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.
Traffic Road Marking Coating Market Report Highlights:
• Thermoplastic coatings is expected to emerge as the fastest-growing product segment in terms of revenue over the forecast period. This growth is attributed to its properties such as longevity and retro-reflectivity
• In terms of volume, paint dominated the market in 2019 with a share of 44.9% owing to its wide application for crosswalks, airport runways, and highways
• Asia Pacific is estimated to witness the highest growth rate over the forecast period on account of rise in infrastructure spending in emerging economies such as India, China, and Japan
• Key players operating in the market include BASF SE, Sherwin-Williams Company, Borealis AG, SealMaster, Armacell International S.A., and Recticel Group.
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Traffic Road Marking Coating Market Segmentation
Grand View Research has segmented the global traffic road marking coatings market on the basis of product, type, application, and region:
Traffic Road Marking Coatings Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
• Preformed Polymer Tape
Traffic Road Marking Coatings Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Traffic Road Marking Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
• Road Marking Lines
• Road Marking Labels
Traffic Road Marking Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa
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Grand View Research is a market research and consulting company that offers market research reports, syndicated and Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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