The Road Marking Materials Market is projected to grow from USD 6.1 billion in 2020 to USD 7.5 billion by 2025, at a CAGR of 4.4% from 2020 to 2025. The major reasons for the growth of the road marking materials market include increased spending on safer roads, and new infrastructure and roadway projects in emerging economies, which in-turn act as driving factors for growth of road marking materials market.
COVID-19 Impact on the Global Road marking materials
Market
The pandemic is
estimated to have a significant impact on various factors of the value chain of
road marking materials, which is expected to reflect during the time period of
especially in the year 2020-2021. The various impact of COVID-19 are as
follows:
Impact on construction of new facilities: The imposition of COVID-19 lockdowns across the world, has led to many delays in various construction projects globally. For instance, the construction of the Silk Route, a high investment project of China, has been witnessing many delays due to the travel restrictions and lockdowns in the South-east Asia region. Also, factors like, delays, loss of efficiency, and cost impacts because of the pandemic are estimated to deter construction activities in many parts of the world. However, relief measures are provided for the middle market and large businesses in the construction industry.
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Impact on non-residential
construction: Due to the impact of COVID-19, reverse
migration and disruption of supply chains, among others are some of the
multiple consequences which the construction sector is expected to face.
Despite all these factors, the heavy & civil engineering construction
sector resumed its activities. For instance, as per the he Ministry of Road
Transport and Highways (India) highway construction in the country dropped to
18 km per day as labourers were optimally employed to complete the highways with
minimal hindrance. This is estimated to positively impact the road marking
materials market in India. Similar is the case in Turkey as well, wherein many
roadways and construction projects have been awarded in the year 2020, in-order
to revive the economy from the negative impacts of COVID-19
Impact on raw
material of road marking materials market: The South-east Asian nations like Singapore, Thailand, and China
are some of the major exporters of resins like polyurethane, epoxy and others
which are used to manufacture road marking materials. Hence, the lockdowns
imposed by various European and Asian countries have severely impacted the raw
material supply chain of the road marking materials market, on a global level.
By type, the paint-based markings segment is
estimated to dominate the global road marking materials market
By type, the paint-based markings segment of the
road marking materials market is estimated to dominate the global road marking
materials market due to their cost-effectiveness and efficient performance.
These markings generate high demand due to their retro-reflective glass beads
and are generally used to denote travel lanes or mark parking spaces. These
factors are expected to drive the road marking materials growth in the type
segment.
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By application, airport markings segment is
estimated to be the fastest-growing segment of road marking materials market
from 2020 to 2025.
By application, the airport markings application
segment is projected to growth with the highest CAGR in the global road marking
materials market, during the forecast period. The high growth of the airport
marking application segment is primarily due to the significance of airport
safety. These markings guide airplanes coming into and going out from a runway
or taxiway, provide situational awareness, provide an essential visual aid to authorities,
and promote overall airfield safety. These factors are estimated to drive
the growth of airport markings segment in the road marking materials market
during the forecast period.
Asia Pacific is estimated to register the highest
growth in the global road marking materials market during forecast period
Asia Pacific is projected to be the fastest growing
market for road marking materials during the forecast period. The growing
demand for road marking materials is primarily driven by the increasing
investments in the civil construction sector, as well as the growing need for
safer roads. The various infrastructural activities by emerging economies like
China and India is driving the growth of the Asia Pacific road marking
materials market during the forecast period. These factors are estimated to
lead the road marking materials market in Asia Pacific region.
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