Pavement Marking Materials Market | Size, Share, Trend, Forecast, and Growth Opportunity |2022-2027

Q: Which region is estimated to be dominant in the market in the coming years

Asia Pacific is estimated to remain dominant in the pavement marking materials market in the near future on account of the largest share of the region in the global road network with China India Japan and Australia as the major contributors in the region with the wide road network

Q: Which region is estimated to grow at the fastest pace in the market in the coming years

Asia Pacific is estimated to remain the fastest growing market for pavement marking materials during the forecast period Increasing road networks improving road connectivity growing focus of regional governments on maintenance and repair of roads and implementation of new types of pavement markings to enhance road safety would drive the growth of the market in the region over the forecast period

Q: Who are the key players in the market

Ennis Flint Inc PPG Industries Inc The Sherwin Williams Company 3M Geveko Markings The Solix Group AB Company SWARCO Nippon Paint Aximum SA Colas Group Kansai Helios Landscapus Inc and Zhejiang Tiancheng Transportation Technology Co Ltd are the leading players in the pavement marking materials market

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Report Summary

Table of contents

“The Pavement Marking Materials Market is likely to grow at a promising CAGR of 4.1%, in the long run, to reach US$ 3.7 billion in 2027”.

Market Dynamics

Introduction

Pavement marking materials are used to mark different types of markings, such as longitudinal markings, intersectional markings, object markings, and word messages, among others, to control and guide traffic. They are applied to promote safety on roads and other application areas. Some of the key properties of these materials include abrasion resistance, skid resistance, good visibility, high reflectivity, and longevity. Various factors should be considered while selecting different types of materials, which include application surface, traffic volume, and environmental conditions.

The type of materials used varies from region to region depending on availability, affordability, suitability, and sustainability. Development of micro-mobility infrastructure, R&D on environmentally friendly marking materials, evaluation of wider longitudinal markings and longer skip lines in several regions, and evaluation of high-performance markings for automated driving are among some of the key emerging trends that would support the market's growth.

COVID-19 Impact

The restrictions and raw material supply constraints brought by the pandemic reduced the production of pavement marking materials. Across regions, the market experienced scarcity and skyrocketing prices for pavement marking products. Many marking projects were halted or delayed as a result of the product's unavailability. Furthermore, due to increased government focus on healthcare and a halt in pavement marking projects to prevent disease spread among workers, the demand for pavement marking materials decreased in various parts of the world amid the pandemic. Overall, in 2020, the pandemic caused the pavement marking materials market to experience a loss of more than -8%.

However, the resumption of manufacturing operations and availability of raw materials, along with the resumption of halted marking projects helped the market to gradually recover in the year 2021. Furthermore, several factors, such as an increase in the dimension of traffic marking in different countries across the world, evaluation of high-performance marking for upcoming automated vehicles, marking on roads to separate safe paths for light vehicles and non-vehicular road users, rising concern toward road safety to avert road accidents, and increasing road maintenance spending are likely to fuel the growth of the market.

Recent Mergers & Acquistions

The pavement marking materials market is gradually consolidating as the major companies are performing mergers & acquisitions to strengthen their geographical footprints 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 pavement marking materials market.
In October 2021, SWARCO AG acquired Hitex International Group to expand its presence in the UK’s pavement marking materials market.
In December 2020, PPG Industries, Inc. acquired Ennis Flint, Inc. and further expanded its coating business to high-performance pavement marking solutions.

Segments Analysis

Segmentations	List of Sub-Segments	Dominant and Fastest-Growing Segments
Product-Type Analysis	Paints, Thermoplastics, 2-Components, and Tapes.	Paints dominated the product type segment in the year 2021, whereas thermoplastics are expected to remain the fastest-growing product type during the forecast period.
Application-Type Analysis	Roads & Highways, Airport Marking, Parking Lot, and Others.	Roads & highways are expected to remain the biggest demand generators for pavement marking materials during the forecast period. Airport marking is anticipated to remain the fastest-growing application type during the same period.
Regional Analysis	North America, Europe, Asia-Pacific, and Rest of the World.	Asia-Pacific is likely to remain the dominant and fastest-growing region during the forecast period.

By Product Type

The market is segmented into paints, thermoplastics, 2-components, and tapes. Globally, paints remain the most popular pavement marking material in the market, owing to their widescale usage in different regions. The USA, Canada, Brazil, South Africa, France, and Spain are among the major markets for pavement marking materials, which predominantly use paints.

The segment’s growth over the forecast period would be driven by the development of low VOC solvent-based paints, increasing use of water-borne paints, and other features such as ease of application, low price, and quick application. Their ability to be applied in warm weather would also support the growth of the product over the forecast period.

