Road Marking Materials Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022-2027

Report Code: CMR 33632 Report Format: PDF + Excel

Road Marking Materials Market Overview

The Road Marking Materials Market size is forecasted to reach US$8.3 billion by 2027, after growing at a CAGR of 4.2% during the forecast period 2022-2027. Road marking materials such as retroreflective material, reflective markers, water-based paints, thermoplastic and others are often deployed across various road construction applications. These road marking materials are highly reflective materials, which improve visibility even in inclement weather or other low-light conditions. Along with this, it aids in increasing driver awareness of nearby danger zones and advises them to maintain adequate speed management. The growth of the highway construction projects is primarily accelerating the road marking materials market growth. However, in 2020, the shortage of raw materials, restrictions on the labor movement and other restrictions due to the Covid-19 pandemic negatively impacted the growth of the road marking materials industry. In 2021, the surge in the production activities, due to economic stimulus packages, ease of Covid-related regulations and other factors aided the market growth. Moreover, bolstering pavement development projects will boost the demand for road marking materials. This, in turn, will accelerate the expansion of the road marking materials market size in the coming years.

Report Coverage

The "Road Marking Materials Market Report Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Road Marking Materials Market. 

By Material Type: Retroreflective Material, Thermoplastic Marking Paint, Two-component (Cold Plastic) Road Marking Paint, Methyl Methacrylate, Water-based paints and coatings, Epoxy-based paints and coatings, Acrylic paints and coatings and Others 
By Construction Type: New Construction and Remodeling/Renovation Construction
By Type of Marking: Flat and Extruded 
By Application: Pavement, Highway, Lane, Parking Lot, Airport, Playground and School, Sports Track and Others 
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel and Rest of Middle East) and Africa (South Africa, Nigeria and Rest of Africa)) 

Key Takeaways

  • Asia-Pacific dominated the Road Marking Materials Market, owing to the growth of the road development projects in the region. For instance, as of July 2022, the Zengcheng-Foshan Expressway project is under construction phase in China, to be completed by 2025. 
  • The better endurance of the asphalt road surface is being ensured by the growing use of thermoplastic marking paints, owing to this the adoption of thermoplastic marking paint is increasing. This, in turn, is fueling market expansion. 
  • Moreover, the development of sustainable road marking materials is driving the growth of the road marking materials industry.
  • However, the fluctuations in the prices of the materials may restrict the road marking materials market growth during the forecast period of 2022-2027.


Figure: Asia-Pacific Road Marking Materials Market Revenue, 2021-2027 (US$ Billion)

Road Marking Materials Market

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Road Marking Materials Market Segment Analysis – by Material Type

The Thermoplastic marking paints segment held the largest Road Marking Materials Market share in 2021 and is forecasted to grow at a CAGR of 4.3% during the forecast period 2022-2027. The primary composition of thermoplastic marking paints is a synthetic resin, additives and pigments like titanium dioxide. These compositions assist the paints to maintain their color and reflectivity over time. This coating is resistant to wear due to its high strength and durability. Thus, thermoplastic marking paints are an ideal material for roads. These paints come in a variety of colors, each of which has a distinct function. Rumble strips are made using thick, built-up layers of thermoplastic marking paint. Also, thermoplastic marking paints quickly dry and stick to the surface firmly. Thus, these beneficial properties of thermoplastic marking paints are accelerating the segmental growth of the road marking materials market. 

Road Marking Materials Market Segment Analysis – by Application

The Highway segment held the largest Road Marking Materials Market share in 2021 and is forecasted to grow at a CAGR of 4.6% during the forecast period 2022-2027. On highways, road marking materials are used to direct traffic and alert pedestrians. There are initiatives to standardize such markers across borders since uniformity of the markings is a crucial component in eliminating ambiguity and confusion about their meaning. As a result, retroreflective material, reflective markers, water-based paints, thermoplastic and other road marking materials are employed in highway development projects. The increase in infrastructure projects, federal government policy and other similar factors are driving the development of highway construction projects. For instance, the Argentinean infrastructure development projects such as Highway 18 in Entre Rios, Route 40 in San Juan and Provincial Route 8 in Buenos Aires are among the government's short-term investment plans, valued at US$310million. Moreover, in June 2022, the State Transportation Board of Phoenix approved the 2023-2027 Five-Year Transportation Facilities Construction Program. The approved five-year budget allots US$571 million for highway enlargement and interchange improvement projects. Hence, the growth of the new highway construction projects is fueling the demand for road marking materials. As a result, the market is expanding forward.

Road Marking Materials Market Segment Analysis – by Geography

Asia-Pacific is the dominating region as it held the largest Road Marking Materials Market share in 2021 up to 41%. The Asia-Pacific region has become a hub for various manufacturing industries such as food & beverage, chemicals & materials, electrical & electronics and more. As a result, the infrastructure development projects related to roads and highways have surged in recent years. This is due to the determinants such as increasing foreign investments in Asia, economic development and other similar factors are accelerating the development of new road and highway projects in Asia-Pacific. For instance, in September 2021, Vietnam’s prime minister, Pham Minh Chinh, approved the country’s road development plan for 2021-2030. The initiative aims at building more than 5,000 kilometers of expressways by the end of 2030. A draft version of the initiative listed around 25 road construction projects that will be prioritized for investment in 2021-2025. Moreover, as of May 2022, there are 465 road and highway development projects under construction phase in India. The completion year of these projects is 2023-2024. Therefore, the development of road and highway projects in Asia-Pacific is boosting the demand for road marking materials. This, in turn, is expanding the road marking materials market size forward. 

