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Global Road Marking Materials Market to Reach $7.5 Billion by 2026

Road accidents are among the leading causes for deaths worldwide, accounting for over 1.25 million deaths per year. Apart from the fatal consequences, road accidents, which number over 50 million, are a major cause for injuries and disabilities, leading to lower quality of life and also negative effects on productivity on the workforce. Apart from the direct costs associated with road accidents, the indirect costs of road accidents run into billions of dollars across the world. As a result, governments and regulators across the world are increasingly focusing on road safety as a major way to control road accidents. Road markings are among the major focus areas for controlling road accidents, as they provide information to vehicle drivers and pedestrians on safe use of roads. As countries across the world focus on road markings, the road marking materials market is expected to witness healthy growth in future. Road markings present an effective and economical traffic safety option owing to their ability guide motorists for ensuring a smooth traffic flow. The market is set to gain from increasing focus on road safety and introduction of new standards and guidelines by countries. Growth in the market is propelled by increasing population, rapid urbanization, and enhanced quality of life. The market is also expected to receive a push from ongoing efforts by governments to form comprehensive policies to maintain road markings and reduce the number of accidents. Regulators and concerned authorities in the Europe, for instance have approved wet-night visible materials under the A556 section for reducing risk of road accidents.

Amid the COVID-19 crisis, the global market for Road Marking Materials estimated at US$6.2 Billion in the year 2022, is projected to reach a revised size of US$7.5 Billion by 2026, growing at a CAGR of 4.6% over the analysis period. Paint-based Markings, one of the segments analyzed in the report, is projected to grow at a 3.7% CAGR to reach US$4.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Performance-Based Markings segment is readjusted to a revised 5.8% CAGR for the next 7-year period. This segment currently accounts for a 39.4% share of the global Road Marking Materials market. Paints are used for markings on public streets and private spaces. These materials are offered in various color options that symbolize a specific function. Performance-based markings comprise thermoplastics and cold plastics. Cold plastic tapes are widely used for marking stop bars, crosswalks and traffic guidance like turn lanes, train crossings, HOV lanes, taxi lanes, pedestrian crossings, bike lanes, and bus lanes. Thermoplastic materials are exhibiting strong gains owing to their performance-related benefits including enhanced retro-reflectivity and durability as well as VOC-free nature.

The U.S. Market is Estimated at $1.3 Billion in 2022, While China is Forecast to Reach $2.2 Billion by 2026

The Road Marking Materials market in the U.S. is estimated at US$1.3 Billion in the year 2022. The country currently accounts for a 21.85% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$2.2 Billion in the year 2026 trailing a CAGR of 5.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR while Rest of European market (as defined in the study) will reach US$2.4 Billion by the end of the analysis period. We bring years of research experience to this 7th edition of our report. The 311-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed. North America and Europe lead the market owing to the large and established road networks in these regions. Moreover, high vehicular density, and stringent road safety norms necessitate the use of advanced materials and also regular maintenance in these regions, leading to higher demand. Emerging markets in Asia such as China and India are expected to offer robust growth opportunities owing to the huge infrastructure investments in these markets. In addition, both China and India are aggressively expanding their air travel network through upgrades to existing facilities or building greenfield airports, driving demand for road marking materials.