According to the report titled ‘Global Traffic Road Marking Coatings Market Size study, by Product (Paint, Thermoplastic, Preformed Polymer Tape and Epoxy), Type (Permanent and Removable), Application (Road Marking Lines and Road Marking Labels) and Regional Forecasts 2020-2027’, available with Market Study Report, global traffic road marking coatings market, valued at USD 4.5 billion in 2019, is anticipated to reach USD 7.17 billion by 2027, while recording a 6% CAGR during 2020-2027.
 

Report findings suggest that the growth of global traffic road marking coatings market is credited to soaring development of public and private parking spaces, frequently occurring road accidents, and introduction of temperature sensitive paints.
 

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Notably, traffic road marking coatings are used on airport runways, zebra crossings, vehicle parking spaces, highways and other places to assist drivers for safety and directions. Construction of malls, supermarkets, and hypermarkets, coupled with increasing research & development activities to manufacture low volatile organic compound (VOC) content coatings are believed to boost the market growth during the study period.
 

Further, inflowing investments as well as strategic partnerships/acquisitions by major players will augment the worldwide traffic road marking coatings industry outlook. For instance, Geveko Markings Inc. announced purchase of Flexitherm Australia Pty. Ltd. in January 2019, which enable the firm to serve wider customer base with thermoplastic road markings.
 

However, shortfall of raw materials, along with less attention towards repair & maintenance in developing countries, and stringent norms to curb VOC emissions are expected to hamper the industry growth during the forecast period.
 

Global traffic road marking coatings market space, in terms of product terrain, is divided as thermoplastic, paint, epoxy, and preformed polymer tape. Based on type, the industry is bifurcated as road marking lines, and road marking labels.
 

Geographically, Europe holds a sizeable share in the market currently, due to willing acceptance of safety measures, alongside thorough training and better surveillance on contractors. Meanwhile, Asia pacific market is touted to exhibit notable growth rate during the study period, pertaining to rise airport construction projects.
 

Major companies defining the competitive landscape for global traffic road marking coatings market sphere are K.M. Contractors Pvt. Ltd., 3M Company, The Dow Chemical Company, Crown Technology LLC, Swarco Holding, Geveko Markings Inc., Ennis Flint Inc., Vertex Safety Products Pvt. Ltd., Sherwin-Williams Company, and Automark Technologies (India) Pvt. Ltd.