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Road Marking Materials Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | The Sherwin-Williams Company, Minnesota Mining and Manufacturing Company, Ennis Flint Inc.
Road Marking Materials Market Size
The Business Research Company offers in-depth market insights through Road Marking Materials Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The road marking materials market size has grown strongly in recent years. It will grow from $5.96 billion in 2023 to $6.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to road safety regulations, growth in transportation infrastructure, urbanization and population growth, maintenance and refurbishment projects, technological advancements in road marking materials, environmental concerns..
The road marking materials market size is expected to see strong growth in the next few years. It will grow to $8.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to smart road marking materials for autonomous vehicles, reflective and high-visibility road markings, sustainable and eco-friendly road marking materials, integration of iot in road markings, advanced weather-resistant materials, customized road markings for traffic management.. Major trends in the forecast period include solar-powered road markings for energy efficiency, 3d and interactive road markings, anti-skid and anti-icing road marking materials, dynamic lane markings for traffic management, rfid-based road marking for smart tolling, augmented reality navigation through road markings..
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Market Segmentation:
The main types of road marking materials are paint-based marking, solvent-based paints, water-based paints, performance-based marking, thermoplastics, and cold plastics. Paint-based marking materials are specially designed for road marking, drawing parking bay lines, arrows, numbers, and lines. The various applications of road marking materials are road markings, factory markings, car park markings, airport markings, and anti-skid markings.
Major Driver - Infrastructure Growth In Emerging Economies Boosts Road Marking Materials Market
The new infrastructure and roadway projects in emerging economies are expected to propel the growth of the road marking materials market. 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, 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.
Competitive Landscape:
Major companies operating in the road marking materials market include The Sherwin-Williams Company, Minnesota Mining and Manufacturing Company, Ennis Flint Inc., Evonik Industries AG, Geveko Marking UK Ltd., Hempel AS, Kelly Bros Ltd., Ozark Materials LLC, Sealmaster of Pennsylvania Inc., SWARCO Industries Inc., Automark Technologies Private Ltd., Asian Paints Ltd., Chemac Inc., DCC LANINO ROAD SAFETY PRIVATE LIMITED, Dow Chemical Company, Epoplex GmbH & Co. KG, Geveko Markings India Pvt. Ltd., Hitex International Group, Hi-Way Services Ltd., Kestrel Thermoplastics Limited, Crown Technology Inc., LANINO LLC, Liquid Plastics Limited, Nippon Paint (M) Sdn Bhd, Potters Industries LLC, RAE Products and Chemicals Corp., Roadmark Corporation, Viz Reflectives North America, 3M Co., Aximum SA, BASF SE, BASLER LACKE AG, BNKO Environmental Technology Co. Ltd., Crown US LLC, Dianal America Inc., Henkel Corp., NITTO DENKO CORPORATION, Permionics Membranes Private Limited, PPG Industries Ltd.
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Top Trend - Technological Advancements Drive Innovation In Road Marking Materials
Technological advancements are a key trend gaining popularity in the road marking materials market. 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.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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