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Traffic Road Marking Coatings Market size is expected to witness noteworthy gains through 2032, owing to growing public investments towards highways and road infrastructure. In fact, mega highway construction projects such as California’s I-5 North Coast Corridor Project, Virginia’s Hampton Roads Bridge-Tunnel Expansion Project, and others are creating a strong demand for the product in the U.S.
Furthermore, industry growth is also driven by surging focus of market players on launching superior-quality road pavement markings with higher durability than their predecessors.
Based on product, traffic road marking coatings market share from thermoplastic segment is slated to register notable gains through 2032. Owing to its durability, safety, and cost-effectiveness, thermoplastic is increasingly used in coating formulation for pavement markings. Moreover, thermoplastic coatings are highly reflective, which makes them easier to spot even on busy roads. They are also weatherproof, and skid-resistant, and can be applied with precision to ensure road safety.
With respect to application, factory segment is slated to observe considerable revenue by 2032. Floor coating with painted lines helps delineate pathways and work zones for ensuring workers’ safety in factories. Additionally, use of these coatings helps clear pedestrian walking zones and create an organized factory space. Growing investments in factory floor marking is creating a notable impetus for segment growth.
Regionally, the MEA traffic road marking coatings market is poised to grow at a substantial CAGR from 2023 to 2032. Growing investments by the government in mega highway projects are likely to bolster the demand for road marking coatings in the region.
Regional expansion can also be attributed to growing runway construction in Saudi Arabia for boosting the airport infrastructure.
The list of prominent traffic road marking coatings industry players includes names such as Monarch Industrial Product (I) Pvt. Ltd., Ennis-Flint (PPG Industries), Swarco AG, Geveko Markings (Sollix Group), and Dow Inc, among others. Several enterprises are increasingly focusing on takeovers and mergers to improve their business presence.
The Russia-Ukraine war had a negative impact on traffic road marking coatings business on account of disruptions in global trade. Both the affected nations are major producers of thermoplastics, which is considered a cost-effective material for manufacturing road marking coatings. The war has affected trade of these materials, leading to a severe supple shortage across a number of countries. Despite this scenario, the industry bounce back to normalcy as many world governments exert more geopolitical pressure on bringing the conflict to the end.