Market Research Report
Traffic Road Marking Coatings Market Size, Share & Trends Analysis Report By Product (Paint, Thermoplastic, Preformed Polymer Tape), By Type (Permanent, Removable), By Application, By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||358128|
|Published||Content info||122 Pages
Delivery time: 2-3 business days
|Traffic Road Marking Coatings Market Size, Share & Trends Analysis Report By Product (Paint, Thermoplastic, Preformed Polymer Tape), By Type (Permanent, Removable), By Application, By Region, And Segment Forecasts, 2020 - 2027|
|Published: February 27, 2020||Content info: 122 Pages||
The global traffic road marking coatings market size is expected to reach USD 7.1 billion by 2027, at a CAGR of 6.0%, according to a new report by Grand View Research, Inc. Technological advancements and increased concern about public health and safety are factors driving market growth. Growing environmental concerns are driving the need for greener products in an attempt to support a healthy environment.
Paints are regarded as a major source of harmful volatile organic compounds (VOC) emissions. This has resulted in the development of thermoplastic coatings and other eco-friendly alternatives. Increasing instances of road fatalities is another primary concern which is compelling regional governments to invest in technological development to ensure highway safety and maintenance. There is a need for technological development to deal with issues such as traffic safety efficiently, which, in turn, drives the product demand.
Manufacturers are taking initiatives to develop innovative marking systems and temperature-sensitive paints, which is expected to drive market growth. Various initiatives to improve road safety and maintenance and prevent accidents are expected to positively influence the overall market.
Furthermore, favorable regulations established by agencies such as the Environmental Protection Agency (EPA), Traffic Signs Regulations and General Directions (TSRGD) 2002 by the Department for Transport (DT), and initiatives by the European Union to make roads safer are expected to boost the market growth.
The overall growth rate of the traffic road marking coatings market depends on the high potential regions, such as Asia Pacific and Middle East and Africa, where the industrial output is expected to increase over the forecast period. Due to a considerable rise in consumerism, which is driven by economic growth, favorable credit landscape, and increased disposable income, various countries, particularly India and China, have witnessed an exponential rise in manufacturing activities. This has impacted the logistics activities in the aforementioned regions, thereby boosting the demand for traffic road marking coatings for safer roads.