The increase in investment in making roads safer is a major factor driving the growth of the global road marking materials market
PUNE, India, March 8, 2023 /PRNewswire/ -- The global road marking materials market registered a CAGR of 4.4% from 2023 to 2029. It is expected to reach above USD 8.99 billion by 2029.
Road marking materials can be referred to utilize on the roadways and pathways to communicate and guidance information to drivers and pedestrians. Uniformity in the markings is standardized to prevent driveway confusion and improve the road safety. Additionally, the technological advancements like marking longevity, retro reflectivity and low installation expense are implemented to improve the scope of market potential for road marking materials.
Major factors that are expected to boost the growth of the road marking materials market in the forecast period are the rise in the expenditure on the safer roads. Furthermore, the current infrastructure and the roadway projects in the advancing countries is further anticipated to propel the growth of the road marking materials market. Moreover, the safer roads positively influence the GDP which is further estimated to cushion the growth of the road marking materials market. On the other hand, the cautious approach of road contractors is further projected to impede the growth of the road marking materials market in the timeline period.
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Road Marking Materials Market Recent Developments
October 2022, Ingevity Corporation completed the acquisition of privately owned Ozark Materials in an all-cash transaction valued at
USD 325 million. Ingevity expects the acquisition to be immediately accretive to Ingevity's earnings per share. The business will be included in Ingevity's Performance Chemicals segment.
January 2022, Geveko Markings completely acquired and started operating with French road marking paint and safety materials manufacturer Oré Peinture. The acquisition led to the expansion of Geveko Markings' operation in
Franceand overall assets and production capacity.
Road Marking innovations highlight how technology is driving change at Traffic
A knee-high robot that marks white lines accurately and at high speed; innovative paint that can deal with the road surface at level crossings; a ride-on road marker that resembles a Harley Davidson – but is silent; and new treatments that are durable, skid-resistant and highly visible even on a wet night – the road marking sector will demonstrate how much it is working on roads for the future.
Investing More on Safer Roads
According to the Organization of Safe International Road Transport, 3,287 people perish on average on the world's roads each day, or about 1.25 million people per year. Poor traffic conditions are primarily to blame for these occurrences. To prevent mishaps brought on by weather-related factors and reduced sight of road markings at night and during the day, safer roadways are required. To decrease the number of people who lose their lives in traffic mishaps, governments in many countries, including those in the United States, the United Kingdom, China, and Switzerland, have taken action to improve road condition and provide appropriate road markings. This is anticipated to raise the use of road marking materials, driving growth in the market for these materials worldwide over the upcoming years.
The demand for road marking materials is expected to witness moderately high growth in China, owing to the increase in infrastructural expenditure and construction of roads, parking lots, etc.
The rapid industrialization of emerging economies such as China, India, and Japan are expected to boost market demand. Infrastructure investment in China has historically been a major driver of economic growth. Faced with a slowing economy, the government is now hoping that infrastructure development can continue to spur growth as it has in the past, despite a rapid slowing in investment growth over the last decade and the dual priorities of increasing spending and reducing government debt. As the central government tightens its grip on monetary and fiscal policy, funding will primarily go to long-term infrastructure projects that will help secure the country's future, such as transportation, affordable housing, and safety.
No. of Pages
2023 - 2029
Estimated Market Value (USD) in 2022
USD 4.56 billion
Forecasted Market Value (USD) by 2029
USD 8.99 billion
Compound Annual Growth Rate
North America; Europe; China; Asia; Pacific; Central & South America; MEA
Rapid industrialization, combined with increased production capacity, has increased demand for road marking materials.
The road marking materials market is concentrated, and the vendors are deploying growth strategies such as technological advancements to compete in the market. The key offerings of some of the vendors are listed below:
The key market players of road marking materials market include The Sherwin-Williams Company, Ennis-Flint, Inc., SWARCO AG, Geveko Markings, 3M, Asler Lacke Switzerland, Kataline Group, Ozark Materials LLC., and Sealmaster.
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Key Market Segments: Global Road Marking Materials Market
Road Marking Materials Market by Type, 2023-2029 (USD Million) (Kilotons)
Road Marking Materials Market by Application, 2023-2029 (USD Million) (Kilotons)
Road Marking Materials Market Trends
Learn More about Key Driver & Challenge of the Market:
According to the WHO, approximately 1.3 million people die from road collisions or accidents each year. The WHO started the Decade of Action for Road Safety at the end of October 2021 to end this crisis. Thus, the growing need for road safety globally will have a positive impact on the market in focus during the forecast period.
Increased investment on the construction of roads is projected to benefit the sector. Investment in the construction of road networks that will bring economic and social benefits to communities. The benefits of fostering goodwill among communities through the construction of roads and the promotion of trade are likely to provide opportunities for the demand for road marking materials.
NordicCert is a certification system for road marking materials in Denmark, Iceland, Norway, and Sweden. The approval is based on the monitored and documented performance measurements of material samples that are applied to test fields on public roads. The rejection of road marking materials can be a challenge for vendors and negatively impact the market in focus.
There are some constraints and obstacles facing the overall development of the industry that will impede it. A main factor expected to delay development during the projected era is the fluctuating cost of raw materials such as pigments, resins, and additives that are derived from crude oil. In addition, the key factor inhibiting demand growth is the cautious policy of road contractors. Related to different political concerns, strict regulatory policies on solvent-based road markers, dysfunctional oil and gas markets around the world are the possible constraints that hamper the overall development of the global demand for road marking materials.
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