catalyst of New Infrastructure and Roadway Initiatives in Emerging Economies Set to Fuel Substantial Growth in the Road Marking Materials Market || The Sherwin-Williams Company, 3M, Geveko Marking, SWARCO
Road Marking Materials Market
The Business Research Company's Road Marking Materials Global Market Report 2023 The new infrastructure and roadway projects in emerging economies is the major driver for the road marking materials market's growth in the forecast period. With the increase in road projects, the safety of passengers would become more important, driving the consumption of road marking materials. For instance, according to the IBEF (India Brand Equity Foundation), the government of India has allocated $14.85 billion to the Ministry of Road Transport and Highways in the Union Budget 2021-22. Also, according to Refinitive, an American-British provider of financial market and infrastructure, in China, in the first quarter of 2020, the value of belt and road projects exceeded $4 trillion. Therefore, new infrastructure and roadway projects in emerging economies are driving the growth of the road marking materials market.
The global road marking materials market size grew from $5.58 billion in 2022 to $5.94 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The road marking materials market size is expected to grow to $7.82 billion in 2027 at a CAGR of 7.1%.
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Major competitors in the road marking materials market are The Sherwin-Williams Company, 3M, Geveko Marking, SWARCO, Ennis Flint, Evonik Industries, Automark Technologies, SealMaster, Kelly Bros. Erinline, Ozark Materials LLC, and Hempel.
A key trend in the road marking materials market includes technological advancements. For instance, in April 2022, Röhm GmbH, a Germany-based chemicals company, launched DEGAROUTE proTerra 100, a new, more environmentally friendly binder for cold plastic road markings. DEGAROUTE proTerra 100 has a carbon footprint that is roughly 20% lower than equivalent materials generated from virgin raw materials because it is constructed with 30% recycled PMMA. Road markings made using DEGAROUTE are reactive, solvent-free systems. They nearly never release volatile organic compounds (VOC), and their use doesn't call for the addition of outside heat..
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The road marking materials market is segmented -
• By Type: Paint-Based Marking, Solvent-Based Paints, Water-Based Paints, Performance-Based Marking, Thermoplastics, Cold Plastics
• By Application: Road Markings, Factory Markings, Car Park Markings, Airport Markings, Anti-Skid Markings
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the road marking materials market.
The Business Research Company's "Global Road Marking Materials Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Road Marking Materials Market Include:
1. Executive Summary
2. Road Marking Materials Market Characteristics
3. Road Marking Materials Market Trends And Strategies
4. Road Marking Materials Market - Macro Economic Scenario
5. Road Marking Materials Market Size And Growth
……………
27. Road Marking Materials Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Road Marking Materials Market
29. Road Marking Materials Market Future Outlook And Potential Analysis
30. Appendix
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