Theglobal trafficroad marking coatings market size was valued at USD 6.89 billion in 2023.The market is projected to grow from USD 7.18 billion in 2024 to USD 9.78 billion
by 2032, exhibiting a CAGR of 3.9% during the forecast period. Accordingto a report by Fortune Business Insights™, titled “Traffic Road Marking Coatings Market, 2024-2032”.
Source:
StartlingRise in Road Fatalities Worldwide to Fuel Market Growth
Accidents and deaths caused by roadcrashes have been steadily rising around the globe over the past few years.
Recent data released by the World Health Organization (WHO) reveal that road
traffic accidents kill roughly 1.35 million people globally every year, with
more than 50% of these mishaps occurring among the most road users –
pedestrians, cyclists, and motorists. Furthermore, the WHO data also show that
road accidents also cause non-fatal injuries to many millions around the world
annually. Traffic road marking coatings are essential in ensuring that drivers
are aware of the road conditions, especially during the night and on unknown
terrains. These coatings can efficiently prevent the crashing of vehicles with
each other as well as reduce the risk for other road users.
Segmentation
Based on product, the market hasbeen divided into water-based coatings, solvent-based coatings, and
thermoplastic coatings. Among these, the water-based coatings segment held a
leading share of 39.1% in the globalmarket in 2020.
On the basis of application, themarket is segmented into roads & highways, airports, parking lots, and
others. Geographically, the market has been clubbed into North America, Europe,
Asia Pacific, Latin America, and the Middle East & Africa.
ReportHighlights
The report contains unparalleled insights into market drivers, trends, andrestraints, along with an industry-leading analysis of all possible market
segments. Further, the report offers a granular study of the regional
developments and prospects of the market, as well as actionable research into
the competitive dynamics of the market.
DrivingFactor
Developmentof Eco-friendly Road Marking Solutions to Invigorate the Market
Traditional paints and coatings areknown for their high content of volatile organic compounds (VOCs), which are
known to intensify global warming and damage the Ozone Layer. With the movement
towards sustainability gaining momentum worldwide, traffic road marking coating
producers and researchers are singularly focusing on engineering road markings
made from environmentally friendly materials.
RegionalInsights
RobustDemand for Construction Activities to Propel the Market in Asia Pacific
Asia Pacific is expected todominate the traffic road marking coatings market share over the forecast
period on account of the escalating demand for constructions in the region.
This exponential growth is underpinned by the rapid expansion of urban areas in
the region, especially in China and India. Driven by these factors, Asia
Pacific boasted a thumping market size of USD 2.37 billion in 2020.
