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The road marking materials market share is expected to increase to USD 2.11 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.72%.
This road marking materials market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers road marking materials market segmentation by type (paint-based marking and performance-based marking) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
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"Government initiatives focusing on trade and foreign direct investment (FDI) are strengthening the cross-border e-commerce logistics market in APAC, which will also facilitate the road haulage market growth over the forecast period.
The road marking materials market report also offers information on several market vendors, including 3M Co., Axnoy Industries LIp, AutoMark Technologies (India) Pvt. Ltd., AUTOMARK INDUSTRIES (INDIA) Pvt. Ltd., Basler Lacke AG, Crown Technology LLC, Evonik Industries AG, Geveko Markings, Kataline Group, Kelly Bros Ltd., Kestrel Thermoplastics Ltd., Nanjing Roadsky Traffic Facility Co.Ltd. (ROADSKY Corp.), NIPSEA Group, Ozark Materials LLC, PPG Industries Inc., Rembrandtin Coatings GmbH, SealMaster, Sunrise Overseas, SWARCO AG, and The Sherwin-Williams Co. among others.
The growing awareness and adoption of road safety is notably driving the road marking materials market growth, although factors such as certification in nordic countries may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the road marking materials industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Road Marking Materials Market Driver
One of the key factors driving the global road marking materials market growth is the growing awareness and adoption of road safety. According to the WHO, one person around the world dies in a road collision or accident every 24 seconds, which is approximately 1.3 million people each year. The WHO kicked off the Decade of Action for Road Safety at the end of October 2021, calling on governments and their partners to act together to end this preventable crisis. Moreover, in November 2021, a third-party independent research commissioned by 3M in 11 countries to identify the top concerns of adults related to getting to and from home safely found that 33% of global respondents have a family member or close friend who has died or been seriously injured in a car crash, while 40% of those incidents occurred during the pandemic. Thus, the growing need for road safety globally will have a positive impact on the market in focus during the forecast period.
Key Road Marking Materials Market Trend
Smart and autonomous mobility is one of the key road marking materials market trends that is expected to impact the industry positively in the forecast period. Semi-autonomous driver assistance systems have become an integral part of modern vehicles at present. For instance, in March 2021, Volvo Autonomous Solutions partnered with Aurora to jointly develop autonomous transport solutions. For these autonomous vehicles to be reliable, the quality of lane markings is important. For instance, SWARCO Road Marking Systems tests and applies marking systems in St. Valentin, Austria, as an exclusive partner of Digitrans. The advanced technology incorporated in autonomous vehicles can compensate for bad roads only to some extent. Only 41% of roads in the US are considered worthy of a "good ride," as per the International Roughness Index. Thus, physical infrastructure such as road marking is mandatory for the implementation of autonomous vehicles, which will propel the growth of the market in focus during the forecast period.
Key Road Marking Materials Market Challenge
One of the key challenges to the global road marking materials market growth is the certification in nordic countries. NordicCert is a certification system for road marking materials, which comprises Denmark, Iceland, Norway, and Sweden. The approval of road marking products is based on the monitored and documented performance measurements of material samples that are applied to test fields on public roads. The certification system also includes the materials used for road markings with respect to the color (white, yellow), the type (Type I, Type II, antiskid, inlaid, temporary, and materials for hand application and with enhanced durability), and the thickness (0.4, 0.6, 1.5, 3 and 5 mm). Thus, the rejection of road marking materials may appear as a challenge for the vendors operating in the market and negatively impact the market in focus during the forecast period.
This road marking materials market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global road marking materials market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the road marking materials market during the forecast period.
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52% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for road marking materials in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing infrastructural development activities and investments in roadways in countries such as China, Japan, India, Singapore, Australia, and the Philippines will facilitate the road marking materials market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of the COVID-19 pandemic led to delays in various construction activities, including road construction and others. However, in 2021, with the ramping up of mass COVID-19 vaccination drives and the rising awareness among people about safety measures that need to be taken to contain the spread of the disease, the pandemic is expected to be brought under control soon. Governments in the region have started focusing on reviving their economies. Such initiatives will increase the demand for road marking materials during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the road marking materials market encompasses successful business strategies deployed by the key vendors. The road marking materials market is concentrated and the vendors are deploying growth strategies such as technological advancements to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The road marking materials market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the road marking materials market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The road marking materials market share growth by the paint-based marking materials segment will be significant during the forecast period. To comply with stringent regulations on the use of volatile organic compounds (VOCs), the project operators use acetone road paint for marking, as it is extremely low in VOCs. This solvent-based paint is exempted by the US Environmental Protection Agency (EPA) from adversely affecting the VOC of the surface's coating. Such factors will drive the market growth through this segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the road marking materials market size and actionable market insights on post COVID-19 impact on each segment.
Road Marking Materials Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.72% |
Market growth 2022-2026 |
$ 2.11 billion |
Market structure |
Concentrated |
YoY growth (%) |
4.21 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key consumer countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
3M Co., Axnoy Industries LIp, AutoMark Technologies (India) Pvt. Ltd., AUTOMARK INDUSTRIES (INDIA) Pvt. Ltd., Basler Lacke AG, Crown Technology LLC , Evonik Industries AG, Geveko Markings, Kataline Group, Kelly Bros Ltd., Kestrel Thermoplastics Ltd., Nanjing Roadsky Traffic Facility Co.Ltd. (ROADSKY Corp.), NIPSEA Group, Ozark Materials LLC, PPG Industries Inc., Rembrandtin Coatings GmbH, SealMaster, Sunrise Overseas, SWARCO AG, and The Sherwin-Williams Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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