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The global traffic road marking coatings market size was USD 6.04 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with traffic road markings witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 3.67% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 6.31 billion in 2021 to USD 8.34 billion in 2028 at a CAGR of 4.1% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.
The market is projected to witness substantial growth in the post-pandemic period due to the increasing awareness in consumers regarding road safety and stringent regulations imposed by governments to prevent road accidents. Another major factor that is expected to drive the global market is increasing government investments in developing public infrastructures and road connectivity to remote areas. These factors will contribute positively to the market’s growth.
COVID-19 Pandemic: Falling Demand for Fuel and Vehicles to Stall Market Growth
The effect of the COVID-19 pandemic on various end-use sectors has been rigorous. In the construction industry, for example, due to the shutdown of operational and manufacturing activities, the market experienced a sudden dip in demand, which was sensitive to the economic cycle. The sector was already experiencing a liquidity crunch and COVID -19 further added to the economic crisis. Many projects have been left incomplete at various stages due to the immediate and stringent lockdown imposed by various governments. Moreover, the exodus of migrant laborers and other informal sector workers, who mainly depend on the construction industry for livelihood, affected the supply chain in the industry. As a result of the unavailability of labor services, a huge decline in the demand for traffic road marking coatings was witnessed in 2020.
Polymer and coating industries also experienced a drop in demand attributed to the stringent code of conduct compelled by governments. There was a marginal influence during the COVID-19 pandemic in terms of the supply of raw materials for the coatings industry. The pandemic and lockdown conditions caused enormous disruptions in the entire production and supply chain of the coatings industry, further affecting the market.
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Increasing Prevalence of Water-Borne Coatings to Surge Traffic Road Marking Coatings Market Growth
Water-borne coatings are surface coatings that use water as a solvent to disperse the resin. These coatings contain water in variable compositions up to 80% and a small amount of other organic solvents, such as glycol ethers. Due to the high content of water, these coatings are eco-friendly and also provide excellent sealing effects, rub resistance, and high gloss. They also create strong adhesion to the substrate, increasing resistance to rust and weathering. The increasing adoption of these coatings can be attributed to their exceptional properties, which in turn shall boost market growth. Moreover, these coatings include very small amounts of organic solvents that cause negligible VOC emissions. In addition, compliance with regulations set by government authorities makes these coatings an ideal choice.
Epoxy coatings are one of the more significantly growing types of coatings. Epoxy coatings are economical and reliable and are generally used in areas with heavy traffic. These coatings are preferred over plastics due to their resistance to oil, transmission fluids, and gasoline. The increasing demand for such durable coatings is expected to surge market growth.
Rising Road Safety Concerns to Drive the Demand for Traffic Road Marking Coatings
Traffic safety products, such as road markings, are expected to experience a high growth rate in terms of demand and adoption due to the increasing awareness regarding road safety. Road safety measures include creating awareness through signals, sign boards, important messages, mandating traffic rules, and organizing awareness camps and other methods. However, signboards are the most commonly used method, majorly employed for preventing road accidents and mishaps. Roads are the most used medium of transportation and hence, users such as pedestrians, cyclists, and motor vehicle drivers are susceptible to accidents. Measures such as footpaths, safe crossing points, cycling lanes, rumble strips, and other traffic calming measures have significantly raised the demand for traffic road marking coatings.
Increasing accident cases worldwide is one of the key reasons for improving awareness. According to the World Health Organization, approximately 1.35 million people die in road traffic crashes every year and more than half of all the accidents are among vulnerable road users such as pedestrians and cyclists. Stringent regulations regarding driving and following traffic rules and practicing safe driving are some of the important aspects influencing and driving the growth of the market.
Government Initiatives to Support Public Infrastructural Growth Shall Foster Market Growth
Safe and strong road structures play an important role in ensuring safe driving practices. Increasing investments by governments in improving the road quality ideally designed considering vulnerable road users and other few aspects shall propel market growth. Additionally, schemes supporting growth in road connectivity of urban areas to remote areas are also expected to positively impact market growth.
Furthermore, increasing construction activities all over the world have significantly raised the demand for enhanced and efficient solutions for roofing and paving. The use of thermoplastic coatings for such applications is one of the most efficient and cost-effective options for consumers. The increasing adoption of such thermoplastic coatings can be attributed to their good thermal stability, water-borne nature, and comparatively lower cost.
Some of the recent initiatives by the Indian Government are as follows:
Stringent Regulations Governing VOC Emissions May Hamper the Market
Paints and coatings are considered a major source of volatile organic compound (VOC) emissions. VOCs are extremely harmful to the environment as well as living organisms. Certain VOCs are carcinogenic in nature and can even cause cancer in animals. Additionally, VOCs such as styrene and limonene can react with nitrogen oxides, which can lead to the formation of secondary aerosols. They also contribute to the formation of tropospheric ozone and smog.
Stringent regulations imposed by government authorities and organizations to limit the emissions of VOCs are expected to limit the market’s growth. For instance, France, Germany, and Belgium have enacted certain regulations to limit VOC emissions from commercial products & industries and have developed ecolabel and rating systems such as EMICODE, Blue Angel, M1, and others. This is expected to hinder the market growth for Traffic Road Marking Coatings.
