Traffic Road Marking Coatings Market

Market Overview

The global traffic road marking coatings market size was valued at USD 4.68 billion in 2021. It is projected to reach USD 8.81 billion by 2030, growing at a CAGR of 7.28% during the forecast period (2022–2030).

Road marking coating is a material used to convey official information on a road's surface.  It plays an essential role in directing drivers and facilitating traffic flow. Road markings are lines, patterns, words, or other devices applied to or attached to the carriageway or curb or objects within and adjacent to the carriageway to control, warn, guide, and inform road users. In addition to conventional road markings, cold plastic compounds can be used outdoors for bus stops, bicycle lanes, walkways, restricted areas, and parking lots. Different color combinations can produce highly decorative images, which have gained popularity in cities to demarcate different traffic zones visually. Due to its strength and retro-reflectivity, the thermoplastic coating, also known as hot melt marking, is becoming increasingly popular.

Road markings are simple to apply, UV-resistant, non-toxic, eco-friendly, and corrosion-resistant. In addition to directing traffic, traffic road marking coatings serve as a tool for warning, controlling, and informing drivers. Many traffic road marking coatings are available on the market, including paint, epoxy, thermoplastic, preformed polymer tape, and others. Thermoplastic coatings are typically homogeneous, dry mixtures of plasticizers, pigments, fillers, and optics such as glass beads. The use of these coating has primarily increased because of the performance benefits of increased durability, retro-reflectivity, and the absence of volatile organic compound (VOC) solvents.

Market Dynamics

Market Drivers

Rising Road Safety Concerns

Road markings are anticipated to increase in demand and adoption due to rising awareness of traffic safety issues and products. Road safety measures include raising awareness using signals, sign boards, and other techniques like organizing awareness camps. Signboards are the most frequently used method to prevent traffic accidents and mishaps. The demand for traffic marking coatings has significantly increased due to measures like footpaths, safe crossing points, cycling lanes, rumble strips, and other traffic calming measures. Strict driving regulations, adhering to traffic laws, and practicing safe driving are some essential factors influencing and fueling the market's expansion.

Government Initiatives to Support Public Infrastructural Growth

Governments are making significant investments in the development of road and road safety initiatives, which is boosting the market growth. Schemes to increase the road network connecting urban areas to remote areas are also anticipated to affect market expansion positively. In addition, the global increase in construction activities has significantly increased the demand for better and more effective roofing and paving solutions.

Market Restraint

Stringent Regulations Governing VOC Emissions 

Paints and coatings are significant sources of volatile organic compound (VOC) emissions. VOCs are highly hazardous to the environment and living organisms, and certain volatile organic compounds are carcinogenic and can even cause cancer in animals. Additionally, volatile organic compounds such as styrene and limonene can react with nitrogen oxides to produce secondary aerosols. In addition, they contribute to the development of tropospheric ozone and smog. It is anticipated that stringent regulations imposed by government authorities and organizations to limit VOC emissions will limit market growth.

Regional Analysis

The global traffic road marking coatings market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.

Asia-Pacific is the largest shareholder in the global traffic road marking coatings market. The global market in Europe is anticipated to increase during the forecast period. The European Union Road Federation is actively researching to create standardized recommendations as part of its ongoing efforts to reduce traffic fatalities. High-quality construction materials, safety precautions, training, and improved contractor oversight will increase demand.

Segmental Analysis

The global traffic road marking coating market is segmented into product, type, and application.

By Product

Based on product, the market is divided into the paint, thermoplastic, preformed polymer tape, and epoxy.

Thermoplastic coating is anticipated to dominate the global traffic road marking coating market and hold the highest market revenue share during the forecast period. Conventional paint is the best for markings on public and private spaces. These paints come in various color choices, each intended for a specific purpose, such as temporary markings, best reflectors, or areas frequently used by a big forklift truck.

By Type

Based on type, the market is bifurcated into permanent and removable.

The permanent segment dominates the global traffic road marking coating market. Permanent aerosol paints are frequently used to mark traffic lanes because of their high solids and resin content, which increases their exterior durability and resistance to abrasion, weather, and water. Although there are many colors of aerosol paints, crosswalks, streets, highways, airport runways, and parking lots are frequently painted white or yellow.

By Application

Based on application, the market is categorized into road marking lines and road marking labels.

Road marking lines have emerged as the most popular application category. The increased use of road marking lines as vehicle guidance is expected to increase demand. The marking designates the traffic path and the lateral clearance from traffic hazards for safe and efficient movement on the road. It can also direct traffic, inform drivers, and warn other road users.

Recent Developments

• June 2022- Sherwin-Williams Acquired German Industrial Coatings Company, Gross & Perthun GmbH. The Sherwin-Williams Company (NYSE: SHW) announced an agreement to acquire Gross & Perthun GmbH, a developer, manufacturer, and distributor of coatings primarily for the transportation and heavy equipment industries headquarters in Mannheim, Germany.
• April 2022- Sherwin-Williams Completed the Acquisition of the European Industrial Coatings Business of Sika. The Sherwin-Williams Company (NYSE: SHW) declared that the purchase of Sika AG's European industrial coatings business had been completed. The acquired company will be incorporated into the company's Performance Coatings Group operating segment.