The Road Marking Materials Market size was USD 6,806.3 million in 2018 and is projected to register a CAGR of 5.2% between 2018 and 2023.
Browse 209 market data Tables and 34 Figures spread through 113 Pages and in-depth TOC on“Road Marking Materials Market”
How is the increased prominence of road markings in lane departure warning systems (LDWS) creating an opportunity for market growth?
Lane departure warning systems (LDWS) are used as an effective countermeasure against road departure crashes. Most of the lane departure crashes occur due to the driver’s tiredness, distraction, and inattention. Numerous technologies are used as a basis for LDWS, for e.g., active wire guidance, laser, magnetic sensing, and image recognition systems. Image recognition-based systems account for a large portion of the commercial LDWS. These systems are currently commercially accessible as factory installed or aftermarket systems.
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Image-based LDWS uses image recognition software which evaluates the imageries collected by a camera. This system then tracks the road markings and predicts when a vehicle unintentionally deviates out of the travel lane. For example, if the vehicle begins to drift from the designated lane unintentionally (i.e., without giving a turn signal), then the LDWS alerts drivers using audio, video, or tactile warning alerts.
The main benefit of image recognition-based LDWS over other technologies is that they can be incorporated with the help of existing infrastructure such as the road markings. Image recognition-based LDWS do not need any additional modifications as in the case of other technologies as these systems depend on road markings for tracking.
Hence, if the image-based LDWS become prominent in the modern vehicles, this will positively impact the road marking materials market globally.
Are the stringent regulatory policies over solvent-based road markings challenging the market growth?
With the increasing number of governments adopting regulatory policies, paints & coatings producers must constantly improve their processes to comply with the new policies and regulations. Products that fail to meet the legal requirements are not allowed in the countries that have strict environmental regulations especially in Western Europe and North America.
Solvent-based road marking paints are prime sources of volatile organic compounds (VOCs), which under solar radiation result in the formation of tropospheric ozone. VOCs are a substantial respiratory irritant and a vital pollutant accountable for smog formation. Paint manufacturers were accustomed to solvents-based road markings owing to their desired properties, such as evaporation speed, capability of penetration into cracks to enhance durability and price.
However, owing to the obligation on road markings containing harmful VOCs, water-based and other environmentally friendly road markings are used on a large scale. This can be seen predominantly in Western Europe and North American countries. Moreover, solvent-based paints with carefully selected solvents can lead to a significant lowering of VOC content and tropospheric ozone formation by about 50%.
Hence, regulations governing the usage of VOC-based solvents in road marking materials pose as a significant challenge to the growth of the road marking materials market, globally.
Powder Coatings Market by Resin Type (Thermoset, Thermoplastic), Coating Method (Electrostatic Spray, Fluidized Bed), End-Use Industry (Appliances, Automotive, General Industrial, Architectural, Furniture), and Region – Global Forecast to 2022
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