Pune, India, April 11, 2019 (GLOBE NEWSWIRE) -- Road Marking Materials Market was valued at USD 3,925.9 million in 2017 and is expected to rise to a valuation of USD 5,466.5 million by 2023. The Global Road Marking Materials Market is expected to grow at a robust CAGR of 5.77% over the forecast period between 2018 and 2023, according to the latest research report from Market Research Future (MRFR).
Road Marking Materials play a key part in making roads safe and navigable. The Road Marking Materials Market is mainly driven by the growing interest in roadbuilding activities in emerging regions across the world. The growing economic clout of emerging powers such as India, Australia, China, Indonesia, Brazil, and Mexico has led to growing urbanization in these countries over the last few decades, leading to a growing demand for road infrastructure. Road infrastructure has been a crucial part of global trade and the growing economy is likely to drive the demand for road infrastructure over the coming years. This is likely to be a major driver for the Global Road Marking Materials Market over the forecast period.
Competitive Analysis:
Leading players in the Global Road Marking Materials Market include Asian Paints Ltd., PPG Industries Inc., Nippon Paint Holdings Co. Ltd., SealMaster, LANINO, Ennis Flint Inc., Hempel, Swarco AG, Sherwin-Williams, 3M, Zhejiang Brother Guidepost Paint Co. Ltd., Geveko Markings, Helios Group, TATU Traffic Group, and Reda National Co.
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Segmentation:
The Road Marking Materials Market is segmented on the basis of Type and Application.
By Type, the Global Road Marking Materials Market is segmented into thermoplastic marking paints, water-based marking paints, solvent-based marking paints, two-component (cold plastic) road marking paints, and others. Thermoplastic marking paints accounted for a dominant share of 32.3% in the Global Road Marking Materials Market in 2017 and is likely to remain in the lead over the forecast period due to the higher environmental viability of thermoplastic marking paints in comparison to other types of paints; the segment is expected to reach a valuation of USD 1,806.9 million by 2023.
By Application, the Global Road Marking Materials Market is segmented into roads and streets, airports, parking lots, and others. Roads and streets account for the largest share in the Global Road Marking Materials Market and are likely to remain the major revenue generator over the forecast period due to the consistent need for display signs and warnings on roads. The parking lots segment could also register significant growth over the forecast period due to the growing urbanization in emerging regions, which has resulted in a growing demand for sophisticated parking structures in city centers.
Road Infrastructure Development in Emerging Regions to Drive Road Marking Materials Market
Growing initiation of new road building activities by governments in emerging regions is likely to remain the major driver for the Global Road Marking Materials Market over the forecast period. In December 2018, the Australian government announced a funding of USD 183 million to fill up potholes in more than 200 roads in the country, including freeways and arterial roads. The work will be carried out over the whole of 2019, with most of the work taking place in the Australian summer.
December 2018 also saw the launch of India’s longest rail-road bridge, the Bogibeel bridge across the river Brahmaputra. The bridge cost more than USD 863 million (approx.) and spans almost 5 km. India has been among the most active nations around the world in terms of road infrastructure development in the last few years, with the government taking special efforts to improve the important Golden Quadrilateral road network as well as to construct new road infrastructure from scratch.
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However, China has been the top dog in terms of road development in the last few years, with the government announcing several ambitious roadbuilding projects in the country’s mountainous Western parts. The Belt and Road Initiative, an effort to recreate the historic Silk Road, is likely to be the major road building activity in the world over the next few years, leading to China emerging as a major player in the Global Road Marking Materials Market over the forecast period.
Regional Analysis:
The Global Road Marking Materials Market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa on the basis of region. Asia Pacific is likely to remain the leading revenue generator over the forecast period due to the growing volume of roadbuilding activities in the region’s emerging economies. The region accounted for more than 38% of the Global Road Marking Materials Market in 2017 and is likely to increase its lead over the forecast period due to the increasing roadbuilding activities in India and China. The economic competition between these two nations is likely to be a major driver for the Global Road Marking Materials Market over the forecast period.
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