June 17, 2024

Road Marking Paints and Coatings Market Poised for Growth Through 2031

These include thermoplastic paints, cold plastics, paint-based coatings and performance-based coatings. They provide clear indications for lanes, crosswalks, parking spaces and other markings. Thermoplastic paints offer better durability compared to other traditional paints used for markings. Growth in infrastructure development initiatives across countries is driving demand for road marking paints and coatings.

The global road marking paints and coatings market is estimated to be valued at US$ 2,158.17 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the road marking paints and coatings market are Sherwin Williams Company, Asian Paints PPG, Aximum, Pidilite Industries, Helios Road Markings, Ennis-Flint, Inc., Berger paints, US Specialty Coatings, SealMaster, Geveko Markings, Dow Inc., Aexcel Corporation, Watco Industrial Floors, Shalimar Paints, Fleet Line Markers Ltd., Dulux Protective Coatings, Nippon Paints, Crown USA Inc., ATS Traffic.

Growing construction activities along with increasing road infrastructure projects globally are driving demand for Road Marking Paints And Coatings Market Size. Rapid urbanization and economic growth in developing countries is also boosting market growth.

Asia Pacific accounts for a significant share in the global road marking paints and coatings market. Presence of developing economies such as India and China with strong focus on infrastructure development provides potential for market growth. Manufacturers are expanding their operations in the region to capture growth opportunities.

Market Key Trends

Development of bio-based raw materials for road marking paints and coatings is a key trend witnessed in the market. Strict environmental regulations regarding VOC emissions has increased demand for environment-friendly alternatives. Major players are investing in R&D to develop bio-based and sustainable product ranges. For instance, PPG Industries launched PPG DURAGRID road marking coating containing plant-based resins reducing VOC levels. Innovation and developing advanced technologies to improve durability, retroreflectivity and resilience are also important trends shaping competition in the global market.

Porter’s Analysis
Threat of new entrants: Low economies of scale in the road marking paints and coatings industry pose a low threat of new entrants. Existing manufacturers have established distribution networks and customer relationships.

Bargaining power of buyers: Buyers have moderate bargaining power as there are several established manufacturers. However, switching costs are relatively low.

Bargaining power of suppliers: Suppliers of raw materials like acrylic and solvent-based resins have moderate bargaining power given the availability of substitutes.

Threat of new substitutes: Alternatives like thermoplastic road marking have limited threat as they are more expensive for certain applications.

Competitive rivalry: Intense competition exists among key manufacturers to grow market share through new product innovation, partnerships, and expansion to new geographies.

Geographical Regions

North America currently holds the largest share of the global road marking paints and coatings market in terms of value due to high vehicle ownership and extensive road network. The U.S dominates demand owing to substantial infrastructure spending.

The Asia Pacific region is expected to grow the fastest during the forecast period. Rapid urbanization and economic growth in countries like China and India are boosting infrastructure development and highway construction. Rising vehicle ownership will further stimulate the need for road safety measures.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it