Sherwin-Williams Company (US), and Ennis-Flint key players in road marking materials market
The Road Marking Materials Market size is expected to grow from USD 6.8 billion in 2018 to USD 8.8 billion by 2023, at a CAGR of 5.2%.
Browse 209 market data Tables and 34 Figures spread through 113 Pages and in-depth TOC on "Road Marking Materials Market”.
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Driver
Increased spending on safer roads
The most important driver for the road marking materials market is the need for safety on roads. Road crash mortalities and disabilities are increasingly recognized as a chief concern. According to Association of Safe International Road Travel, approximately 1.25 million people die in road crashes each year, on average 3,287 deaths a day across the world. These accidents take place primarily due to the improper road conditions. Safer roads are required to avoid accidents that are caused due to climatic conditions of the region and decreased the visibility of the road markings during the day as well as the night.
Governments of various countries such as the US, the UK China, and Switzerland have taken initiatives to improve road conditions and provide proper markings on the roads to decrease the death rate of the people caused due to unsafe roads. Reducing the risk of fatalities in road and traffic systems requires assured and strong decision making by the government, industry, commercial organizations, and international agencies. Globally, the spending on road reconstruction, repair, and maintenance is projected to be increased by many government bodies, thereby driving the market for road marking materials as well.
Restraint
Conservative approach of road contractors
The conservative approach of road contractors is the main restraints of the road marking materials market. Several road contractors prefer basic and low-cost products, while other contractors demand high-performance solutions at low and competitive prices. This strategy of contractors shrinks coating manufacturer’s margins, hence contracting the road marking materials market. A large number of participants in the market offering similar road marking products add to price pressures on the manufacturers, contractors, stakeholders, and local authorities, which indirectly restrict the growth of the market in revenue terms.
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APAC road marking materials market is projected to witness the highest CAGR during the forecast period.
The road marking materials market has been studied for Europe, North America, APAC, the Middle East & Africa, and South America. The APAC road marking materials market is projected to register the highest CAGR during the forecast period. 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. In APAC, Japan and other countries are increasingly adopting road safety measures, which is driving the demand for road marking materials. Regulatory bodies and regional governments have started addressing road safety issues by implementing stringent rules and regulations in countries across the globe. However, to implement such initiatives at a wider level, there is a need for effective products and solutions. This increasing need fuels the demand for road marking materials as an effective and low-cost traffic safety measure, globally.
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