CHICAGO, January 18, 2019 /PRNewswire/ --
According to the new research report "Road Marking Materials Market by Type (Performance-Based Markings And Paint-Based Markings), Application (Road & Highway Marking, Parking Lot Marking, Factory Marking, Airport Marking, Antiskid Marking), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Road Marking Materials Market is projected to grow from USD 6.8 billion in 2018 to USD 8.8 billion by 2023, at a CAGR of 5.2%. The global road marking materials market is expected to be driven by various factors such as increased spending for safer roads and new infrastructure and roadway projects in emerging economies. With the increased use of road markings in lane departure warning systems (LDWS), the road marking materials market is expected to grow rapidly in the near future.
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The paint-based markings segment is estimated to have the highest share in the overall market.
Based on type, the road marking materials market has been segmented into paint-based and performance-based materials. In terms of value, the paint-based marking segment is projected to account for the larger share of the overall market during the forecast period. Paint-based markings are the oldest road markings. They are in high demand due to their retroreflective glass beads. These marking materials are generally used to denote travel lanes or mark parking spaces. However, they offer less brightness and lower performance in terms of adhesion to the substrate. Paint-based road markings can be categorized as solvent-based and water-based paints. Solvent-based paints are based on acrylic, epoxy, polyurethane, and other resins that are dissolved in organic solvents like esters or ketones. Water-based paints are based on acrylic, epoxy, polyurethane, and other resins. Under favorable weather conditions, they dry faster than solvent-based paints. The impact of water-based paints on human health and the environment is minimal as compared to other materials as they contain low level of organic solvents. Their durability is significantly higher than solvent-based paints.
Road & highway marking application is estimated to account for the largest share of the overall road marking materials market in 2018.
The road & highway application is estimated to account for the largest share of the road marking materials market in 2018. Road marking materials are used to convey instructions to commuters. They are applied on road surfaces to provide guidance and information. Several materials are used for road markings. Most of the paints used for pavement marking are durable, i.e., they stay for more than one year. Paint-based markings are widely used for marking road surfaces as they have excellent adhesion to both concrete and bituminous surfaces and have resistance to UV radiation. Paint-based markings are the oldest road markings. They are in high demand due to their retroreflective glass beads. These materials are generally used to denote travel lanes or mark parking spaces. However, they offer less brightness and lower performance in terms of adhesion to substrates.
APAC road marking materials market is projected to witness the highest CAGR during the forecast period.
The Road Marking Materials Market has been studied for Europe, North America, APAC, the Middle East & Africa, and South America. The APAC road marking materials market is projected to register the highest CAGR during the forecast period. The need to address issues such as traffic congestion, traffic violations and road accidents are majorly driving the demand for road marking materials in the region. In APAC, Japan and other countries are increasingly adopting road safety measures, which is driving the demand for road marking materials. Regulatory bodies and regional governments have started addressing road safety issues by implementing stringent rules and regulations in countries across the globe. However, to implement such initiatives at a wider level, there is a need for effective products and solutions. This increasing need fuels the demand for road marking materials as an effective and low-cost traffic safety measure, globally.
The Sherwin-Williams Company (US), Ennis-Flint, Inc. (US), SWARCO AG (Austria), Geveko Markings (Denmark), and SealMaster (US), among others, are the key players operating in the road marking materials market.
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