Rising Demand for Epoxy Coatings Leading to a Sharp Rise in the Traffic Road Marking Coatings Market Share
The global traffic road marking coatings market is expected to reach a market valuation of US$ 5.22 Billion by the year 2022, accelerating with a moderate CAGR of 6% by 2022-2032. Traffic Road Marking Coatings market size is anticipated to be valued at about US$ 9.34 Billion by 2032 end.
Road markings are designs, lines, or phrases painted on the ground to direct and regulate traffic on highways and to properly direct pedestrians. One of the materials used to indicate the delineation of traffic channels and act as a psychological barrier to guarantee smooth and orderly traffic flow is solvent-based and thermoplastic road marking paint.
One of the factors driving the traffic road marking coatings market size through the forecast period is the quick deployment of road and highway projects to relieve traffic congestion. For instance, the I-405 widening project in California, U.S., will involve a variety of construction projects throughout its 16-mile length from Long Beach to Costa Mesa. The adoption of traffic road marking coatings is anticipated to increase in the coming years as a result of these advances and the increased number of fatalities from traffic accidents.
One of the coating types that is expanding the fastest is epoxy. Epoxy coatings are frequently utilized in high traffic areas because they are affordable and dependable. As a result of their resistance to oil, transmission fluids, and gasoline, these coatings are chosen over plastics. The traffic road marking coatings market is anticipated to increase rapidly due to the rising demand for such tough coatings.
Due to the strict code of conduct mandated by governments, demand in the polymer and coating industries also decreased. The supply of raw materials for the traffic road marking coatings market was slightly impacted by the COVID-19 outbreak. The pandemic and lockdown conditions severely disrupted the coatings industry's whole production and supply chain, which also had an impact on the traffic road marking coatings market.
As per the traffic road marking coatings traffic road marking coatings market analysis, several road maintenance and construction projects expanded as a result of the decreased traffic, despite significant supply chain instability during the early months of the COVID-19.
In addition to allowing for road construction, the crisis and aircraft cancellations gave time to assess the best times to build a runway. For instance, Auckland Airport announced plans to advance its runway pavement replacement project by taking use of the opportunity presented by the traffic limitations during the pandemic in May 2020.
Key Takeaways from Market Study
· While the Asia Pacific region is anticipated to experience the maximum growth during the projection period, Europe has emerged as the largest traffic road marking coatings market.
· The traffic road marking coatings market is anticipated to reach a valuation of US$ 9.34 Billion by 2032.
· Road marking lines were the most popular application category in 2021, accounting for a traffic road marking coatings market share of 55.1 percent.
· Thermoplastic coating is anticipated to increase at the quickest rate of any product category during the forecast period, accounting for 23.3 percent of traffic road marking coatings market revenue.
Companies like US Specialty Coatings, Swarco AG, Monarch Industrial Product (I) Pvt. Ltd., Geveko Markings (Sollix Group), Ennis-Flint (PPG Industries), and Crown Technologies are among those that compete in the traffic road marking coatings market. These companies use a variety of techniques to diversify their product offerings across the global market, including strategic product releases, acquisitions, and corporate expansions.
These insights are based on a report Traffic Road Marking Coatings Market by Future Market Insights