Road Marking Paints Market Size, Share and Global Market Forecast to 2029 | DataMIntelligence
Market Overview
The global road marking paints market size was worth US$ YY million in 2020 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 3.92% during the forecast period (2022-2029).
Road marking paint comprises three main components: pigments, binders and solvents. It is generally of 3 types thermoplastic, solvent-based and water-based road marking paint. It is used to mark travel lanes, spaces in parking lots, special purpose spaces for disabled parking, loading zones, or time-restricted parking areas.
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Market Dynamics
Increased spending on new road construction projects coupled with the growing repainting of existing roads is one of the major drivers of the Asia-Pacific Road Marking Paints Market.
Rising spending on safer roads and stringent road safety regulations globally, especially in India, China and U.S., are expected to propel the market further during the forecast period.
Safe roads are required to avoid accidents due to the decreased visibility of the road markings during the day and the night. Governments of various countries such as Japan, China and India have taken initiatives to improve road conditions and provide proper markings on the roads to decrease the death rate of the people caused due to unsafe roads. It is expected to enhance the use of road marking paints during the forecast period.
Industry Analysis
The prices of thermoplastics and solvent-based road marking paints majorly depend on the raw material prices. The major raw materials used in these paints include hydrocarbon resin, mineral powders, glass beads, plasticizers, lubricants and pigment.
Similarly, prices increased in Malaysia, Vietnam, Indonesia, Japan and Australia due to the shortage of raw materials and low production of the paints due to the lockdowns. Since China is the major supplier of raw materials for most of these countries, prices are expected to increase during the forecast period since the rise of the second wave of COVID-19 in the Asia-Pacific.
COVID-19 Analysis
The pandemic is estimated to significantly impact various factors of the value chain of road marking materials, which is expected to reflect during the period, especially in the year 2020-2021. The market growth rate is likely to decline during the lockdown period, majorly in 2020. The various impact of COVID-19 are as follows:
The imposition of COVID-19 lockdowns globally has led to many delays in various construction projects. For instance construction of the Silk Route, a high investment project of China has been witnessing several delays due to travel restrictions & lockdowns by many countries.
Market Segmentation
- By Type
- By Applications
- By Marking Machines
- By Region
By Type – thermoplastic
Thermoplastic paint is increasingly becoming a primary material of choice for road marking projects of different kinds, whether it’s low volume, long-distance projects like national roads and highways, or high volume, short distance ones like city and private neighbourhood roads due to its unique features such as good reflectivity, quick drying time, high abrasion resistance, skid resistance, cost-effective, eco friendly, superior night reflection and high whiteness.
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Geographical Analysis – Middle East & Africa
The Saudi government has launched programs to improve road infrastructure and promote the development of long-lasting, high-performance coatings that improve visibility and skid resistance. Vertical market integration could be facilitated by establishing manufacturing units for highway marking and traffic paints, giving contractors and applicators more control over product pricing and quality. Over the projection period, this is expected to promote regional market growth.
Competitive Landscape
The competitive landscape is impacted by various factors, including material shortages and prices. Road construction season is on the spike, but several projects are still waiting on an essential product before finishing up. A Nationwide resin shortage has impacted road paint availability for projects around South Dakota.
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