Road Marking Materials Market Drivers 

Surge in the Pavement Construction 

Road pavement marking materials and raised pavement marker such as water-based paints, thermoplastic and others are utilized in pavements to ensure high retro-reflectivity, durability and more. The increasing government initiatives and new projects related to pavement development are fueling the development of new pavements. For instance, in June 2022, the 2023-2027 Five-Year Transportation Facilities Construction Program was approved by the State Transportation Board of Phoenix approved. In the five years, the proposal will spend more than US$2.5 billion on pavement preservation projects throughout Arizona, bringing 400 lane miles of pavement from fair to good condition. Furthermore, in December 2021, the development of new roadways and pavements in Ho Chi Minh City has been approved by the government of Vietnam. The overall cost of the development will be around US$211 million. Therefore, the surge in pavement construction is accelerating the demand for road marking materials, which, in turn, is accelerating the market growth. 

The Development of Sustainable Road Marking Materials

The volatile organic compounds (VOCs) have been linked to ozone layer degradation and global warming and are present in conventional paints and varnishes. As the global trend toward sustainability picks up momentum, producers and researchers of road marking materials are concentrating their efforts on creating road markings comprised of environmentally beneficial materials. In 2020, for instance, SWARCO Road Marking Systems collaborated with students to assess the practicality of employing biopolymers in thermoplastic road markings. Additionally, the ToughLine line of road marking materials from the American company Aexcel Corporation is solvent-based, high performance and low VOC. Thus, the development of sustainable road marking materials is accelerating market growth. 

Road Marking Materials Market Challenges 

Fluctuations in the Materials Prices

Price fluctuations of materials such as acrylic, epoxy and others may limit the market growth. The materials industry in the UK, Europe and other regions of the world is suffering from shortages and a lack of access to essential raw materials, as well as sharp price hikes. For example, According to BCF's monthly raw material price survey, in the first quarter of 2021, the price of epoxy resin increased by 60 percent over the third quarter of 2020. Similarly, the prices of acrylic, thermoplastic and others have increased in recent times. As a result, fluctuating material prices may limit the road marking materials industry growth during the forecast period of 2022-2027.

Road Marking Materials Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Road Marking Materials Market. The top 10 companies in the road marking materials market are: 

  1. Sherwin Williams Company 
  2. Geveko Marking 
  3. Aximum SA 
  4. Kelly Bros Erinline 
  5. Swarco Limburger Lackfabric GmbH 
  6. Ozark Materials LL 
  7. Ennis Flint 
  8. Roadmarking Industry Association of Australia 
  9. Evonik Industries 
  10. Automack Technologies 

Recent Developments

  • In October 2021, Swarco, based in Australia, acquired Hitex, a Cheshire road marking company. The key aim of this acquisition was to spur up the market share of Hitex in the United Kingdom's road marking materials industry. 
  • In November 2020, Geveko Markings, a significant competitor in the market for road marking materials, acquired French company Ore, a growing producer of safety and road marking paint. Geveko's efforts to grow the liquid markings market and provide its clients with a broad range of road marking solutions have advanced significantly as a result of the acquisition. 
  • In January 2020, Long-term pan-European private equity group THI Investments bought the majority of the company from Hull-based WJ Group, a supplier of unique highway road marking materials. The company increased its market share in the UK and Europe. 

