Road Marking Materials Global Market Report 2024

Road marking materials encompass any material utilized on a road surface to offer authoritative information and convey clear, comprehensible details to travelers regarding roadway alignment and vehicle positioning. These materials are engineered with a focus on durability, safety, and aesthetic considerations to facilitate traffic control, provide positive guidance, and communicate warnings effectively. Additionally, standardized road markings aim to prevent driveway confusion and enhance overall road safety.

The primary categories of road marking materials include paint-based marking, solvent-based paints, water-based paints, performance-based marking, thermoplastics, and cold plastics. Specifically tailored for road marking, paint-based marking materials are designed for delineating parking bay lines, arrows, numbers, and various lines. The applications of road marking materials span road markings, factory markings, car park markings, airport markings, and anti-skid markings.

The road marking materials market research report is one of a series of new reports that provides road marking materials market statistics, including road marking materials industry global market size, regional shares, competitors with a road marking materials market share, detailed road marking materials market segments, market trends and opportunities, and any further data you may need to thrive in the road marking materials industry. This road marking materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The road marking materials market size has grown strongly in recent years. It will grow from $5.96 billion in 2023 to $6.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The increase observed during the historical period can be credited to road safety regulations, the expansion of transportation infrastructure, urbanization, population growth, maintenance and refurbishment projects, technological advancements in road marking materials, and growing environmental concerns.

The road marking materials market size is expected to see strong growth in the next few years. It will grow to $8.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be ascribed to the utilization of smart road marking materials tailored for autonomous vehicles, the implementation of reflective and high-visibility road markings, the adoption of sustainable and eco-friendly road marking materials, the integration of IoT in road markings, the use of advanced weather-resistant materials, and the development of customized road markings for efficient traffic management. Noteworthy trends in the forecast period encompass the adoption of solar-powered road markings for enhanced energy efficiency, the introduction of 3D and interactive road markings, the use of anti-skid and anti-icing road marking materials, the incorporation of dynamic lane markings for improved traffic management, the implementation of RFID-based road markings for smart tolling, and the facilitation of augmented reality navigation through road markings.

The growth of the road marking materials market is anticipated to be driven by new infrastructure and roadway projects in emerging economies. The increase in road projects places a heightened emphasis on passenger safety, leading to a surge in the consumption of road marking materials. For instance, the government of India allocated $14.85 billion to the Ministry of Road Transport and Highways in the Union Budget 2021–22, as reported by the India Brand Equity Foundation (IBEF). Refinitive notes that in China, the value of belt and road projects has exceeded $4 trillion. Consequently, the road marking materials market is experiencing growth due to the substantial investment in infrastructure and roadway projects in emerging economies.

The road marking materials market is poised to experience growth due to the rise in urbanization. Urbanization, characterized by an increasing population concentration in cities and towns, is closely linked to the expansion of urban infrastructure and the development of urban lifestyles. Road marking materials play a crucial role in managing traffic, enhancing safety, and facilitating efficient mobility in growing cities. According to the World Bank's October 2022 report, approximately 56% of the world's population, or 4.4 billion people, currently resides in cities. The urban population is expected to more than double by 2050, with 7 out of 10 people predicted to live in cities. Increasing urbanization is driving the growth of the road marking materials market, as urban areas continue to expand.

A noteworthy trend in the road marking materials market is the adoption of technological advancements. For example, in April 2022, Germany-based chemicals company Röhm GmbH introduced DEGAROUTE proTerra 100, a more environmentally friendly binder for cold plastic road markings. This innovative material, constructed with 30% recycled PMMA, boasts a carbon footprint approximately 20% lower than equivalent materials from virgin raw materials. DEGAROUTE road markings are reactive, solvent-free systems that release minimal volatile organic compounds (VOC). Technological advancements like these contribute to the environmentally conscious evolution of road marking materials.

Major companies in the road marking materials market are strategically focusing on introducing innovative products to gain a competitive edge. Epocoat 410, a specific product known for providing a durable and resistant finish to various surfaces, was introduced by Epoxy Oilserv Nigeria Limited in August 2022. This one-component self-drying paint, composed of organic chemical polymer material, is used for various applications, including road markings. Different materials and paints, each with unique properties such as anti-skid, reflectivity, longevity, and performance, can be utilized depending on the surface and mark. The strength and longevity of thermoplastic materials greatly benefit the infrastructure for road markings.

In October 2022, Ingevity Corporation further solidified its position in the market by acquiring Ozark Materials for $325 million. This strategic acquisition enhances Ingevity's presence in the paving construction industry and aligns with its business model and capabilities. Ozark Materials, a competitive player in pavement marking materials, complements Ingevity's portfolio with its expertise in manufacturing thermoplastic pavement markings and waterborne traffic paints.

Major companies operating in the road marking materials market include The Sherwin-Williams Company, Minnesota Mining and Manufacturing Company, Ennis Flint Inc., Evonik Industries AG, Geveko Marking UK Ltd., Hempel AS, Kelly Bros Ltd., Ozark Materials LLC, Sealmaster of Pennsylvania Inc., SWARCO Industries Inc., Automark Technologies Private Ltd., Asian Paints Ltd., Chemac Inc., DCC LANINO ROAD SAFETY PRIVATE LIMITED, Dow Chemical Company, Epoplex GmbH & Co. KG, Geveko Markings India Pvt. Ltd., Hitex International Group, Hi-Way Services Ltd., Kestrel Thermoplastics Limited, Crown Technology Inc., LANINO LLC, Liquid Plastics Limited, Nippon Paint (M) Sdn Bhd, Potters Industries LLC, RAE Products and Chemicals Corp., Roadmark Corporation, Viz Reflectives North America, 3M Co., Aximum SA, BASF SE, BASLER LACKE AG, BNKO Environmental Technology Co. Ltd., Crown US LLC, Dianal America Inc., Henkel Corp., NITTO DENKO CORPORATION, Permionics Membranes Private Limited, PPG Industries Ltd.

Asia-Pacific was the largest region in the road marking materials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the road marking materials report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the road marking materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The road marking materials market consists of sales of road marking materials, including thermoplastic marking, cold-applied plastic, and preformed adhesive tapes. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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