With the rising number of vehicles and increased spend of governments on infrastructural projects, the road marking coatings market is predicted to observe substantial growth in the forecast period of 2017-2025. Traffic management has become a major issue across the globe. Road markings assist in traffic management. Hence, this can prove beneficial for the road marking coatings market. Road markings also play an important role in preventing accidents. Therefore, this aspect can prove to be a growth generator for the road marking coatings market.
Sustainable Innovations Emerging as Key Factor for Growth of Road Marking Coatings Market
Sustainable innovations are bringing a surge in the growth rate of the road marking coatings market. Major changes owing to the rising concern of environmental damage are being observed in the road marking coatings market. For instance, waterborne traffic paints are preferred over solvent-borne paint due to the eco-friendly properties of the former. This paint type is easy to apply and has a lot of advantages when compared to solvent borne paint. Thus, waterborne paints are expected to bring a boost in the growth rate of the road marking coatings market. Manufacturers are also focusing on research and development activities to develop paints that can withstand environmental conditions such as rains and snowfall.
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Intelligent road markings for assisting autonomous vehicles are also on the rise. For instance, SAFE STRIP, an EU-funded project, is designed with a goal of developing intelligent and cost-effective road markings in accordance with autonomous vehicles. Such projects act as growth multipliers for the road marking coatings market.
The Asia Pacific region is expected to dominate the road marking coatings market owing to the rise in road infrastructure projects. Developed regions such as North America and Europe are also expected to record steady growth due to their focus on developing good infrastructure in terms of road development.