The size of the global market for road marking paints and coatings is anticipated to expand significantly from 2022 to 2032 at a CAGR of 3.5 percent. The road marking paints and coatings market is expected to grow as people become more conscious of the need of driving safely. According to FMI, the market for paints and coatings for road markings would likely reach US$ 11.6 billion in 2032 and US$ 8.1 billion in 2022. Road marking paints & coatings are used for marking road area, speed breakers, dividers, parking areas, and turning signs amongst others. Road marking plays a crucial role in maintaining road safety and traffic control. This activity is enabled by the application of Road Marking Paints & Coatings by the road marking job companies. Road marking paints & coatings needs to be durable and strongly visible, therefore, abrasion resistant and strong weathering proof paints & and coatings are used for marking the road. Road marking paints are coatings use optical brighteners or fluorescent pigments for providing brightening and fluorescent effect to the road markings. Road marking paints & coatings are generally polymer based and ceramic based coatings including, acrylic, epoxy glass, and other materials. Road marking paints and coatings can be classified into water based, solvent based and other thermoplastic coatings. Glass beads are also used in the road marking purposes. Applications of road marking paints & coatings includes, highways, local roads, parking areas, landing markings, cross roads, and intersections on the roads. The service industry of applying these coatings contributes a significant share in the value chain of the road marking paints & coatings market. Market Dynamics of Road Marking Paints & Coatings Market Upsurge in infrastructure development in the emerging economies such as India, China, and Mexico, has been observed in the last few years. Increasing road safety concerns, all over the globe is pushing the road marking paints & coatings. Additionally, increasing awareness about the road safety and use of road marking paints & coatings is expected to drive the demand for road marking paints & coatings, during the forecast period. Increasing population in the countries such as India and china and rise in per capita income of the populations in pushing the need for more roads. Moreover, increasing utilization of the existing roads is accelerating the frequency of road marking, in the densely populated countries. This is also driving the growth of the road marking paints & coatings market. Stringent regulations on the VOC content of the road marking paints & coatings, in the developed economies is expected to be challenging factor for the potential growth of the market Various types of solvent based paints and coatings used in road marking. Solvent based paints & coatings are facing challenges for complying with the norms of VOC contents in these paints & coatings. The potential growth in the demand for road marking paints & coatings, can be impacted due to the stringent regulations on VOC contents of the paints & coatings. Developed regions such as North America and Europe, have more stringent laws for the VOC content, therefore, these regions are expected slow growth compared to other regions such as Asia Pacific and MEA.
Road Marking Paints & Coatings Market Worth US$ 11.6 Bn by 2032
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