Road Marking and Coatings market forecast to 2025
The increased spending on infrastructural development across numerous regions and the growing focus on boosting the transport infrastructure will prove to be a profitable growth generator for the road marking coatings market during the forecast period of 2017-2025.
The rising spending of the government bodies of numerous countries on constructing new highways and roadways will bring immense growth prospects for the road marking coatings market across the assessment period.
- Densely populated countries like India and China focus more on revamping the transport facilities across their regions to provide seamless access across remote areas. The investments by the respective governments in upgrading transport facilities will bring tremendous growth opportunities for the road marking coatings market through the tenure of 2017-2025.
- The players are focusing on improving their growth trajectory through developing sustainable coatings. The rising awareness about the importance of environment conservation is prompting many to use eco-friendly products. Thus, these aspects will have a major impact on the growth of the road marking coatings market.
- Strategic collaborations help in fuelling the growth of the road marking coatings market. The players indulge in mergers, acquisitions, and partnerships, which help in cementing the foothold, eventually increasing the growth rate of the road marking coatings market.
Road markings play an important role in guiding road users and ensuring smoother flow of traffic. Markings have to be of standard colour and dimensions. They should be marked at appropriate places in order to optimize their visibility and effectiveness. Traffic road marking coatings play a vital role in maintaining road safety, especially in four and six lane highways. These coatings help ensure the smooth movement of traffic, thereby reducing the number of road accidents.
Road marking coatings are easy-to-apply, UV resistant, non-toxic, environment-friendly, and corrosion resistant. Apart from traffic guidance, traffic road marking coatings also act as a tool for warning, controlling, and providing information to drivers. Several types of traffic road marking coatings are available in the market. These include paint, thermoplastic, preformed polymer tape, and epoxy. Thermoplastics coatings are generally homogeneous dry mixes of binder resins, plasticizers, glass beads (or other optics), pigments, and fillers. Their usage has increased vis-à-vis paints primarily due to the performance benefits of increased durability, retro-reflectivity, and a lack of VOC solvents.
Road marking coating is a material used on a road surface in order to convey official information. Road markings are defined as lines, patterns, words, or other devices that are applied to or attached to the carriageway or kerb or to objects within as well as adjacent to the carriageway for controlling, warning, guiding, and informing road users. Besides ordinary road markings, cold plastic compounds can also be used outdoor such as bus stops, bicycle lanes, walkways, restricted areas, and car parks.
A wide range of colours can be combined together in order to design a highly decorative image. In cities, it has become popular to visually divide different traffic areas. Depending on the system and thickness required, it is easy to apply the coating using a roller or trowel. Thermoplastic coat, which is also known as hot melt marking, is gaining advantage owing to its properties such as longevity and retroreflectivity.
Increase in usage of coatings in road marking coatings can be ascribed to the growth in harmful emission of paints. This has resulted in the development of thermoplastic coatings and other environment-friendly alternatives over paints. Rise in the incidence rate of road fatalities is another primary factor compelling regional governments to invest in technological development to ensure highway safety and maintenance.
There is a need for technological development to deal with such issues efficiently and improve the global economic condition as well. Thermoplastic coatings set quickly and adhere firmly to the surface. Extra additives can be added to retain their colour over time. This improves their reflective capabilities. High strength and resistance make them wear-resistance. High visibility is also a key advantage of road marking coatings.
Manufacturers are taking initiatives to develop innovative marking systems and temperature sensitive paints. This, in turn, is increasing their product sale, as more countries are focused on beefing up their safety and maintenance. Implementation of various initiatives to reduce accidents and improve road safety & maintenance is estimated to drive the overall market in the near future. The consumer buying behaviour is likely to be influenced by newly developed high-performance coatings with improved characteristics.
In terms of geography, the road marking coatings market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the major region of the road marking coatings market, with China, Japan, South Korea, and India emerging as the fastest growing countries for road marking coatings.
Led by advanced technological developments and infrastructure development, the Asia Pacific is projected to remain the largest and fastest-growing market during the forecast period. Europe and North America are also witnessing significant growth, as they are the developed economies that are focused on road developments.