NEW YORK — According to a new study published by Polaris Market Research, the worldwide road marking coatings market is anticipated to reach around $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 market for road marking coatings.

The rapid increase in traffic congestion across the globe is driving the growth of this market. Growing concerns regarding road safety coupled with an increasing need to efficiently control and manage traffic support the market growth. A significant increase in the number of road accidents has been reported, which encourages governments to improve the road infrastructure. There has been an increase in road construction, especially in the developing regions of Asia-Pacific and Latin America, which further augments the growth of this market. The introduction of organic road marking coatings along with increasing awareness regarding the use of environment-friendly marking materials will provide growth opportunities for road marking coating market in the coming years, according to the report.

Asia-pacific is expected to register the highest compound annual growth rate during the forecast period. There has been an increase in construction of roadways in the developing countries of Asia-Pacific. The increasing need to improve infrastructure is increasing the demand of road marking coatings in the region. Governments in the region are investing in the development of roadway infrastructure, increasing market growth. Growing concerns regarding road accidents and a rising need to control them further promote 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 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 because of its availability and ability to dry at a faster rate. Thermoplastic is expected to grow at the highest rate during the forecast period.

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