Albany, NY -- (SBWire) -- 10/03/2018 --The global market for road marking materials features a largely consolidated competitive landscape, with the top five companies collectively accounting for a nearly 65% of the overall market in 2015, observes a recent report by Transparency Market Research (TMR). The leading revenue generator in the market, The Sherwin-Williams Company, held a nearly 18.5% of the global market's total revenue in the said year.
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The rising demand for environmentally neutral products is compelling leading companies in the market to include bio-based products in their product portfolios. To strengthen their foothold in the highly competitive market, companies are also focusing on geographical expansion to reach out to the vast consumer base in high-growth regions such as Asia Pacific.
Transparency Market Research states that the global road marking materials market, which had a valuation of US$3.50 bn in 2015, will exhibit a CAGR of 5.5% from 2016 to 2024 and rise to a valuation of US$5.66 bn by 2024.
Paint-based Road Marking Materials Continue to Hold Massive Share in Global Revenues
In terms of the types of materials used for road marking purposes, the segment of paint-based markings is presently the leading contributor of revenue to the global market, surpassing the segment of performance-based markings by a vast margin in 2015. Paint-based coatings are more preferred owing to their low costs and longer durability as compared to performance-based products. Geographically, the market for road marking materials in Asia Pacific accounted for the dominant 36% of the overall market in 2015, chiefly owing to the rising awareness about road and workplace safety and the extensive rise in road networks and infrastructure development projects.
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Rising Awareness about Road Safety to Drive Demand
The rising awareness among public and government bodies about the vast benefits of road markings in reducing the total numbers of road accidents taking place every year across the globe is one of the key factors driving the market for road marking materials globally. Studies estimate that the presence of edge and center markings on roads can bring down the numbers of road accidents by at least 20%. The rising focus of government bodies on implementing road safety measures to reduce road accidents is driving the market for road marking materials and is expected to remain one of the key driving forces of the global market over the next few years as well.
Road Marking Materials Market Is Anticipated to Reach US $5.66 Bn by 2024