Relevant Reports

Report Code: CMR 84649 

Report Code: CMR 95151

Report Code: CMR 0270

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1. Road Marking Materials Market- Overview
    1.1 Definitions and Scope
2. Road Marking Materials Market- Executive Summary
    2.1 Key Trends by Material Type
    2.2 Key Trends by Construction Type
    2.3 Key Trends by Type of Marking
    2.4 Key Trends by Application
    2.5 Key Trends by Geography
3. Road Marking Materials Market– Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Road Marking Materials Market- Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Road Marking Materials Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Road Marking Materials Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Road Marking Materials Market– Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Road Marking Materials Market - by Material Type (Market Size – US$ Million/Billion)
    8.1 Retroreflective Material
    8.2 Thermoplastic Marking Paint
    8.3 Two-component (Cold Plastic) Road Marking Paint
    8.4 Methyl Methacrylate
    8.5 Water-based
    8.6 Epoxy Paints
    8.7 Acrylic Paints
    8.8 Others
9. Road Marking Materials Market - by Construction Type (Market Size – US$ Million/Billion)
     9.1 New Construction
     9.2 Remodeling/Renovation Construction
10. Road Marking Materials Market - by Type of Marking (Market Size – US$ Million/Billion)
     10.1 Flat
     10.2 Extruded
11. Road Marking Materials Market - by Applications (Market Size - US$ Million/Billion)
     11.1 Pavement
     11.2 Highway
     11.3 Lane
     11.4 Parking Lot
     11.5 Airport
     11.6 Playground and School
     11.7 Sports Track
     11.8 Others
12. Road Marking Materials Market - by Geography (Market Size - US$ Million/Billion)
    12.1North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Road Marking Materials Market– Entropy
     13.1 New Product Launches
     13.2 M&As, Collaborations, JVs and Partnerships
14. Road Marking Materials Market – Industry / Segment Competition landscape Premium Premium
     14.1 Company Benchmarking Matrix – Major Companies
     14.2 Market Share at Global Level - Major companies
     14.3 Market Share by Key Region - Major companies
     14.4 Market Share by Key Country - Major companies
     14.5 Market Share by Key Application Industry - Major companies
     14.6 Market Share by Key Product Type/Product category- Major companies
15. Road Marking Materials Market– Key Company List by Country Premium Premium
16. Road Marking Materials Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
     16.1 Company 1
     16.2 Company 2
     16.3 Company 3
     16.4 Company 4
     16.5 Company 5
     16.6 Company 6
     16.7 Company 7
     16.8 Company 8
     16.9 Company 9
     16.10 Company 10
    * "Financials would be provided to private companies on best-efforts basis."
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LIST OF TABLES

1.Global Road Marking Materials Market By Type Market 2019-2024 ($M)
1.1 Performance-Based Markings Market 2019-2024 ($M) - Global Industry Research
1.2 Paint-Based Markings Market 2019-2024 ($M) - Global Industry Research
2.Global Road Marking Materials Market By Type Market 2019-2024 (Volume/Units)
2.1 Performance-Based Markings Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Paint-Based Markings Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Road Marking Materials Market By Type Market 2019-2024 ($M)
3.1 Performance-Based Markings Market 2019-2024 ($M) - Regional Industry Research
3.2 Paint-Based Markings Market 2019-2024 ($M) - Regional Industry Research
4.South America Road Marking Materials Market By Type Market 2019-2024 ($M)
4.1 Performance-Based Markings Market 2019-2024 ($M) - Regional Industry Research
4.2 Paint-Based Markings Market 2019-2024 ($M) - Regional Industry Research
5.Europe Road Marking Materials Market By Type Market 2019-2024 ($M)
5.1 Performance-Based Markings Market 2019-2024 ($M) - Regional Industry Research
5.2 Paint-Based Markings Market 2019-2024 ($M) - Regional Industry Research
6.APAC Road Marking Materials Market By Type Market 2019-2024 ($M)
6.1 Performance-Based Markings Market 2019-2024 ($M) - Regional Industry Research
6.2 Paint-Based Markings Market 2019-2024 ($M) - Regional Industry Research
7.MENA Road Marking Materials Market By Type Market 2019-2024 ($M)
7.1 Performance-Based Markings Market 2019-2024 ($M) - Regional Industry Research
7.2 Paint-Based Markings Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Road Marking Materials Market Revenue, 2019-2024 ($M)
2.Canada Road Marking Materials Market Revenue, 2019-2024 ($M)
3.Mexico Road Marking Materials Market Revenue, 2019-2024 ($M)
4.Brazil Road Marking Materials Market Revenue, 2019-2024 ($M)
5.Argentina Road Marking Materials Market Revenue, 2019-2024 ($M)
6.Peru Road Marking Materials Market Revenue, 2019-2024 ($M)
7.Colombia Road Marking Materials Market Revenue, 2019-2024 ($M)
8.Chile Road Marking Materials Market Revenue, 2019-2024 ($M)
9.Rest of South America Road Marking Materials Market Revenue, 2019-2024 ($M)
10.UK Road Marking Materials Market Revenue, 2019-2024 ($M)
11.Germany Road Marking Materials Market Revenue, 2019-2024 ($M)
12.France Road Marking Materials Market Revenue, 2019-2024 ($M)
13.Italy Road Marking Materials Market Revenue, 2019-2024 ($M)
14.Spain Road Marking Materials Market Revenue, 2019-2024 ($M)
15.Rest of Europe Road Marking Materials Market Revenue, 2019-2024 ($M)
16.China Road Marking Materials Market Revenue, 2019-2024 ($M)
17.India Road Marking Materials Market Revenue, 2019-2024 ($M)
18.Japan Road Marking Materials Market Revenue, 2019-2024 ($M)
19.South Korea Road Marking Materials Market Revenue, 2019-2024 ($M)
20.South Africa Road Marking Materials Market Revenue, 2019-2024 ($M)
21.North America Road Marking Materials By Application
22.South America Road Marking Materials By Application
23.Europe Road Marking Materials By Application
24.APAC Road Marking Materials By Application
25.MENA Road Marking Materials By Application
26.The Sherwin-Williams Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Aximum SA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Geveko Markings, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Swarco Limburger Lackfabrik GmbH, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Kelly Bros Erinline, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Ennis-Flint, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Reda National Co., Sales /Revenue, 2015-2018 ($Mn/$Bn)