The global road marking materials market is highly consolidated in nature as the market is mostly controlled by five companies. Top five players in the market accounts for nearly 65% of the market, notices Transparency Market Research. It has been noticed that The Sherwin-Williams Company, is major revenue generator which accounts for nearly 18.5% of the total revenue collected in a year.
Surge in
demand for environmentally neutral product is stimulating all the market
vendors to contain bio-based products in the range of products. In order to get
a good grip in various regions, companies are consistently expanding to newer
regions such as Asia Pacific. Players are undergoing strategic partnership such
as mergers and acquisitions in order to reach to customers of locality.
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According
to Transparency Market Research, the global road marking materials market is
anticipated to expand at 5.5% of CAGR during the forecast period, 2016 – 2024.
The market which was valued at US$3.50 bn in 2015, is likely to touch US$5.66
bn by the end of the assessed period. The global road marking materials market
on the basis of materials is segregated into performance-based marking and
paint-based markings. Amongst these paint-based markings dominates and
contributes the most in terms of revenue due long durability and low costs.
Based on geography, Asia Pacific holds a lion’s share which roughly accounts
for 36% of the overall market in recent years. Reasons helping the region to
grow at a stupendous rate is increasing awareness among the population
regarding workplace and road safety. Apart from these, aggressive rise in
construction activities of roads networks along with development projects is
helping the region to rise high.
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Rising
Awareness Regarding Road Safety Bolsters the Market Demand
Increasing
awareness among governmental and public bodies regarding the immense number of
benefits associated with road markings is one of the major driver driving the
market in the positive direction. One of the major benefit which is making the
governmental bodies meticulously work on road markings is it can bring down the
accident rates at a dramatic way. According to a study, existence of center and
edge markings on road can plunge down the rate of accidents by 20%. Government
of various countries are constantly taking up initiatives to provide road
safety, thus favoring the market in a big way.
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Fast pace
rise in infrastructure development projects, particularly in developing
countries like China, India, Indonesia, South Africa, and Brazil have increased
the market growth to a huge extent globally. Rapid Urbanization among countries
in Asia Pacific region is fostering the market to grow.
Erratic Raw Material Prices to
Deter Market Growth
However,
apart from the positive side, the global road marking materials market is faced
by numerous challenges. One of the major restraint factor, deterring the growth
of the market is volatile raw cost materials like pigments, additives, and
resins that are extracted from crude oil. Unstable global oil and gas industry
owing to various political dispute has hindered the market growth. Nonetheless,
advent of bio based materials is anticipated to create new avenues in the
market. Avoiding the price fluctuations, bio based raw materials will be
adopted by developed countries owing to stringent VOC emission related rules
and regulations.
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