May 27, 2019
Global traffic road marking coating market is presumed to reach around US $6,781 million by the year 2026, according to the latest research available at Market Study Report LLC, that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.
The global traffic road marking coating market is majorly driven by the rapid upsurge in traffic congestion all around the world. The global market growth is also supplemented by rising concerns regarding road safety and the growing need for efficient management & control of road traffic. Moreover, a significant rise in the number of road mishaps has encouraged the governments to develop the road infrastructure, thereby propelling the traffic road marking coating market growth.
According to the report, road construction activities are growing across the world, specifically in the developing nations of Latin America and Asia Pacific, which further supports the expansion of this market. With the growing awareness regarding the use of eco-friendly road marking materials and the introduction of organic coatings, the market is projected to witness lucrative growth opportunities over the future.
On the basis of product spectrum, the global traffic road marking coating market is divided into thermoplastic, preformed polymer tape, and paint. The paint segment dominated the worldwide market in the year 2017, in terms of revenue, and is anticipated to lead the market over the estimated period, given the increasing demand from the emerging regions. The thermoplastic segment is expected to demonstrate the highest CAGR over the forecast timeline, cites the report.
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The geographical landscape of the worldwide traffic road marking coating market comprises five major regions including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The North American market is further divided into the United States, Mexico, and Canada, while the European market covers the United Kingdom, France, Germany, Italy, and the rest of Europe. The Latin American market includes Brazil, and the Asia Pacific region comprises India, Japan, China, and the rest of Asia-Pacific.
According to the findings of the report, the Asia Pacific market is expected to expand at the highest CAGR throughout the projected period. A sharp rise in road construction works in the developing nations of Asia Pacific, along with the burgeoning need for infrastructure enhancement, has stimulated the demand for traffic road marking coatings in the region. The market growth is further supplemented by the amplifying investments by governments in roadway infrastructure development. In addition, rising concerns over road accidents, coupled with the increasing need for minimizing them, augment the regional growth. Key market players are expanding their footprint in the evolving APAC nations including India, China, Indonesia, Japan, and Malaysia, in order to tap the growth potential of these countries.
The worldwide traffic road marking coating market is highly competitive, including well-known market contenders like Asian Paints PPG Pvt. Ltd., WJ Products Ltd., Geveko Markings, Ozark Materials, LLC, Lanino Road Marking Products, Kataline Infraproducts Pvt. Ltd., Kestrel Thermoplastics Ltd., Dow Chemical Company, Crown Technology LLC, and Vertex Group. These companies are joining forces with other market leaders in a bid to introduce new products and cater to the growing requirements of consumers.