According to a research 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 was valued at USD 4.5 billion in 2019 and is projected to register 6% CAGR over 2020-2027, amassing USD 7.17 billion by the end of the forecast period.
 

Report findings suggest that emphasis on road safety & maintenance, rising number of fatalities in road accidents, and surge in demand for public & private parking spaces are driving the growth of worldwide traffic road marking coatings industry.
 

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Furthermore, development & introduction of temperature sensitive paints, coupled with heavy investments made by leading companies towards R&D are also propelling the industry demand.
 

Additionally, burgeoning demand for parking spaces due to the construction of supermarkets, malls and hypermarkets, as well as R&D activities for innovation and manufacturing of low volatile organic compound (VOC) content paints are fueling global traffic road marking coatings market growth.
 

For those uninitiated, traffic road marking coatings are used on zebra crossings, highways, parking spaces, airport runways, and other places to indicate directions and other signals to provide relevant instructions to drivers and to ensure safe driving experience.
 

Despite the lucrative growth prospects, factors such as irregular maintenance & re-painting initiatives in developing nations, strict regulations on controlling VOC emissions, and acute shortage of raw material supplies are anticipated to adversely impact the market valuation in the upcoming years.
 

On the regional front, the research for global traffic road marking coatings market spans across North America, Europe, Asia-Pacific, and Latin America. Europe captured a significant market share in the recent past, owing to stringent safety measures, along with extensive training and efficient monitoring of contractors.
 

Meanwhile, Asia-Pacific industry is slated to record the highest CAGR over the forecast period. This can be attributed to accelerated demand for runway marking coatings, owing to rising airport construction projects in the region.
 

Key contenders in the market sphere are Automark Technologies (India) Pvt. Ltd., K.M. Contractors Pvt. Ltd., Vertex Safety Products Pvt. Ltd., Crown Technology LLC, Ennis-Flint Inc., Geveko Markings Inc., Sherwin-Williams Company, SWARCO Holding AG, The Dow Chemical Company (TDCC), and 3M Company.