Traffic Road Marking Coatings Market Opportunity | Size | Research Report
The global traffic road marking coatings market size was valued at USD 6.89 billion in 2023. The market is projected to grow from USD 7.18 billion in 2024 to USD 9.78 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period.according to a report by Fortune Business Insights™, titled “Traffic Road Marking Coatings Market, 2024-2032”.
Source: https://www.fortunebusinessinsights.com/traffic-road-marking-coatings-market-103056
Startling Rise in Road Fatalities Worldwide to Fuel Market Growth
Accidents and deaths caused by road crashes have been steadily rising around the globe over the past few years. Recent data released by the World Health Organization (WHO) reveal that road traffic accidents kill roughly 1.35 million people globally every year, with more than 50% of these mishaps occurring among the most road users – pedestrians, cyclists, and motorists. Furthermore, the WHO data also show that road accidents also cause non-fatal injuries to many millions around the world annually.
Traffic road marking coatings are essential in ensuring that drivers are aware of the road conditions, especially during the night and on unknown terrains. These coatings can efficiently prevent the crashing of vehicles with each other as well as reduce the risk for other road users.
COVID-19 Impact
The COVID-19 pandemic has caused the traffic road marking coatings market growth to tumble in an unprecedented manner, with the market registering a sharp decline of 3.67% in 2020. With the coronavirus continuing its relentless rampage in several major economies, governments have had to impose severe lockdowns and movement restrictions, confining large swathes of the global populace to their homes. As a result, there has been a steep drop in the demand for vehicles, air travel, and other critical economic activities, which have petered down the necessity of deploying road safety-ensuring solutions.
Segmentation
Based on product, the market has been divided into water-based coatings, solvent-based coatings, and thermoplastic coatings. Among these, the water-based coatings segment held a leading share of 39.1% in the global market in 2020.
Report Highlights
The report contains unparalleled insights into market drivers, trends, and restraints, along with an industry-leading analysis of all possible market segments. Further, the report offers a granular study of the regional developments and prospects of the market, as well as actionable research into the competitive dynamics of the market.