However, thermoplastics are anticipated to grow at the fastest rate and surpass paints as the dominant product type. Thermoplastics are a more durable, cost-effective, and environmentally friendly alternative to VOC-emitting paints, and they are gradually replacing these paints. Furthermore, they have high reflectivity and are less expensive than tapes and two-component marking materials. Thermoplastics are applied by using numerous methods which include screeding, spraying, extrusion, etc.

By Application Type

the market is segmented into roads & highways, airport marking, parking lots, and others. The roads & highways segment is expected to remain the biggest demand generator for pavement marking materials during the forecast period. Pavement marking materials are used on streets and highways to display various types of markings such as longitudinal marking, transverse marking, hazard marking, block marking, an arrow marking, and directional marking. The expansion of the road network combined with a growing concern for road safety to reduce fatal accidents would accelerate the segment's growth in the coming years. Different materials are used for different types of applications. For instance, water-borne paint is preferred for airport marking, two-component materials are preferred for anti-skid markings, etc.

Regional Analysis

In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for pavement marking materials during the forecast period due to the region's largest share of the global road network. The region mainly uses thermoplastic materials for pavement markings.

China, India, Japan, and Australia are the major markets in the region that have a high usage of thermoplastic marking materials. Increasing demand for pavement marking materials in the region due to various government plans in the region such as China’s National Highway Network Planning (2013-2030) to expand the Chinese road network, would create new revenue pockets for the market participants. The development of international corridors in the region to promote trade and tourism would further add a stir to the market demand.

Increasing road networks and improving road connectivity in the region, as well as the growing focus of regional governments on road maintenance and repair, would spur regional market growth. Some global players, such as Geveko Marking and Ennis Flint, are continuously trying to expand their presence in the region to grab the growing opportunities in the region.

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. Most of the major players are offering a variety of pavement marking materials for different applications.

The following are the key players in the Pavement Marking Materials Market (arranged alphabetically)

3M
Aximum S.A. (Colas Group)
Ennis Flint, Inc. (PPG Industries, Inc.)
Geveko Markings (The Solix Group AB Company)
Kansai Helios
Landscapus Inc.
Nippon Paint
SWARCO
The Sherwin-Williams Company
Zhejiang Tiancheng Transportation Technology Co., Ltd.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

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.

What Deliverables Will You Get in this Report?

Key questions this report answers	Relevant contents in the report
How big is the sales opportunity?	In-depth Analysis of the Pavement Marking Materials Market
How lucrative is the future?	The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?	Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?	Market segment analysis and Forecast
Which are the top players and their market positioning?	Competitive landscape analysis, Market share analysis
How complex is the business environment?	Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?	Drivers & challenges
Will I get the information on my specific requirement?	10% free customization

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s 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.

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

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

Frequently Asked Questions (FAQs)

What would be the growth of the market in the coming five years?

The pavement marking materials market is estimated to grow at a CAGR of 4.1% by 2027, driven by an increase in the width of longitudinal traffic lines and length of skip lines, the development of advanced driver assistance technologies, development of safe paths for non-vehicular road users, rising concern toward road safety to decrease tragic road accidents, increasing road maintenance spending, etc.

What is the forecasted value of the pavement marking materials market?

The forecasted value for the pavement marking materials market is US$ 3.7 billion in 2027.

Which product type is estimated to be dominant in the market in the coming years?

Thermoplastics are expected to surpass paints and remain the dominant product type in the market for coming years owing to the substitution of paints by thermoplastics, the latter is an economical and environmentally friendly alternative to VOC-emitting paints.

Which region is estimated to be dominant in the market in the coming years?

Asia-Pacific is estimated to remain dominant in the pavement marking materials market in the near future on account of the largest share of the region in the global road network with China, India, Japan, and Australia as the major contributors in the region with the wide road network.

Which region is estimated to grow at the fastest pace in the market in the coming years?

Asia-Pacific is estimated to remain the fastest-growing market for pavement marking materials during the forecast period. Increasing road networks, improving road connectivity, growing focus of regional governments on maintenance and repair of roads, and implementation of new types of pavement markings to enhance road safety would drive the growth of the market in the region over the forecast period.

Who are the key players in the market?

Ennis Flint, Inc. (PPG Industries, Inc.), The Sherwin-Williams Company, 3M, Geveko Markings (The Solix Group AB Company), SWARCO, Nippon Paint, Aximum S.A. (Colas Group), Kansai Helios, Landscapus Inc., and Zhejiang Tiancheng Transportation Technology Co., Ltd. are the leading players in the pavement marking materials market.

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