What is the global market size of Traffic Road Marking Coatings Market?

The Traffic Road Marking Coatings Market size was valued at USD 4.92 billion in 2021 and is projected to grow from USD 5.2 billion in 2022 to USD 8.27 billion by 2030, with a CAGR of 6% during the forecast period (2023-2030).

What is the key driver of Global Traffic Road Marking Coatings Market?

The key driver of the global traffic road marking coatings market is the rising government funding and investments aimed at improving public infrastructure, including roads. The increasing emphasis on expanding road networks, especially in remote areas, and rising road safety concerns are also driving market growth.

What is the key market trend for Global Traffic Road Marking Coatings Market?

One of the key market trends for the global traffic road marking coatings market is the considerable potential for growth due to increased government spending on the construction of new roads and highways. Additionally, the market is witnessing the development of eco-friendly road marking solutions, which is expected to further drive market growth.

Which region accounted for the largest share in Global Traffic Road Marking Coatings Market?

The Asia Pacific region has historically dominated the global traffic road marking coatings market and is expected to continue leading in the coming years. Rising construction activities, expanding government schemes, and projects in the region create excellent growth opportunities. Europe has also experienced significant growth in the market recently.

Global Traffic Road Marking Coatings Market Size, Share, Growth Analysis, By Application(road marking lines and road marking labels), By Type(permanent and removable) - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Traffic Road Marking Coatings Market?

Key players in the global traffic road marking coatings market include The Sherwin-Williams Company, Geveko Markings Sweden AB, Swarco AG, Ennis Flint Inc., Dow Inc., Lanino Road Marking Products Ltd., 3M Company, Hempel A/S, Asian Paints PPG Pvt. Ltd., Kestrel Thermoplastics Ltd., Crown Technologies LLC, Ozark Materials LLC, SealMaster, Dow Corning Corporation, Kelly Bros. Erinline, Aximum S.A., Titan Roadway, Flint Trading Inc., Viz Reflectives UK Ltd., Borum A/S, among others.

Report ID: SQMIG15E2149 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 59 | Figures: 77

Global Traffic Road Marking Coatings Market Dynamics

Traffic Road Marking Coatings Market Drivers

Road Accidents are Bolstering Demand for Traffic Road Marking Coatings

Rising government funding and investments aimed at improving public infrastructure, including roads, will be one of the major factors driving growth in the global traffic road marking coatings market in the coming years. In the coming years, the growing emphasis on expanding road networks in remote areas, particularly in developing and developed economies, is expected to provide valuable growth opportunities in the global traffic road marking coatings market. Rising road safety concerns will drive demand in the global traffic road marking coatings market in the coming years.

One of the most significant driving factors for the global traffic road marking coatings market is the increasing number of road accidents worldwide. According to a World Health Organization (WHO) report, nearly 1.35 million people die in road traffic accidents each year. This, combined with increasing initiatives and strict traffic regulations imposed by governments worldwide, is driving sales in the global traffic road marking coatings market.

Traffic Road Marking Coatings Market Restraints

Stringent Regulations to Hinder Market Growth

Paints and coatings are major emitters of volatile organic compounds (VOCs). VOCs are extremely dangerous to the environment and living organisms, and certain volatile organic compounds are carcinogenic and can even cause animal cancer. Furthermore, volatile organic compounds like styrene and limonene can combine with nitrogen oxides to form secondary aerosols. Furthermore, they contribute to the formation of tropospheric ozone and smog. Stringent regulations imposed by government authorities and organisations to limit VOC emissions are expected to limit market growth.

The economic crisis, which was already being made worse by a lack of liquidity in the financial sector, was made worse by COVID-19. The abrupt and strict lockdown imposed by various governments has caused a number of projects to be abandoned at various stages.

Global Traffic Road Marking Coatings Market Report Snapshots

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FAQs

Global Traffic Road Marking Coatings Market size was valued at USD 5.2 billion in 2022 and is poised to grow from USD 5.51 billion in 2023 to USD 8.79 billion by 2031, growing at a CAGR of 6.00% during the forecast period (2024-2031).

Key advancements in the market for traffic road marking coatings are discussed in the research, along with both organic and inorganic growth tactics. Many businesses are putting an emphasis on organic growth initiatives, including new launches, product approvals, and others like patents and events. Acquisitions, partnerships, and collaborations were examples of inorganic growth tactics that were observed in the market. 'The Sherwin-Williams Company', 'Geveko Markings Sweden AB', 'Swarco AG', 'Ennis Flint Inc.', 'Dow Inc.', 'Lanino Road Marking Products Ltd.', '3M Company', 'Hempel A/S', 'Asian Paints PPG Pvt. Ltd.', 'Kestrel Thermoplastics Ltd.', 'Crown Technologies LLC', 'Ozark Materials LLC', 'SealMaster', 'Dow Corning Corporation', 'Kelly Bros. Erinline', 'Aximum S.A.', 'Titan Roadway', 'Flint Trading Inc.', 'Viz Reflectives UK Ltd.', 'Borum A/S', 'April 2022- Sherwin-Williams Completed the Acquisition of the European Industrial Coatings Business of Sika. The Sherwin-Williams Company (NYSE: SHW) declared that the purchase of Sika AG's European industrial coatings business had been completed. The acquired company will be incorporated into the company's Performance Coatings Group operating segment.', 'June 2022- Sherwin-Williams Acquired German Industrial Coatings Company, Gross & Perthun GmbH. The Sherwin-Williams Company (NYSE: SHW) announced an agreement to acquire Gross & Perthun GmbH, a developer, manufacturer, and distributor of coatings primarily for the transportation and heavy equipment industries headquarters in Mannheim, Germany.'

Rising government funding and investments aimed at improving public infrastructure, including roads, will be one of the major factors driving growth in the global traffic road marking coatings market in the coming years. In the coming years, the growing emphasis on expanding road networks in remote areas, particularly in developing and developed economies, is expected to provide valuable growth opportunities in the global traffic road marking coatings market. Rising road safety concerns will drive demand in the global traffic road marking coatings market in the coming years.

Throughout the expected timeframe, the market for road marking coatings will have considerable potential prospects due to the increased spending by governments in various nations on the construction of new roads and highways. Additionally, the market is anticipated to grow as eco-friendly road marking solutions are developed.

In recent years, the Asia Pacific region has dominated the global traffic road marking coatings market. In addition, it is expected to maintain its lead in the global traffic road marking coatings market in the coming years. Rising construction activities aimed at improving public infrastructure, as well as expanding government schemes and projects, are creating excellent growth opportunities in the Asia Pacific global traffic road marking coatings market. Europe has recently experienced significant growth in the global traffic road marking coatings market.

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