Research Nester published a report titled “Road Marking Paints & Coatings Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global road marking paints & coatings in terms of market segmentation by type, product, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global road marking paints & coatings market is anticipated to grow with a CAGR of ~6% during the forecast period, i.e. 2022-2031. The market is segmented by application into roads & highways, airports, parking lots and others. Out of these, the roads & highways segment is expected to notice a noteworthy growth by 2031. The high investment made in the construction of highways and roads by the government is the major factor in the market growth. As per, Department for Promotion of Industry and Internal Trade Policy (DPIIT), construction development sector attracted Foreign Direct Investment (FDI) inflow worth USD 90.13 billion between April 2021 – December 2022.
The global road marking paints & coatings market is estimated to garner a revenue of USD 10 Billion by the end of 2031, up from a revenue of USD 6 Billion in 2021. The increasing use of roads for varied purposes along with a consistent demand for vehicles across the globe makes the road marking paints & coatings market grow.
Geographically, the global road marking paints & coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimate to garner the largest market share by the end of 2031, owing to the presence of second largest road network along with the rise in sales of vehicles in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise in Expenditure Spent on Street Construction to Drive the Market Growth
The increase expenditure in construction of roads and highways is expected to drive the market growth in the forecast period. Also, the rise in deaths occurred in road accidents is expected to increase the demand of road marking paints & coatings for imprinting directions and signs to foster road safety. According to the data released by the World Health Organization in 2022, approximately 1.3 million people die each year due to road traffic crashes globally. Also, prevalence of traffic congestion and expansion in research and development expenditure is anticipated to expand the road marking paints & coatings market.
However, stringent regulations governing volatile organic compounds (VOC) emissions and rising concern for environment along with the fluctuation in costs of raw materials is expected to operate as key restraint to the growth of the global road marking paints & coatings market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global road marking paints & coatings market which includes company profiling of The Dow Chemical Company, PPG Industries, Inc., Sherwin-Williams, Geveko Markings, Crown Technology Inc., Nippon Paint Holdings Group, Hempel A/S, Allnex Netherlands BV, Teknos Group Oy, Aexcel Corporation, Hitex and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global road marking paints & coatings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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