Global road marking paints and coatings market is expected to rise from $8.1 billion in 2022 to $11.6 billion in 2032, with a projected CAGR of 3.5 per cent. Rising public awareness for road safety precautions, implementation of stringent government regulations, expanding road connectivity, and increasing car sales are expected to drive market growth. Water-borne surface coatings and epoxy coatings are also gaining popularity due to their eco-friendliness and high-performance properties, presenting lucrative opportunities for the industry. Other factors contributing to market growth include increased regulatory body infrastructure spending, rising private organisation attention on road maintenance, and governmental investments in Smart Street marking equipment.
Key factors shaping the market:
- Increasing investments in constructing new roads and highways will fuel road marking paint and coating demand
- A rise in road repair and maintenance operations globally will boost the market
- The introduction of new rules and regulations for improving road safety is expected to create opportunities for road marking paint and coating manufacturers
- The growing popularity of water-borne coatings to boost the global market
- Increasing smart city projects across the world will bolster road marking paint and coating sales
- The development of new sustainable and eco-friendly traffic paints will create a plethora of opportunities for the market
- Surging production and sales of vehicles will positively influence road marking paints and coating demand
- An inclination toward using durable and low-cost thermoplastic paints will trigger sales
- The rising popularity of preformed markings and tapes for quick applications in small work areas will boost the market
- Integration of road marking with intelligent transport systems is likely to support market expansion
What are the growth drivers for road marking paints and coatings?
The market for road marking paints and varnishes has expanded significantly in recent years. Several aspects of the construction and painting industries both contribute to this rise. Among these elements are:
Growth in construction and road-highway maintenance activities:
The rise in building and road-highway maintenance operations has raised the need for road marking paints and coatings. New roads and highways are required because of the increase in infrastructure development projects.
It is also crucial to maintain the current infrastructure, which necessitates using these paints and varnishes more widely. Thus, rising construction activity around the world will continue to support sales of road marking paint and coating.
Rising urbanisation and smart city projects:
This is yet another significant market-moving element. As cities grow, there is a greater demand for effective traffic management and road safety, and road marking paints are essential in this regard.
Governments all throughout the world are spending a lot of money developing public infrastructure. New smart city initiatives are being introduced. The need for road marking paints and varnishes is thus rising.
Government regulations and increasing road safety concerns:
The demand for road marking paint and coating is also rising as a result of more stringent government rules and worries about traffic safety. To maintain road safety, governments are putting in place tight laws that call for the use of premium road marking paints and varnishes. The rise in demand has been influenced by the public’s increased understanding of the significance of road safety.
Growing demand from sports track maintenance activities:
The expansion of the sports sector has increased the need for road marking paints for sports track upkeep.
Sports tracks require high-quality marking paints and coatings to be maintained, and as the sports sector expands, so does the need for these goods.
Why are thermoplastic paints a prime choice for road markings?
Durable and reflective nature making thermoplastic road marking paints popular
- Thermoplastic road marking paints, also referred to as hot melt marking paints, are a cost-effective solution for marking roads and highways. This is because they provide long-lasting and retroreflective markings.
- Thermoplastic paints have a shorter setting time compared to water-borne and solvent-borne paints. They also require minimal maintenance once applied. The target segment accounts for almost half of the market share.
- Thermoplastic paints are designed to withstand tough weather conditions, heavy traffic, and extreme temperatures, making them exceptionally durable. As urbanisation and the number of vehicles on the road increase, the importance of these paints cannot be overstated.
- The hard-wearing and reflective features of thermoplastic road marking paints will continue to make them ideal for highways and high-traffic roads.
- Retroreflective thermoplastic paints are vital for reducing accidents and enhancing road safety, and their demand is expected to continue to rise in the years to come.
Why is the most lucrative application of road marking paints and coatings globally?
Airport marking emerging as a lucrative application for road marking paints & coatings
- The airport marking segment is expected to witness rapid growth during the projection period. This is primarily due to the critical role of road marking paints and coatings in ensuring the safety of both aircraft and passengers.
- To be effective, airport marking paints must be highly visible, durable, and of top-notch quality. They should be visible both day and night from considerable heights, and able to withstand harsh weather conditions, heavy traffic, and friction, as well as chemical spillages such as jet fuel.
- With the continued growth of air travel and the development of new airports, the airport marking segment is expected to become the dominant driver of the road marking paints market’s expansion.
- The frequency of road maintenance in the aviation sector is higher than that of commercial transportation roads and highways. As a result, the airport marking segment is anticipated to register a considerable CAGR of 4.5 per cent during the projection period.
Competitive landscape
The global road marking paints and coatings market is moderately fragmented with key players occupying only 30 per cent to 35 per cent of the market share. The tier-1 players are engaged in acquisition activities to curb their competition and expand their geographical footprints in emerging markets.
Tier-2 and tier-3 players on the other hand are focusing on quality product development and strengthening of supply chains along with production capacity expansion to meet the rising demand from end users. A few of the market participants also look for forward integration strategies to enter into equipment and contract business for applying road marking paints.