In 2017, the paint segment dominated the global market, in terms of revenue.
In 2017, Europe accounted for the majority share in the global Traffic Road Marking Coating market.
The rapid increase in traffic congestion across the globe majorly drives the growth of this market.
Growing concerns regarding road safety coupled with an increasing need to efficiently control and manage road traffic support the market growth.
A significant increase in the number of road accidents has been registered, which encourages governments to improve the road infrastructure.
There has been an increasing construction of roads, especially in the developing regions of Asia-Pacific and Latin America, which further augments the growth of this market.
Introduction of organic road marking coatings along with increasing awareness regarding the use of environment-friendly marking materials would provide growth opportunities for traffic road marking coating market in the coming years.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. There has been an increase in the construction of roadways in the developing countries of Asia Pacific.
The increasing need to improve infrastructure is increasing the demand of traffic road marking coating in the region. Governments in the region are increasingly investing in the development of roadway infrastructure, augmenting the market growth.
Growing concerns regarding road accidents and rising need to control them further promote the growth of this market. Leading global players are expanding their presence in developing nations of China, Japan, India, Indonesia, and Malaysia to tap the growth opportunities offered by these countries.
The various types of traffic road marking coatings include thermoplastic, paint, preformed polymer tape, and others. The paint segment is expected to lead the market during the forecast period owing to its increasing demand from the developing regions. The use of paint is generally preferred owing to its easy availability and ability to dry at a faster rate. Thermoplastic is expected to grow at the highest CAGR during the forecast period.