Increased Spending on Safer Roads: A driver of the Road Marking Materials Market
The Road Marking Materials Market size is expected to grow from USD 6.8 billion in 2018 to USD 8.8 billion by 2023, at a CAGR of 5.2%. The global road marking materials market is expected to be driven by various factors such as increased spending for safer roads and new infrastructure and roadway projects in emerging economies. With the increased use of road markings in lane departure warning systems (LDWS) in vehicles, the road marking materials market is expected to grow rapidly in the near future.
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The global road marking materials market is expected to be driven by various factors such as increased spending for safer roads and new infrastructure and roadway projects in emerging economies. With the increased use of road markings in lane departure warning systems (LDWS) in vehicles, the road marking materials market is expected to grow rapidly in the near future.
Various countries have introduced road safety laws and standards to ensure safety and security for the people, as well as road infrastructure. Major road marking material players have turned to consolidation as their key strategy to further consolidate their positions in this market, thus, leading to various acquisitions in the.
The key players operating in the road marking materials market are the Sherwin-Williams Company (US), Ennis-Flint, Inc. (US), SWARCO AG (Austria), Geveko Markings (Denmark), SealMaster (US), 3M (US), Aximum (France), Rembrandtin Lack GmbH Nfg. KG (Austria), Crown Technology, LLC (US), and Ozark Materials LLC (US).
The Sherwin-Williams Company is the largest player in the market. In July 2017, the company acquired The Valspar Corporation, a key manufacturer of paints & coatings, globally. It offers the complete traffic marking solutions with high quality and durable products and has a strong customer base, globally. The company has a strong presence worldwide, especially, in North America and Europe. In July 2017, The Sherwin-Williams Company (US) completed the acquisition of The Valspar Corporation (US). This acquisition has made the company one of the largest paints & coatings manufacturers.
Ennis-Flint, Inc. (US) is the second-largest player in the market. The company produces a broad range of traffic paints in water-based and solvent-based formulations. It has over 20 manufacturing and distribution locations, supplying to more than 90 countries, globally. It recently acquired the materials manufacturing business of VERNISOL SPA (Italy), a key player of traffic paints and MMA/cold plastics.
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VERNISOL provides high-quality and reliable products for road safety application and has proven technical knowledge and expertise in traffic paints and MMA/cold plastics. This acquisition is expected to benefit the existing product portfolio of Ennis-Flint. In September 2016, Ennis-Flint (US) company constructed two manufacturing facilities in the US. These production facilities will produce glass beads and hot-applied thermoplastic for road marking application.
Geveko Markings (Denmark) maintains its key position, especially in Europe, by introducing high-performance road marking materials. In April 2018, the company acquired Adbruf Ltd. (UK). This acquisition is expected to benefit the company’s revenue and road marking materials, decorative materials, and resin pavement surfacing offerings.
Reference:
https://www.marketsandmarkets.com/Market-Reports/road-marking-material-market-13285598.html
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