The market road marking materials is expected to grow at a CAGR of less than 6% during the forecast period. Major factors driving the market studied are an increase in spending on road safety, rising demand from the infrastructure sector in Asia-Pacific.
- Increasing investments for roadway projects in developing economies is expected to act as an opportunity
- Asia-Pacific dominated the market across the globe with the largest consumption in country such as China, India, etc.
Key Market Trends
Road Making Dominate the Market
- Road markings provide direction to drivers and pedestrians to ensure lane driving and road safety. It also indicates regulations for stopping and parking.
- Annually, traffic accidents kill more than 1.2 million people and injure up to 50 million people, worldwide. The increase in a number of such incidences has urged the government bodies of several nations to increase their budgets for road safety in current and future action plans.
- With this, the focus has increased significantly on the usage of road markings, and, in turn, the materials used for the same.
- In addition, several European and Asian countries are now approaching newer methods of road safety. Such factors are expected to increase the demand for road marking materials over the coming years.
China to Dominate the Asia-Pacific Region
- The demand for road marking materials is expected to witness moderately high growth in China, owing to the increase in infrastructural expenditure and construction of roads, parking lots, etc.
- The increasing concerns for road traffic safety recently have led to an increase in demand for road marking materials, in order to ensure lane driving.
- In addition, the Chinese government has been giving strong support in order to meet the rising needs for transportation in the country.
- In addition, the Civil Aviation Administration of China (CAAC) announced its plan to build about 66 new airports by 2021, which is a positive factor for the road marking materials market.
- Owing to such large-scale projects, the demand for road marking materials is expected to increase substantially in the coming years.
The road marking materials market is fragmented in nature. Some of the major companies in the market include BASLER LACKE SWITZERLAND, Ennis Flint, Inc, Kataline Group, Ozark Materials LLC., and SealMaster, among others.
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