New York,
NY Dec 09 2019:According to a new research published by Polaris Market Research
the worldwide traffic
road marking coating market is anticipated to reach around
USD 6,781 million by 2026. 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 increasing need to
efficiently control and management road traffic supports 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.
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Asia-pacific is
expected to grow at the highest CAGR during the forecast period. There has been
increase in 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 promotes 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. 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.
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The well-known
companies profiled in the report include Vertex Group, Geveko Markings, Dow
Chemical Company, Asian Paints PPG Pvt. Ltd., Lanino Road Marking Products,
Kataline Infraproducts Pvt. Ltd., Ozark Materials, LLC, Kestrel Thermoplastics
Ltd., Crown Technology LLC, and WJ Products Ltd. among others. These companies
launch new products and collaborate with other market leaders to innovate and
launch new products to meet the increasing needs and requirements of consumers.
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