Global traffic road marking coatings market is anticipated to gain significant momentum over 2022-2028, given the strong focus on the launch of high-performing road pavement markings with wet reflectivity, durability, and high contrast to promote road safety. In addition, the high investment interest towards sustainable infrastructure development in developing economies will further add impetus to market expansion over the foreseeable future. Road marking refers to patterns, lines, or words marked on the pavement to guide and control traffic on highways, as well as provide proper guidance to pedestrians. Solvent-based and thermoplastic road marking paint are among the types of material used to signify the delineation of traffic paths and serve as a psychological barrier to ensure smooth and orderly traffic flow.
Rapid implementation of road and highway projects to ease traffic congestion is one of the factors fostering the traffic road marking coatings market size through 2022-2028. For example, the I-405 widening project introduced in California, U.S. will include various works across 16 miles of the highway, spanning from Long Beach to Costa Mesa. Such developments, alongside the rising fatalities due to road accidents, are expected to proliferate the need for traffic signs and road markings in the upcoming years.
Thermoplastic is projected to emerge as a prominent product segment in the traffic road marking coatings industry by 2028. Growth from this segment can be credited to the mounting usage of the formulation as an excellent choice for pavement markings due to benefits like cost-effectiveness, durability, and safety.
Based on application, the factory market segment is likely to record substantial revenue over the estimated timeline. This is on account of the increased emphasis on factory floor marking with numbers, letters, and symbols to differentiate and delineate various areas. The use of these markings to create clear pedestrian walkways and spaces and help identify potential hazards in factories will also fuel segmental expansion over the years ahead.
The Middle East and Africa traffic road marking coatings market will amass considerable gains by 2028, as a result of the implementation of major highway projects and the strong focus on infrastructure development in the region. Key road projects include the Dhahran-Al Batha road in Saudi Arabia, which will be constructed to connect the Jubail and Dammam highways, as part of the country’s Future Projects Forum, led collaboratively by SABIC, Saudi Aramco and the Saudi Contractors Authority. Developments such as these, along with the increasing runway construction for new airports in the country, will also assert a positive influence on the regional market dynamics over the forecast spell.
The competitive landscape of the traffic road marking coatings industry consists of companies such as US Specialty Coatings, Swarco AG, Monarch Industrial Product (I) Pvt. Ltd., Geveko Markings (Sollix Group), Ennis-Flint (PPG Industries), and Crown Technologies, among others. Strategic product launches, acquisitions, and business expansions are some of the strategies being employed by these firms to expand their portfolio across the global market. For instance, in January 2021, PPG established the Traffic Solutions unit, following its acquisition of Ennis-Flint, to manufacture and supply pavement-marking products, including thermoplastics and paint, for customers across commercial infrastructure and other sectors.
COVID-19 Impact on Traffic Road Marking Coatings Market Trends:
Despite the widespread disruption of supply chains during the initial months of the coronavirus pandemic, various maintenance and construction projects on roads are slated to increase due to less traffic. Apart from road construction, the crisis and the reduction in flights have also provided an opportunity for the reassessment of runway construction windows. For instance, in May 2020, the Auckland Airport announced plans to grasp the opportunity arising from travel limitation during the pandemic, to advance its runway pavement replacement project. These aforementioned factors are expected to make significant contribution to the growth of the traffic road marking coatings industry over the forthcoming years.