Road Marking as a Key Application in the Coatings Industry Makes Significant Impact
Growth of the coatings industry has been significantly modest, especially with its road marking application on the rise. This has paved new pathways for the road marking paints, as manufacturers engage in developing innovative products. Moreover, the road marking paint market is largely influenced by the thought of road safety, the latter being government’s one of the top priorities worldwide. According to World Health Organization’s (WHO) road safety report, more than 1.3 million deaths due to road accidents are recorded each year. This has made it imperative for governments to ensure effective road markings, hence giving a significant impetus to the use of road marking paints.
VOC Norm Compliance Might Have Negative Impact on Road Marking Paint Market, Especially in Developed Countries
Different types of solvent-based material are used in road marking paints. However, complying with regulations related to VOC contents in them has been a challenge. VOC (Volatile Organic Compounds) have low boiling point and high vapour pressure due to which their evaporation rate is higher, making them potential threat to human beings and environment. Against this backdrop, governments in developed countries have stringent rules, in-turn creating a barrier in road marking paint market growth in these regions.
Thermoplastic Road Markings Likely to Spearhead in the Coming Years
It has been envisaged that enhanced clarity and quality of road markings would bring-in the pursued improved safety. Thermoplastic road marking paint is comparatively cheap and readily available solution. According to NTPEP (United States National Transportation Product Evaluation Program) that has monitored the performance of thermoplastics, thermoplastic road marking paints are solvent-less and do not directly contribute to emissions or organic volatile compounds, as other road marking paints do. In addition, their higher retro-reflectivity property makes them a favored component in road marking paints. To add to their salience, thermoplastic road marking paints can deliver performance in dry as well as wet conditions, consequently contributing to the growth of road marking paint market.
Emerging Economies Show Positive Avenues of Growth for Road Marking Paints
Demand for road marking paints in emerging countries such as India and China has been spearheading since past few years. This can be attributed towards significant rise in infrastructure development in these countries. Highway construction rate in India has been skyrocketing recently. For instance, in an event arranged by PHD Chamber of Commerce and Industry, rate of highway construction was 34 km per day, that reached to 40 by end of March 2021 despite lockdown conditions. Likewise, China is focusing on expanding its highway network by 50%, to reach 160,000 km from 108,600 km through 2035. This fact coupled with rising population in these countries is creating potential growth avenues for manufacturers of road marking paints. Developed economies are showing moderate demand, yet are having a lion’s share in the road marking paint market, given their superior economic strength.
Autonomous Mobility to Offer Significant Growth Opportunity for Road Marking Paints
Autonomous vehicles are becoming a fact with growing concerns related to passenger safety. Well maintained and efficiently installed road markings provide guidance to these vehicles. They help in reliable and safe navigation for commuters. According to EuropNAP, technology used in autonomous vehicles functions effectively with road markings and are dependent on them to perform on roads. This aspect is expected to offer high growth potential for road marking paint manufacturers in the coming years.
Sustainable Road Marking Paints – Innovation in Formulations in the Offing
Recently, manufacturers of specialty polymers and bio-based chemicals are developing innovative solutions for road marking paints. Sustainability being the focus point, these innovative solutions can offer higher bonding strength and stability. For instance, Kraton Corporation has developed unique bio-based solution using its “Revolution Technology”. This technology improves oxidative stability ad initial light color of road marking paints. Moreover, according to Kraton, rosin ester resin is a better substitute to petroleum based resins, especially in thermoplastic road marking paints. They also have reduced green-house emission rate, enhanced light color, and at the same time providing thermoplastic road marking paints an option of high-performance tackifiers.
Road marking paint manufacturers are developing their products in a bid to offer enhanced serviceability. For instance, in 2020, Geveko Markings developed ViaTherm LongDot road marking paint that offers noise reduction, improved visibility and safety.
Overall the scenario of road marking paint market looks positive and players can expect a volley of opportunities in the years to come. Some of the key players in the road marking paint market include Sherwin Williams, Ennis-Flint, Berger Paints, BASF Coatings, Hempel, Sealmaster and Swarco.
Key Elements Included In The Study: Global Road Marking Paint Market
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