In a recent report by Transparency Market Research (TMR), the vendor landscape of the global road marking materials market is presumed to be largely consolidated with major leaders accounting for large shares of revenue contribution to the market. Major players are propelled to incorporate bio-based products in their portfolio in order to cater to the demands of using environment friendly products. In order to strengthen their foothold in this market where competition is very tough, the companies are also trying to expand their business geographically especially in Asia Pacific regions.
Some of the leading players of the global road marking materials market are Kelly Bros Erinline, The Sherwin-Williams Company, Geveko Markings, Ozark Materials LLC., and Swarco Limburger Lackfabrik GmbH. Key players are putting more stress to improve their product portfolio by promoting the use of environment neutral materials since environment protection is a major concern worldwide.
As per the TMR report, the global road marking market is estimated to earn a US$5.66 bn by the end of 2024. Within the forecast period of 2016 to 2014, the market is anticipated to expand to 5.5% CAGR. On the basis of performance-based markings, the paint-based markings is presumed to rise higher than the others in the years to come. Based on geography, the road marking market is expected to outshine in Asia Pacific, as compared to other regions of the world.
Strict Road Safety Regulations to Drive Demand for Road Marking Market
The global road marking materials market is dominated by the regions of North America, Asia Pacific, Europe, Latin America and Middle East and Africa. Asia Pacific, of all, is speculated to be dominating the market from the past few years and may continue to do so. This is because of the rise in awareness regarding road signs, traffic rules and safety in the road in the developing regions of India, China, and Japan. Apart from that, there is huge rise in the yet to come road infrastructure and network developing projects. Thus, the major changes in these developing nations are propelling the Asia Pacific region to remain in its prevailing position in the future years to come.
Apart from the road safety awareness, both government and public organizations are emphasizing on reducing the number if road accidents that occur in large numbers every year all around the world. This is another important factor adding to drive the overall market in the world. As per studies, almost about 20% of the number of road accidents may be avoided if there are more center and edge markings on the roads. Therefore, the government bodies are focusing more on reducing road accidents by the implementation of road safety measures. This in turn is expected to augment the road marking material market in the long run.
Fluctuating Expenses of Raw Materials Likely to Challenge Growth of Market
In spite of continuous efforts to avoid road accidents taken by both government and government organizations, there may be factors that may hamper the overall growth of the market for road markings. One of these factors being the fluctuating prices of raw materials like pigments, additives, and resins which may be challenging the demand of road markings. These raw materials generally result in reduced profit margins for manufacturers since they are derived from crude oils.
The oil and gas industry has been facing huge negativity with its related industries because of nature damaging issues. This situation may further hamper future growth opportunities of the road marking market all over the world, to some extent.
However, the market is positively assumed to be opening up new growth opportunities in the field of bio-based materials in the future. Developing nations are likely to draw more revenue with the implication of eco-friendly road marking products in the years to come.
The information presented in this review is based on a TMR report titled, "Road Marking Materials Market (Type - Performance-based Markings and Paint-based Markings; Application - Airport Marking, Road Marking, Factory Marking, and Car Park Marking) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024".
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