The road marking materials market is projected to grow from USD 6.1 billion in 2020 to USD 7.5 billion by 2025, at a CAGR of 4.4% from 2020 to 2025. The major reasons for the growth of the road marking materials market include increased spending on safer roads, and new infrastructure and roadway projects in emerging economies. These factors are responsible for driving the demand for road marking materials market.
Companies such as The Sherwin-Williams Company, Ennis-Flint, Inc., SWARCO AG, Geveko Markings, and SealMaster, fall under the winners’ category. These are leading players in the road marking materials market, globally. These players have launched various new products, entered into various deals, and adopted several other strategies, to strengthen their presence in the global market.
Asia Pacific is projected to be the fastest growing market for road marking materials during the forecast period. The growing demand for road marking materials is primarily driven by the increasing investments in the civil construction sector, as well as the growing need for safer roads. The various infrastructural activities by emerging economies like China and India is driving the growth of the Asia Pacific road marking materials market during the forecast period.
Factor like increased significance of road markings in lane departure warning systems (LDWS) is expected to drive the growth of road marking materials. Lane departure warning systems (LDWS) are used as an effective countermeasure against road departure crashes. Image-based LDWS uses image recognition software which evaluates the imageries collected by a camera. This system then tracks the road markings and predicts when a vehicle unintentionally deviates out of the travel lane. Furthermore, image-based LDWS can be incorporated with the help of existing infrastructure such as the road markings, which, in-turn has increased the importance of road markings in LDWS systems.
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“Road & highway markings are estimated to lead the road marking materials market, in by application segment during the forecast period”
By application, road & highway markings are estimated to be the largest segment in road marking materials market in 2020. The road & highway markings considered in this report are thermoplastics, cold plastics, solvent-based paints, and water-based paints. These markings are projected to lead the road marking materials market as they are applied on the largest segment of road markings market, which are the roads and highways. Due to this factor the road & highway markings are supposed to lead the road marking materials market during the forecast period.
“Asia Pacific road marking materials market is projected to grow at the highest CAGR during the forecast period, in terms of value.”
Asia Pacific is projected to be the fastest-growing market for road marking materials during the forecast period. Factors like growing demand for safer roads as well as the increasing investments in the civil construction sector support the use of road marking materials in the Asia Pacific region, during the forecast period.
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