Traffic Road Marking Coatings Market to Exhibit 4.1% CAGR till 2028; Increasing Demand for Epoxy-based Road Markings to Boost the Market

The global traffic road marking coatings market size is projected to reach USD 8.34 billion by 2028 owing to the rising adoption of waterproof coatings in critical infrastructures worldwide, observes Fortune Business Insights™ in its report, titled “Traffic Road Marking Coatings Market Size, Share & COVID-19 Impact Analysis, By Product (Water-Based Coatings, Solvent-Based Coatings, Thermoplastic Coatings), By Application (Road & Highways, Airports, Parking Lots, and Others), and Regional Forecast, 2021-2028”. As per the report, the market value stood at USD 6.04 billion in 2020 and the market is expected to register a CAGR of 4.1% from 2021 to 2028. Further, the market size is estimated to hit USD 6.31 billion in 2021.

The emergence of the COVID-19 pandemic has brought bad news for the traffic road marking coatings market growth as the pandemic-induced lockdowns and social distancing measures forced several migrant workers to return to their hometowns, creating a dearth of laborers in cities. As a result, many important roadwork projects have been stalled, which shrunk the demand for coatings and paints in the traffic industry. The market’s growth rate, therefore, fell by 3.67% in 2020.

PPG Announces Takeover of Coatings Specialist Ennis-Flint

In November 2020, PPG Industries announced that it will acquire Ennis-Flint, a specialist in coatings and a leader in pavement marking based in North Carolina, for an estimated value of USD 1.15 billion. Featuring a diverse portfolio of traffic road marking coating technologies, including thermoplastics and paints, Ennis-Flint has made a name for itself in the traffic safety industry by developing high-quality, regulation-complying solutions. With this acquisition, PPG, a giant in the paints & coatings industry, will be able to bolster its position in the mobility technology domain. Moreover, through this takeover, PPG aims to develop breakthrough solutions to support the expanding presence of self-driving and autonomous vehicles.

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Initiation of Massive Road Construction Projects to Favor Market Growth

One of the foremost indicators of a robust economy is the speed of the infrastructural development of a country. Mega infrastructure projects not only transform the communication, connectivity, and productivity of a country but also create huge employment opportunities. In Andhra Pradesh, for instance, the Union Government of India and the New Development Bank signed agreements worth USD 646 million to augment state and district highway networks in January 2021. Even in developed countries infrastructure commands prime importance. For example, in Florida, the Ultimate Improvement Project aims to widen the state’s most heavily trafficked highway with enhanced lighting and landscaping to decongest the 21-mile stretch. Such road projects are generating enormous demand for traffic road marking coatings, as these solutions are critical in demarcating lanes and putting up signboards to indicate turns, crossings, pavements, and blind spots.

Capacity Enhancement to be a Key Growth Strategy for Players

In a bid to strengthen their research & development and production capacities, key players in this market are strategically acquiring companies and fortifying their position. These acquisitions are empowering companies to diversify their portfolios and broaden their business horizons. In addition, many competitors are also looking for avenues to establish their presence in emerging economies where the demand for traffic road marking coatings is high due to the soaring number of road fatalities in these countries.

Industry Development

• April 2019: Geveko Markings Group acquired Reflective Road Safety Products, followed by a change in entity names of the latter across its facilities and offices in Australia, New Zealand, and Malaysia. The takeover also includes a new factory in Malaysia and manufacturing plants in Australia.

List of Key Players Profiled in this Market Report

• • Resincoat Ltd (U.K)
  • 3M (Minnesota, U.S)
  • Berger Paints (West Bengal, India)
  • Dulux Protective Coatings (Australia)
  • Asian Paints Ltd. (India)
  • Langfang Tenroads Glass Products Co., Ltd.
  • Geveko Markings (Gainesville, Sweden)
  • Rua Seguridad (Metro Manila, Philippines)
  • Sherwin-Williams Company (Ohio, U.S)

Further Report Findings

• The water-based coatings segment led the global market with a share of 39.1% and the US market with a share of 37.3% in 2020 as water-based coatings are environmentally friendly and energy-efficient.
• Government-led and funded infrastructure projects in countries such as India and China will ensure the apex position of Asia Pacific in the traffic road marking coatings market share during the forecast period. In 2020, the region’s market size was USD 2.37 billion.

Table of Segmentation