LONDON--(BUSINESS WIRE)--The global traffic road marking coatings market size is expected to grow by 575.02 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
Road transportation is one of the most important contributors to economic development and growth in a country. Being one of the most crucial public assets, the need for constant maintenance of roads has increased. Moreover, there has been a significant increase in the construction of new roads, which, in turn, will drive the demand for traffic road markings. These markings help drivers drive safely, thereby reducing the number of road accidents. Thus, the increasing construction of new roads worldwide will drive the demand for traffic road marking coatings, thereby leading to the growth of the market.
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As per Technavio, the increasing demand for organic traffic road marking coatings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Traffic Road Marking Coatings Market: Increasing Demand for Organic Traffic Road Marking Coatings
Traffic road marking coatings contain VOCs, which are potentially harmful to the environment. This is compelling traffic road marking coatings manufacturers to develop environment-friendly coatings that contain minimum VOC content. The organic road marking materials have emerged as a key alternative for traditional coatings, as they help in reducing VOC emissions. This will have a positive impact on the growth of the traffic road marking coatings market. Moreover, the introduction of stringent regulations related to VOC emissions in North America and Europe will also stimulate the demand for organic traffic road marking coatings.
“Other factors such as the growing demand for coatings in local roads, intersections and crosswalks, and highways, and the availability of high-performance coating products with enhanced visibility, durability, and skid resistance will have a significant impact on the growth of the traffic road marking coatings market value during the forecast period,” says a senior analyst at Technavio.
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Traffic Road Marking Coatings Market: Segmentation Analysis
This market research report segments the traffic road marking coatings market by product (paint, thermoplastic, preformed polymer tape, and epoxy) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the traffic road marking coatings market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the high growth in infrastructure in emerging economies like India and China, a rise in employment, and an increase in the middle-class population.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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