The Road Marking Materials Market size in 2018 was estimated to be USD 6.8 billion and is projected to reach USD 8.8 billion by 2023, at a CAGR of 5.2%. The road marking materials market is driven by the demanding and dynamic applications in road & highway marking, airport marking, and antiskid marking, among others.
The global road marking materials market is expected to be driven by various factors such as increased spending for safer roads and new infrastructure and roadway projects in emerging economies. However, the conservative approach of road contractors adversely affects the growth of the road marking materials market. The road marking materials market has been segmented based on type, application, and region.
Road marking materials are products such as paint or structural plastics which are applied to road surfaces to demarcate traffic lanes, bays, and signals; to provide nighttime retro-reflectivity in dry, wet, and rainy conditions; and to provide frictional properties. These materials convey road instructions to commuters. They are also applied to mark parking spaces or designate areas for specific uses. Road marking materials/paints are an amalgamation of pigments, fillers (typically glass beads), and binders.
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On the basis of type, the market is segmented into paint-based and performance-based road marking materials. The paint-based segment accounts for the larger share of the overall road marking materials market. Paint-based markings are the oldest road markings. They are in high demand due to their retroreflective glass beads. These paints are generally used to denote travel lanes or mark parking spaces. The performance-based markings segment is projected to witness the highest CAGR between 2018 and 2023.
Thermoplastics and cold plastics are the two different types of performance-based markings. Thermoplastics are one of the most commonly used surface marking materials owing to their durability, lack of VOC, and excellent reflection properties at day as well as night, and in wet conditions. Cold plastic markings are widely used in high traffic areas, where there is high snowfall. Cold plastics are a very durable product though they have limited applications. They are used when extended life of road markings is required.
The road marking materials market is expected to witness the highest growth in the airport segment during the forecast period. Airport markings guide airplanes coming into and going out of a runway or taxiway, provide situational awareness, provide essential visual aid to authorities, and promote overall airfield safety.
The APAC road marking materials market is projected to witness the highest CAGR between 2018 and 2023. The road marking materials market in APAC is dominated by China. The need to address issues such as traffic congestion, traffic violations, and road accidents are driving the demand for road marking materials in the region. In APAC, countries such as Japan are increasingly adopting road safety measures, which is driving the demand for road marking materials.
Regulatory bodies and regional government have started addressing road safety issues by implementing stringent rules and regulations in countries across the globe. The rapid expansion of the building & construction and related infrastructure is making way for the development of modern and safe road networks, which is expected to further propel the growth of the road marking materials market.
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