The road marking materials market is projected to grow from USD 6.1 billion in 2020 to USD 7.5 billion by 2025, at a CAGR of 4.4% from 2020 to 2025. The major reasons for the growth of the road marking materials market include increased spending on safer roads, and new infrastructure and roadway projects in emerging economies. Furthermore, as per a UN report safer roads leads to increased GDP as they result in lesser road accidents, thereby saving the human capital for emerging economies. These factors are responsible for driving the demand for road marking materials market.
The COVID-19 pandemic is expected to enhance the growth of road marking materials. The pandemic has resulted in many new infrastructural projects like revamping of old roadways networks, building of new highways in many countries like Turkey, India, etc. These infrastructural activities are done by the local governments of various countries in-order to keep their economy afloat during and post pandemic. These factors are expected to enhance the road marking materials market post pandemic.
Paint-based type of markings segment of the road marking materials market has the promising growth potential due to their cost effectiveness and efficient performance. These markings generate high demand due to their retro-reflective glass beads and are generally used to denote travel lanes or mark parking spaces.
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The airport marking application segment is projected to record the highest growth in the global road marking materials market, during the forecast period. The high growth of the airport marking application segment is majorly attributed to the importance of airport safety. These markings guide airplanes coming into and going out from a runway or taxiway, provide situational awareness, provide an essential visual aid to authorities, and promote overall airfield safety.
Asia Pacific is projected to be the fastest growing market for road marking materials during the forecast period. The growing demand for road marking materials is primarily driven by the increasing investments in the civil construction sector, as well as the growing need for safer roads. The various infrastructural activities by emerging economies like China and India is driving the growth of the Asia Pacific road marking materials market during the forecast period. Factor like increased significance of road markings in lane departure warning systems (LDWS) is expected to drive the growth of road marking materials.
Lane departure warning systems (LDWS) are used as an effective countermeasure against road departure crashes. 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. Furthermore, image-based LDWS can be incorporated with the help of existing infrastructure such as the road markings, which, in-turn has increased the importance of road markings in LDWS systems.
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