ALBANY, New York, June 26, 2019 /PRNewswire/ -- The global road marking materials market is dominated by the leading five companies in the market, reports Transparency Market Research (TMR). The top 5 vendors hold roughly 65% of the total market share. Sherwin-Williams Company is leading revenue generator, accounting for 18.5% of the overall market share.
Vendors in the road marking materials market are prognosticated to expand to out of reach geographies in order to capture potential and emerging regions. This is one of the key growth strategies leveraged by road marking materials market vendors. Thus, vendors are employing schemes such as mergers and acquisitions, partnerships, and collaboration with domestic/regional players. For instance, Ennis Flint acquired Italian firm Vernisol SPA in April 2018.
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Key vendors in the global road marking materials market are Swarco Limburger Lackfabrik GmbH, The Sherwin Williams Company, SealMaster, Geveko Markings, and Kelly Bros Erinline.
According to TMR analysts, the global road marking materials market is projected to rise at a 5.5% CAGR over the forecast period 2016 to 2024. Estimated to be worth US$3.50 bn in 2015, the global market is anticipated to reach US$5.66 bn by 2024.
Among the application segments, paint-based materials are predicted to remain in high demand throughout the forecast period. Among the regions, Asia Pacific is expected to gain prominence in the coming years. This could be accounted to the growing awareness levels regarding safety at work.
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Surge in Accidents to Propel Road Marking Materials Market
Road markings guide cyclists and pedestrians to guarantee the driving of their lanes. It also sets out stop and parking laws. The amount of traffic accidents has increased in South Africa and the UK. Every year, more than 1.2 mn individuals die from traffic accidents, injuring 50 million individuals worldwide. The rise in the amount of these impacts has encouraged governments of a number of countries in present and future actions to raise their road safety budget.
Several European and Asian nations are now discussing methods for road safety. In the coming years, demand in the global road marking materials market will see escalation on account of the mentioned factors.
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Experimentation with New Materials to Fuel Road Marking Materials Market Growth
The majority of the pavement marking paints are long-lasting, i.e. they remain longer than a year. Paint-based markings are commonly used as they have great adhesion and resistance to UV radiation to both concrete and bituminous surfaces. The oldest markings on the highway are paint-based markings. Because of the reflective glass beads, they are in high demand. In general, these materials are used to indicate lanes or parking areas. However, in terms of adhesion to substrates they give less brightness and less efficiency. However, in the years to come the elevated level of use of paint-based products will increase the global road marking materials market.
In addition, marking uniformity is standardized to prevent confusion on the highway and improve road safety. In addition, technical developments are being made to boost market potential for road marking products, including retro reflectivity, marking longevity, and low installation costs.
Sanctions and Approvals to be Key Road Marking Materials Market Trend
In October 2017, the Indian Government endorsed 83,677 kms of highways with 6.92 INR lakh crore by 2022 as its largest motorway building. President Akufo-Addo of Ghana endorsed a fresh road accident plan in April 2018. The instant application of an action plan to reduce road accidents has been approved by an executive order. Such acts are expected to emerge as leading trends in the global road marking materials market in the forthcoming years.
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This information is comprised in the new report by TMR, 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."
The global road marking materials market is segmented as:
- Performance-based Markings
- Paint-based Markings
- Airport Marking
- Road Marking
- Factory Marking
- Car Park Marking
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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