Road Marking Paint Market Forecast: Thermoplastic Paints Leading the Way
The global coatings industry is experiencing a notable surge, driven by the increasing demand for road marking paints, which are at the forefront of enhancing road safety. Recent statistics reveal that over 1.3 million lives are lost annually due to road accidents, prompting governments worldwide to prioritize road safety. In response, manufacturers are actively developing innovative road marking paint solutions to meet this critical need.
Challenges in VOC Compliance
While road marking paints play a pivotal role in road safety, compliance with Volatile Organic Compounds (VOC) regulations, especially in developed nations, has posed a challenge. VOCs, with their high evaporation rates, pose environmental and health risks. Stringent regulations in developed countries are creating barriers to the growth of the road marking paint market in these regions.
The Rise of Thermoplastic Road Markings
The quest for improved road safety has led to the adoption of thermoplastic road marking paint. This cost-effective and readily available solution has gained traction for several reasons. Notably, thermoplastic paints are solvent-less and do not contribute to emissions or volatile organic compounds, making them an environmentally friendly choice. Additionally, their superior retro-reflectivity properties make them a preferred component in road marking paints. The ability to perform well in both dry and wet conditions further boosts their popularity.
Emerging Economies Driving Growth
Emerging economies, such as India and China, have witnessed a surge in demand for road marking paints, primarily due to substantial infrastructure development. India, for instance, has experienced an exponential increase in highway construction rates, reaching 40 kilometers per day by the end of March 2021. China, on the other hand, is committed to expanding its highway network by 50% by 2035. These developments, coupled with rising populations, present significant growth opportunities for road marking paint manufacturers.
Autonomous Mobility: A Promising Frontier
The advent of autonomous vehicles has shifted the focus to passenger safety. Well-maintained and efficiently installed road markings are crucial for guiding these vehicles, ensuring reliable and safe navigation for commuters. As per EuropNAP, autonomous vehicle technology relies heavily on road markings. This dependence is expected to create substantial growth potential for road marking paint manufacturers in the coming years.
Sustainability and Innovation
Manufacturers are actively exploring sustainable solutions for road marking paints. Specialty polymers and bio-based chemicals are being used to develop innovative formulations that offer higher bonding strength and stability. For example, Kraton Corporation’s “Revolution Technology” enhances oxidative stability and initial light color of road marking paints. Rosin ester resin, as an alternative to petroleum-based resins, not only reduces greenhouse emissions but also enhances light color, making it an attractive option for thermoplastic road marking paints. Manufacturers are also focusing on enhancing serviceability, as seen with Geveko Markings’ ViaTherm LongDot road marking paint, which offers noise reduction, improved visibility, and safety.
The road marking paint market is poised for growth, with numerous opportunities on the horizon. Key players in this industry, including Sherwin Williams, Ennis-Flint, Berger Paints, BASF Coatings, Hempel, Sealmaster, and Swarco, are leading the way in shaping the future of road safety through innovative and sustainable road marking solutions.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/road-marking-paint-market
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This press release first seen on Brilad