Paint-Based Markings Segment is estimated to have highest share for Road Marking Materials Market

The report "Road Marking Materials Market by Type (Performance-Based Markings and Paint-Based Markings), Application (Road & Highway Marking, Parking Lot Marking, Factory Marking, Airport Marking, Antiskid Marking), and Region - Global Forecast to 2023"

The road marking materials market is projected to grow from USD 6.8 billion in 2018 to USD 8.8 billion by 2023, at a CAGR of 5.2%. The global road marking materials market is expected to be driven by various factors such as increased spending for safer roads and new infrastructure and roadway projects in emerging economies. With the increased use of road markings in lane departure warning systems (LDWS), the road marking materials market is expected to grow rapidly in the near future.

Get sample of report @ https://bit.ly/2B16IPJThe Performance-based markings segment is expected to be the faster-growing type of road marking materials during the forecast period.The road marking materials market has been classified based on type as paint-based and performance-based materials. The performance-based segment of the market is projected to witness the higher CAGR during the forecast period. Performance-based markings are categorized into thermoplastics and cold plastics.

Thermoplastics are one of the most commonly used surface marking materials owing to their high durability, lack of VOC, and excellent reflection properties in the day as well as night, and in wet conditions. Cold plastics are based on methyl methacrylate resins (MMA).

These are designed for use in conditions where resistance to wear and tear are of great importance. Cold plastic markings are widely used in high traffic areas, where there is high snowfall. Performance-based markings are durable and efficient in dynamic climatic conditionsThe road & highway segment accounts for the largest market share of the overall market.Based on application, the road marking materials market has been segmented into road & highway marking, antiskid marking, parking lot marking, factory marking, airport marking, and others. The road & highway marking application segment is projected to lead the overall road marking materials market during the forecast period.

The purpose of road markings is to provide information to road users and guide traffic. These markings serve as a psychological barrier and signify the delineation of traffic path. Road markings are provided in the form of lines, patterns, words, or objects for controlling, warning, guiding, and informing pedestrians.

They are classified as longitudinal markings, transverse markings, object markings, word messages, marking for parking, marking at hazardous locations, and so on. Thermoplastics, cold plastics, solvent-based paints, and water-based paints are commonly used for road & highway markings.

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Based on type, the road marking materials market has been segmented into paint-based and performance-based materials. In terms of value, the paint-based marking segment is projected to account for the larger share of the overall market during the forecast period. Paint-based markings are the oldest road markings. They are in high demand due to their retroreflective glass beads.APAC is expected to account for the largest market share during the forecast period.The APAC region is the largest consumer of road marking materials across the globe. The APAC road marking materials market is also projected to witness the highest CAGR between 2018 and 2023. The need to address issues such as traffic congestion, traffic violations, and road accidents are majorly driving the demand for road marking materials in the region.

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Some of the key players operating in the road marking materials market are The Sherwin-Williams Company (US), Ennis-Flint, Inc. (US), SWARCO AG (Austria), Geveko Markings (Denmark), SealMaster (US), 3M (US), Aximum (France), Rembrandtin Lack GmbH Nfg. KG (Austria), Crown Technology, LLC (US), and Ozark Materials LLC (US). Competition among these players is high and, they mostly compete with each other on prices and quality of their products, after sale services, and product customization.

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