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Water-Based Coatings Segment to Generate High Revenue Backed by Exceptional Properties
Based on type, the market is segmented into water-based coatings, solvent-based coatings, and thermoplastic coatings. The water-based coatings segment holds the prime share in the market due to its environment-friendly nature. Further, these paints support energy conservation and sustainability and hence are widely employed in construction and infrastructures. Conventional paints are used for painting signs and boards in public spaces. For instance, red signs are used to provide crucial information such as speed limits and accident-prone areas, while yellow and orange paint is used for temporary cautions.
Thermoplastic coatings are useful to avoid the fading off and complete removal of the paint by rains, water splashes, or any other external factors. Additionally, reflectors are extensively deployed in accident-prone areas, dangerous turns, and areas that frequently face heavy traffic and accidents.
The increasing demand for thermoplastic and epoxy coatings, driven by their low price and superior mechanical strength, elasticity, flexibility, and abrasion resistance, is anticipated to significantly influence the market. For example, epoxy coatings are fast curing and bear cohesive properties and are used to stripe durable, effective reflective, and tough road lines.
Roads & Highways Segment to Hold a Significant Share Supported by Growing Road Safety Concerns
The market is segmented into roads & highways, airports, parking lots, and others in terms of application. The roads & highway segment constituted the major market share in 2020. The growing demand for water-borne thermoplastic coatings for protecting the retro-reflectivity markings on roads and parking space/lots is one of the prime factors driving the market. Besides, the increasing demand for water-proof coatings from multiple application areas including airports, malls, parking lots of malls, shopping centers, housing societies, and others is also expected to drive the market's growth.
Asia Pacific Traffic Road Marking Coatings Market Size, 2020 (USD Billion)
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The market size in Asia Pacific stood at USD 2.37 billion in 2020. Asia Pacific dominated the traffic road marking coatings market share and is likely to maintain its position during the forecast period. Increasing constructional activities in the public, as well as the private, sector is the key factor influencing growth in the region. The construction sector, coupled with various government initiatives and schemes supporting constructional and infrastructural activities, will also propel regional growth. For instance, in November 2020, the Union Cabinet of the Indian government approved investments worth INR 6,000crores equity in the debt policy of the National Infrastructure Investment Fund for the next 2 years to boost infrastructure growth.
Europe is experiencing significant growth for the last few decades. Increasing tourism activities are creating a dire need for improving infrastructures and public transport. Additionally, the increasing number of passenger vehicles on roads has raised the possibility of road accidents. This has led to an increase in the demand for road safety measures.
North America is expected to witness considerable growth in terms of volume. Increasing residential and commercial infrastructural activities are supporting the adoption of traffic road marking coatings. Moreover, the presence of a large manufacturing base for coatings & paints is also expected to drive regional growth. Stringent road safety rules and awareness among consumers regarding the same shall boost the market growth.
Brazil, Mexico, Argentina, Colombia, and Chile are the major emerging economies in Latin America for the market due to rapid industrialization. Increasing initiatives put forth by the Brazilian government for transport infrastructure development are projected to drive the regional market growth.
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Increasing population and tourism in the Middle East are expected to create lucrative growth opportunities for market players. The rising number of construction activities to support the growing tourism industry will also contribute to market growth.
Key Companies to Adopt Strategies and Broaden Market Presence
With a few global players capturing a significant share, the global market is concentrated in nature. Dulux Protective Coatings, Rua Seguridad, Berger Paints, Langfang Tenroads Glass Products Co., Ltd., Resincoat Ltd, Asian Paints Ltd., Sherwin-Williams Company, Geveko Markings, and 3M are some of the market's key players.
Industry players operate principally based on the product's price and application characteristics. To achieve a competitive advantage, several major players are engaged in numerous strategic alliances to promote brands and augment sales.
An Infographic Representation of Traffic Road Marking Coatings Market
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The traffic road marking coatings market research report provides a detailed industry analysis and focuses on crucial aspects such as leading companies, products, and raw materials. Additionally, the report also offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market's growth in recent years. This report includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest dynamics and opportunities.
Value (USD Billion) and Volume (Tons)
By Product; By Application; and By Region
Fortune Business Insights says that the global market size was USD 6.04 billion in 2020 and is projected to reach USD 8.34 billion by 2028.
In 2020, the Asia Pacific market size stood at USD 2.37 billion.
Growing at a CAGR of 4.1% the market will exhibit steady growth during the forecast period (2021-2028).
The roads & highways segment is expected to be the leading segment in this market during the forecast period.
Rising road safety concerns will drive the demand for these coatings.
Dulux Protective Coatings, Rua Seguridad, Berger Paints, Langfang Tenroads Glass Products Co., Ltd., Resincoat Ltd, Asian Paints Ltd., Sherwin-Williams Company, Geveko Markings, and 3M are some of the major players in the global market.
Asia Pacific dominated the market share in 2020.
The increasing demand for water-borne coatings is expected to drive the adoption of these products.
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