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Road Marking Materials Market - Industrial Applications Witness Fastest Growth By 2024
Road Marking Materials Market
The growing demand for water-based paints is expected to propel the road marking materials market over the forecast period. Performance-based markings include thermoplastics and cold plastics. Thermoplastics are a major material used in road markings, specifically a powder paint that has to be heated up to 200? C and then sprayed onto road surfaces. Solvent-based paints are majorly produced from acrylic resin dissolved in organic solvents such as esters and ketones. They are inexpensive and exhibit better control of drying and improved adhesion to asphaltic and oily surfaces. Water-based paints are quite similar to solvent-based ones in terms of solvent evaporation causing drying.
According to the report, the global road marking materials market was valued at US$3.50 bn in 2015 and is anticipated to reach US$5.66 bn by 2024, expanding at a CAGR of 5.5% between 2016 and 2024.
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Vast Rise in Infrastructure Development Activities to Drive Demand
The report segments the road marking materials market based on application into airport marking, road marking, factory marking, and car park marking. On basis of application type demand for road marking materials was significant in 2016, due to the growing awareness towards road safety and need of high degree of visibility during nighttime travels. Road marking includes double yellow line marking, white line marking, and single line marking, which comprises highways and motorways, private roads, bus and cycle lanes, and pedestrian crossings. The selection of road marking material depends on its durability, price, and method of application in the region.
In terms of market share, the road marking application was followed by the factory marking and car park marking segments in 2015. Factory marking includes safety, aisle, and space marking in areas such as forklift working spaces, unsafe zones beside dangerous or heavy machinery, loading bays, safe designated walkways and stairs, workshop demarcations, internal floors in warehouses, distribution and logistics centers, and other factory environments. The development of retail and industrial sectors such as businesses such as supermarkets, city centers, and hotels and the increasing number of automobiles have fueled the demand for car parking.
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Asia Pacific Market to Provide Promising Growth Opportunities
In terms of geography, the market in Asia Pacific held the dominant market share in the global road marking materials market, followed by Europe and North America in 2015. Asia Pacific is anticipated to retain its dominance throughout the forecast period. This is due to the growing awareness towards road traffic safety in the region. The vast rise in up and coming road networks and infrastructure development projects in emerging economies such as China, and India in the region are expected to boost the demand for road marking materials during the forecast period.
In developed economies across North America and Europe, stringent environmental norms are expected to restrict the demand for paint-based road marking materials in these regions during the forecast period. The market for road marking materials in these regions is expected to witness growth at a low pace owing to stagnancy and legislative norms working against paint-based materials.
Some of the leading vendors operating in the global road marking materials market are The Sherwin-Williams Company, Geveko Markings, Aximum S.A., Kelly Bros Erinline, Swarco Limburger Lackfabrik GmbH, and Ozark Materials LLC.
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