PUBLISHER: Stratview Research | PRODUCT CODE: 1122049
PUBLISHER: Stratview Research | PRODUCT CODE: 1122049
Market Highlights
Traffic marking coatings are used to maintain a safe, orderly, and efficient flow of traffic. They are frequently used on roads, highways, travel lanes, loading zones, and parking spots. Because it quickly cures, conventional paint is suitable for marking both in public and private spaces. They also come in a variety of colors, each of which represents a different purpose.
With the introduction of a stricter code of conduct mandated by governments, there has been a decline in the demand for coatings. Furthermore, along with the disruption of the supply chain, the outbreak of the Pandemic compelled the decision makers to shift their focus entirely on health infrastructure slightly slackening the investments in road infrastructure. As a result of that, the demand for traffic marking coatings plummeted by over 9% in the year 2020.
However, investment in road infrastructure remains the top priority of the leading countries, especially the developing economies. Overall, it is anticipated that the traffic marking coatings market to grow at a decent CAGR of 3.8% during the forecast period to reach a value of US$ 1,385 Million in 2027. Along with new road construction, repair & maintenance is another key demand generator. High impacts and severe weather conditions are always hazards for roads, highways, and bridges. Therefore, it is necessary to regularly maintain the traffic marking lines and sign labels. Also, an increase in the investment in smart street marking systems to promote road safety is creating new business opportunities.
Market Segments' Analysis
Based on the resin type, the market is bifurcated into Acrylics, Alkyds, Epoxy, and Polyester. Acrylics remain the most preferred coating materials for traffic marking solutions in the foreseen future. Quick-drying technology is used in all-acrylic formulations to create durable, long-lasting traffic paints. They are also made to offer superior latex and paint stability. Other resins such as alkyds, dry up slowly and lack the hydrolytic stability or weatherability required for traffic marking. High solids latexes and styrene acrylic compounds with drying aids are also utilized.
Based on the technology type, the market is segmented into Solvent-Borne Coatings and Water-Borne Coatings. Solvent-Borne coatings remain the leading technology in traffic marking solutions. Solvent-borne pavement marking coatings are frequently employed on international highways. Due to its quick drying time, while maintaining a good mix between performance, cost, and simplicity of application, it continues to be the preferred marking technology in lower conditions.
Based on the application type, the market is segmented into Roads & Highways, Airport Marking, Parking lots, and Others. Among these application types, roads & highways are the biggest users of traffic marking coatings. The growing demand for water-borne thermoplastic coatings for protecting the retro-reflectivity markings on roads and parking spaces/lots is one of the prime factors driving the market. Furthermore, increasing demand for waterproof coatings from multiple application areas including airports, malls, parking lots of malls, shopping centers, housing societies, etc., is also expected to drive the market growth.
In terms of regions, North America is expected to remain the largest market for traffic marking coatings over the forecast period. In addition to that, the region is likely to witness healthy market growth in the coming years. The increased construction of residential and commercial infrastructure is helping to promote the use of traffic road marking paints. The existence of a substantial base of coatings and paint manufacturing is also projected to support regional prosperity. The traffic road marking coatings market expansion will be aided by strict traffic regulations.
Key Players
Traffic marking remains one of the key industries that all the key coatings suppliers are targeting today. The following are some of the key players in the traffic marking coatings market:
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The traffic marking coatings market is segmented into the following categories: