(MENAFN- GlobeNewsWire - Nasdaq)
New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Road Marking Materials Global Market Report 2023" -
The global road marking materials market grew from $5.58 billion in 2022 to $5.94 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The road marking materials market is expected to grow to $7.82 billion in 2027 at a CAGR of 7.1%.
The road marking materials market consists of sales of road marking materials including thermoplastic marking, cold applied plastic and preformed adhesive tapes.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The road marking materials refer to any sort of material that is used on a road surface so as to provide authoritative information and to convey clear and understandable information to travelers about the roadway alignment and vehicle positioning.Road marking materials are developed for durability, safety, and aesthetics for traffic control, positive guidance, and communication warnings.
In addition, road markings are standardized to avoid driveway confusion and enhance road safety.
Asia-Pacific was the largest region in the road marking materials market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the road marking materials report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of road marking materials are paint-based marking, solvent-based paints, water-based paints, performance-based marking, thermoplastics, and cold plastics.Paint-based marking materials are specially designed for road marking, drawing parking bay lines, arrows, numbers, and lines.
The various applications of road marking materials are road markings, factory markings, car park markings, airport markings, and anti-skid markings.
The new infrastructure and roadway projects in emerging economies are expected to propel the growth of the road marking materials market.With the increase in road projects, the safety of passengers would become important, driving the consumption of road marking materials.
For instance, according to the IBEF (India Brand Equity Foundation), the Government of India has allocated $14.85 billion to the Ministry of Road Transport and Highways in the Union Budget 2021-22. Also, according to Refinitive, an American-British provider of financial market and infrastructure, in China, in the first quarter of 2020, the value of belt and road projects exceeded $4 trillion. Therefore, new infrastructure and roadway projects in emerging economies are driving the growth of the road marking materials market.
Technological advancements are a key trend gaining popularity in the road marking materials market.For instance, in April 2022, Röhm GmbH, a Germany-based chemicals company, launched DEGAROUTE proTerra 100, a new, more environmentally friendly binder for cold plastic road markings.
DEGAROUTE proTerra 100 has a carbon footprint that is roughly 20% lower than equivalent materials generated from virgin raw materials because it is constructed with 30% recycled PMMA.Road markings made using DEGAROUTE are reactive, solvent-free systems.
They nearly never release volatile organic compounds (VOC), and their use doesn't call for the addition of outside heat.
In November 2020, PPG, a US-based supplier of paints, coatings, and specialty materials, acquired Ennis-Flint for a deal amount of $1.15 billion. The acquisition of Ennis-Flint is expected to further expand the product offering and opportunities in rapidly developing and high-growth mobility technology solutions. The acquisition would also expand PPG's product distribution on a global scale. Ennis-Flint is a US-based manufacturer and designer of marking materials and traffic safety products.
The countries covered in the road marking materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The road marking materials market research report is one of a series of new reports that provides road marking materials market statistics, including road marking materials industry global market size, regional shares, competitors with a road marking materials market share, detailed road marking materials market segments, market trends and opportunities, and any further data you may need to thrive in the road marking materials industry. This road marking materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report:
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.