The global trafficroad marking coatings market size was valued at USD 6.89 billion in 2023. The market is projected to growfrom 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”.
Startling Rise in Road Fatalities Worldwide to Fuel MarketGrowth
Accidents and deaths causedby road crashes 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 markingcoatings 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.
COVID-19 Impact
The COVID-19 pandemic has causedthe traffic road marking coatings market growth to tumble in an unprecedented
manner, with the market registering a sharp decline of 3.67% in 2020. With the coronavirus continuing its relentlessrampage in several major economies, governments have had to impose severe
lockdowns and movement restrictions, confining large swathes of the global
populace to their homes. As a result, there has been a steep drop in the demand
for vehicles, air travel, and other critical economic activities, which have petered
down the necessity of deploying road safety-ensuring solutions.
Segmentation
Based on product, the markethas been 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.
Report Highlights
The report containsunparalleled insightsinto market drivers, trends, and restraints, 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.
