Market Highlights
High-performance pavement marking materials are equivalent to paints but are distinguished by their longer lifetime, higher durability and reflectivity, and suitability for higher traffic volume. However, the suitability of any type of material depends on environmental conditions, application surface, traffic volume, and cost. These materials are relatively more costly than paints but are an environmentally friendly substitute for VOC-emitting paints, causing minimal harm to the environment or the marking operator. Development of micro-mobility infrastructure, evaluation of widening longitudinal markings and lengthening skip lines in several regions across the world, and evaluation of high-performance markings for automated driving are among some of the key emerging trends that would support the market's growth.
Closure and restrictions on manufacturing sites, along with constraints in the supply of raw materials, have severely affected the production of high-performance pavement marking materials. Lower production of these products amid the pandemic caused their shortage in the market due to which many pavement marking projects across the regions were delayed. Moreover, the demand for high-performance pavement marking materials was also reduced in various regions of the world, owing to the higher concentration of governments toward healthcare and a halt in infrastructural projects to contain the spread of the disease among workers. Overall, the high-performance pavement marking materials market witnessed a noticeable decline of more than -7% in the year 2020 amid the pandemic.
However, with the resumption of production, availability of raw materials, and commencement of halted marking projects, the industry gradually began to track in the year 2021. Furthermore, various factors, such as stringent regulations on VOC emissions, government programs for the procurement of environmentally friendly materials such as the EU’s Green Public Procurement, increasing concern toward environmental safety and human health risk, evaluation and implementation of an increase in the width of longitudinal traffic lines and length of skip lines, development of advanced driver assistance technologies, development of safe paths for non-vehicular road users, rising concern toward road safety to reduce road accidents, and increasing road maintenance spending are likely to fuel the growth of over 4% in the long run to reach US$ 2.2 Billion in 2027.
The high-performance pavement marking materials market is gradually consolidating as the major companies are performing mergers & acquisitions to strengthen their geographical footprint across the world and to further expand their offerings to different markets. Below is a list of some of the recent acquisitions in the market.
- In January 2022, Geveko Markings acquired Ore Peinture to strengthen its position in the French high-performance pavement marking materials market.
- In October 2021, SWARCO AG acquired Hitex International Group to expand its presence in the UK’s high-performance pavement marking materials market.
- In December 2020, PPG Industries, Inc. acquired Ennis Flint, Inc. to further expand its coating business to the high-performance pavement marking market.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Product Type
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Thermoplastics,
2-Components, and Tapes.
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Thermoplastics are expected to remain the dominant and fastest-growing product type in the market during the forecast period.
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Application Type
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Roads & Highways, Airport Marking, Parking Lot, and Others.
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Roads & highways are expected to remain the dominant application type in the market during the forecast period. Airport marking is anticipated to be the fastest-growing application type during the same period.
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Region
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North America, Europe, Asia-Pacific, and the Rest of the World.
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Asia-Pacific is likely to remain the dominant and fastest-growing region during the forecast period.
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Based on the product type, the high-performance pavement marking materials market is segmented into thermoplastics, 2-components, and tapes. Thermoplastics remained the most popular materials and are likely to remain the dominant and fastest-growing product type in the market during the forecasted period. They are a cost-efficient marking material, which is available at a relatively low cost than tapes and plural-components marking materials. Their increasing adoption is expected to support their dominance in the coming years, due to their low cost, high durability, and good retro-reflectivity. Gravity extrusion, ribbon application, and spraying are some of the methods used for their applications.
Based on the application type, the market is segmented into roads & highways, airport marking, parking lots, and others. Roads & highways are expected to remain the biggest demand generators for high-performance pavement marking materials during the forecast period. Different types of markings, which include longitudinal marking, transverse marking, hazard marking, block marking, an arrow marking, and directional marking, are shown using high-performance pavement marking materials on streets and highways. A growing road network coupled with the growing concern toward road safety to mitigate fatal accidents would add a stir to the growth of the segment over the forecast period.
In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing region in the market for high-performance pavement marking materials during the forecast period owing to the region's largest share of the global road network, with major contributors including China, India, Japan, and Australia. Various government plans, such as China National Highway Network Planning (2013-2030) to expand the Chinese road network and the Indian government's plan to add 80 new airports by 2025, would generate new opportunities for the market participants. Increasing road networks and improving road connectivity in the region, along with the growing focus of regional governments on the maintenance and repair of roads, would support the growth of the market in the region. In addition, various countries in the region are taking innovative initiatives to increase road safety by investing in new types of high-performance pavement markings. For instance, recently, the Australian government has introduced photo-luminescent markings on their roads that shine in the dark.
Key Players
The market is highly populated with the presence of several local, regional, and global players. Major players in the market are strengthening their presence in key markets around the world by building new partnerships; opening new manufacturing and distribution sites; and acquiring several local players in the market. For instance, Swarco acquired Hitex International to strengthen its position in the UK market, whereas Geveko Markings acquired a French player, Ore Peinture to further expand its presence in the European market. A few years ago, Geveko Markings also acquired Asia-Pacific companies Flexitherm Australia and Reflective Road Safety Products Ltd. to mark its presence in the region’s market. The following are the key players in the high-performance pavement marking materials market. Most of the major players are offering a variety of high-performance pavement marking materials for different applications.
- Ennis Flint, Inc. (PPG Industries, Inc.)
- 3M
- Geveko Markings (The Solix Group AB Company)
- SWARCO
- Nippon Paint
- Aximum S.A. (Colas Group)
- Kansai Helios
- Landscapus Inc.
- Zhejiang Tiancheng Transportation Technology Co., Ltd.
- Shanxi Zhongtu Traffic Technology Co., Ltd.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s high-performance pavement marking materials market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors
The high-performance pavement marking materials market is segmented into the following categories.
High-Performance Pavement Marking Materials Market, by Product Type
- Thermoplastics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- 2-Components (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Tapes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
High-Performance Pavement Marking Materials Market, by Application Type
- Roads & Highways (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Airport Marking (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Parking Lot (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
High-Performance Pavement Marking Materials Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, Italy, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, Australia, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, South Africa, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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