TMR report: Road marking materials market to earn $5.66bn by 2024
Road marking materials market is expected to reach $5.66bn by 2024 according to a recent report by Transparency Market Research (TMR).
TMR anticipates the vendor landscape of the global road marking materials market to be largely consolidated with major leaders accounting for large shares of revenue contribution to the market with major players propelled to incorporate bio-based products in their portfolio in order to cater to the demands of using environment friendly products.
TMR also expects manufacturers to expand their business geographically especially in Asia Pacific regions in a bid to strengthen their foothold in this competitive market.
Some of the leading players of the global road marking materials market right are Kelly Bros Erinline, The Sherwin-Williams Company, Geveko Markings, Ozark Materials LLC., and Swarco Limburger Lackfabrik GmbH who are putting more stress to improve their product portfolio by promoting the use of environment neutral materials since environment protection is a major concern worldwide.
As per the TMR report, the global road marking market is estimated to earn a $5.66 bn by the end of 2024. Within the forecast period of 2016 to 2014, the market is anticipated to expand to 5.5% CAGR. On the basis of performance-based markings, the paint-based markings is presumed to rise higher than the others in the years to come. Based on geography, the road marking market is expected to outshine in Asia Pacific, as compared to other regions of the world.
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The global road marking materials market is dominated by the regions of North America, Asia Pacific, Europe, Latin America and Middle East and Africa. Asia Pacific, of all, is speculated to be dominating the market from the past few years and may continue to do so. This is because of the rise in awareness regarding road signs, traffic rules and safety in the road in the developing regions of India, China, and Japan. Apart from that, there is huge rise in the yet to come road infrastructure and network developing projects. Thus, the major changes in these developing nations are propelling the Asia Pacific region to remain in its prevailing position in the future years to come.
Apart from the road safety awareness, both government and public organisations are emphasising on reducing the number if road accidents that occur in large numbers every year all around the world. This is another important factor adding to drive the overall market in the world. As per studies, almost about 20% of the number of road accidents may be avoided if there are more centre and edge markings on the roads. Therefore, the government bodies are focusing more on reducing road accidents by the implementation of road safety measures. This in turn is expected to augment the road marking material market in the long run.