Road Marking Paints & Coatings Market Trends

Growth Drivers

• High Expenditure on Street Construction to Improve Road Facility – As per recent findings, the monthly spending on highway and street construction in the United States rose from USD 80 billion in 2012 to USD 100 billion in 2021. Further, the U.S. highway and street construction value are projected to rise to approximately USD 150 billion in 2025.
• Increase in the Number of Deaths in Road Accidents Owing to Damaged Roads – According to the data released by the World Health Organization in 2022, approximately 1.3 million people die each year due to road traffic crashes globally.
• Prevalence of Traffic Congestion with Increasing Vehicles on Road – The prevalence of traffic across the globe is estimated to increase the utilization of road marking paints & coatings to direct and clear the congestion within a short span. As of January 2020, the American motor vehicle fleet traveled about 240.6 billion vehicle miles. Further, between January and December 2021, the traffic volume in the U.S. came to around 3.2 trillion vehicle miles of travel.
• Rise in Demand and Sales of Vehicles with Increasing Disposable Income– As per the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of vehicles rose from 78,774,320 vehicles in 2020 to 82,684,788 in 2021.
• Expansion in Research and Development Expenditure with Development in Economy – The statistics revealed by World Bank showed that research and development expenditure counted for 2.63% of total GDP in 2020.

Challenges

• Rising Concern for the Environment - The expansion of roads leads to the cutting down of forest land affects animal habitats, the destruction of beautiful landscapes, trees, and the reduction of the animal population. The increasing pollution from emissions of vehicles increases due to increasing road lanes and routes. This is the estimated reason for the hindrance of market growth during the forecast period.
• Fluctuating Costs of Raw Materials
• Stringent Regulations Governing VOC Emissions