Global Road Marking Materials Market Research Report Forecast to 2023
発行: Market Research Future
ページ情報: 英文 117 Pages
Global Road Marking Materials Market Report: Information by Type (Thermoplastic Marking Paint, Two-Component (Cold Plastic) Road Marking Paint, Solvent-Based Marking Paint, Water Based Marking Paint, and Others), Application (Roads & Streets, Parking Lot, Airport, and Others), and Region (North America, Asia-Pacific, Europe, South America, and the Middle East & Africa)-Forecast till 2023
Road marking materials are the kind of paints used on a surface of the road to convey guidance and information to drivers and pedestrians. Retroreflective glass beads are essential additives used during their manufacturing process to impart reflectivity during the night. These road marking materials are used to mark dividers, center line (single broken line, single solid line, double broken line, or double solid line depending upon the road and traffic requirements), traffic lane lines, no passing zones, warning lines, edge lines, transverse markings ( bumps, stop line, pedestrian crossings, directional arrows), and object marking. There is an increasing spending on road infrastructure observed in the recent years, which is a major market driver. The growth of the global road marking materials market is also influenced by the new roadway projects across the globe.
Furthermore, advances in road-marking systems, such as the technological upgrades, availability of specialized laying equipment and machinery, and availability of tools and machinery from the same market players are expected to largely boost the market growth. These factors are also expected to provide strong growth opportunities to the market players. However, stringent environmental regulations on solvent-borne road marking materials and the high cost of raw materials are expected to hamper the growth of the market during the forecast period.
According to the MRFR analysis, the global road marking materials market is projected to register 5.77% CAGR to reach USD 5,466.5 million by the end of 2023. On the basis of type, the market has been segmented into thermoplastic paint markings, two-component (cold plastic) paint markings, solvent-based paints, water-based paints, and others. The thermoplastic paint markings segment accounted for the largest market share of 32.3% in 2017. The segment was valued at USD 1,271.0 million in 2017; it is expected to register a CAGR of 6.13% to reach USD 1,806.9 million by the end of 2023. The growth is attributed to the superior durability, wear and abrasion resistance, and eco-friendly nature of thermoplastic paints markings compared to other types of road marking materials. Solvent based marking paint segment accounted for the second-largest share of the global road marking materials in 2017 and is expected to register a CAGR of 4.30% to reach to USD 1,208 million by the end of 2023.
By application, the global road marking materials market has been segmented into roads & street, parking lots, airports, and others. The roads & streets segment accounted for the largest share of 55.3% in 2017 due to the large-scale usage of road marking materials on roads & streets for marking center lines, traffic lane lines, warning lines, edge or border lines, bicycle paths, walkway solutions for the visually impaired, pedestrian crossings, transverse markings on bumps, directional arrows, and word messages. The segment was valued at USD 2,176.5 million in 2017; it is expected to grow at a CAGR of 6.09% during the review period. Parking lot segment accounted for the second largest share of the global road marking materials and is expected to register a CAGR of 5.68% to reach to USD 936.1 million by end of 2023.
One of the key trends noticed among market players includes acquisitions, capacity expansions, and product innovation. For instance, in May 2018, Hempel signed agreement to acquire 65% of JW Ostendorf (JWO), Germany's leading manufacturers of decorative paint. Also, in April 2018, another key player, Swarco AG acquired majority shareholding in in Bergauer Holding AG, a Switzerland-based company which is integrated traffic guidance and control system developer.
Source: MRFR Analysis
The global road marking materials market has been analyzed across five key regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The Asia-Pacific market dominated the global market with a share of 39% in 2017 and is expected to register a high CAGR of 6.69% during the forecast period. This is attributed to the increasing spending on road infrastructure as a part of the overall regional development. According to the World Economic Forum, Singapore is ranked at the top in Asia and second globally, in terms of road infrastructure, in the period 2017-2018. The country has allotted USD 20 billion in its budget 2018 for infrastructural projects, where road infrastructure held the prominent position. Hong Kong SAR, Japan, Taiwan, South Korea, and Malaysia, which have equally well-maintained roads, ranked 4, 6, 11, 12, and 23, respectively, in the World Economic Forum ranking. Australia and New Zealand ranked 35 and 40, respectively. China is ranked 42 in the world road quality rankings; the country is witnessing increased spending on road infrastructure in recent years to support its growing economy. In Asia-Pacific region, China accounted for the largest market share, and was followed by India and Japan.
The North American market was the second-largest valued at USD 922.3 million in 2017 and is projected to exhibit a CAGR of 4.90% in the coming years. The US held a significant market share of 77% in 2017 and is expected to register 4.78% CAGR by the end of 2023. On 12 February 2018, the US president Donald Trump proposed USD 200 billion infrastructure plan to improve aging roads, bridges, and tunnels across the country.
The market in Europe held a significant market share of 22% and is expected to reach USD 1,094.5 million by the end of 2023 owing to the increased spending on infrastructure development such as bridges and tunnels. Germany accounted for the largest market share of 26% in 2017, followed by France and Spain. According to the European Commission, the government of Germany earmarked USD 4.4 billion in investment for roads and bridges. The government of France is also planning to substantially boost funds for the maintenance and modernization of national roads.
The Middle East & African market was valued at USD 350 million in 2017 and is expected to register a CAGR of 6.39% during the forecast period. The Middle East countries held the largest market share of 67% in 2017 owing to the increase in construction spending.
The South American market was valued at USD 287 million in 2017 and is expected to exhibit a steady CAGR of 5.89% during the review period. Brazil dominated the regional market and is expected to register a healthy CAGR of 5.82% during the forecast period.
The global road marking materials market has been segmented on the basis of type, application, and region.
Based on type, the global market has been segmented into thermoplastic paint markings, two-component (cold plastic) paint markings, solvent-based paints, water-based paints, and others.
Based on application, the global market has been segmented into roads & street, parking lots, airports, and others.
The global road marking materials market has been analyzed across five major regions, namely North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Some of the key players operating in the global road marking materials market are 3M (US), Sherwin-Williams (US), Swarco AG (Austria), Nippon Paint Holdings Co. Ltd (Japan), Ennis-Flint Inc (US), Hempel (The Netherlands), Geveko Markings (Sweden), PPG Industries, Inc. (US), Asian Paints Ltd (India), SealMaster (US), Lanino (South Africa), Reda National Co. (Saudi Arabia), TATU Traffic Group (China) Zhejiang Brother Guidepost Paint Co Ltd (China), and Helios Group (Slovenia).