Market Scenario

The global thermoplastic marking paint market was valued at US$ 2,303.1 million in 2022 and is anticipated to reach a valuation of US$ 3,432 million by 2031 at a CAGR of 4.39% over the forecast period of 2023–2031. 

The global market for thermoplastic marking paint is experiencing significant growth due to a number of factors. One major driver of this growth is the increasing number of airport and road construction activities across the globe, which has led to a growing demand for high-quality, durable, and long-lasting marking paint.

In addition, there is a growing focus on repairing and maintaining existing roads, which has also contributed to the demand for thermoplastic marking paint. This is particularly true in regions with aging infrastructure, where the need for reliable and efficient road markings is greater than ever. Another important factor driving the growth of the thermoplastic marking paint market is the increasing pressure on airport operations due to the rapid growth in passengers and the mandatory data transfer and security requirements. This has led to a growing demand for high-quality marking paint that can withstand the heavy traffic and harsh weather conditions that are common in airport environments.

According to A-ICE, the Asia-Pacific region is expected to grow at the fastest rate between 2016 and 2040, with an increase of over 38.8%. This growth is being driven by the rapid urbanization and industrialization of the region, which has led to a growing demand for improved infrastructure and transportation systems.

The increasing number of autonomous vehicles across the world is also creating new opportunities for the thermoplastic marking paint market. As more automated vehicle systems are implemented, road markings are becoming increasingly important for all types of guidance systems. According to Robert N. Dingess, CEO of the US-based Mercer Strategic Alliance, road markings will continue to be essential for mixed-level autonomous driving.

As of 2021, the CAPA Center for Aviation reports that there has been a noticeable increase in the number of airport operators, groups, and consortiums. This trend is expected to continue as the global demand for air travel continues to rise, driving further growth in the thermoplastic marking paint market.

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Market Dynamics of Thermoplastic Marking Paint Market

Driver: 

Increasing Number of Airport and Road Construction Activities

The global thermoplastic marking paints market is expected to witness significant growth in the coming years, mainly due to the increasing number of airport and road construction activities worldwide. The demand for thermoplastic marking paints is driven by their long-lasting nature, durability, and high visibility, making them an ideal choice for road and airport markings. Governments across the globe are investing heavily in infrastructure development, with a particular focus on improving road networks and airport facilities. Some notable government initiatives include:

• United States: The Infrastructure Investment and Jobs Act (IIJA), signed into law in 2021, allocates $1.2 trillion for infrastructure projects over eight years, including $110 billion for roads, bridges, and major infrastructure projects and $25 billion for airports.
• China: The 14th Five-Year Plan (2021-2025) sets ambitious targets for infrastructure development, including a 50% increase in highway mileage and the construction of 30 new airports.
• European Union: The Connecting Europe Facility (CEF) has a budget of €30 billion for the period 2021-2027, targeting improvements to the Trans-European Transport Network (TEN-T), which includes roads, airports, and other transport infrastructure.

Restrain:

Issues Associated with the Thermoplastic Marking Paints

Thermoplastic marking paints are widely used for marking roads, parking lots, and other surfaces due to their durability, visibility, and resistance to weather and chemicals. However, there are several issues associated with these paints that can restrain their market growth. Here are some detailed analyses of these issues:

• High Cost: Thermoplastic marking paints are more expensive than other types of marking paints such as water-based paints or solvent-based paints. This higher cost can deter some customers from choosing these paints, especially those with limited budgets.
• Limited Color Options: Unlike other types of marking paints, thermoplastic marking paints are limited in terms of color options. They are mostly available in white or yellow, which can be a drawback for customers who require markings in different colors.
• Application Difficulties: Thermoplastic marking paints require special equipment and skilled operators for application. If the paint is not applied correctly, it may result in poor adhesion, reduced durability, or uneven markings. This can lead to additional costs for customers who need to have the markings re-applied.
• Environmental Concerns: Thermoplastic marking paints contain chemicals such as titanium dioxide and lead chromate, which can be harmful to the environment. When the paint wears off, it can enter the soil and waterways, posing a threat to aquatic life and ecosystems. Some countries have already banned the use of lead chromate in thermoplastic marking paints due to its toxicity.
• Longevity of Markings: Although thermoplastic marking paints are known for their durability, they may not last as long in areas with heavy traffic or harsh weather conditions. This can result in the need for frequent re-application, which can be costly and time-consuming.

Opportunity: High Demand for Low-Emission Paints

As environmental concerns continue to grow, there is a high demand for low-emission paints in the road marking industry. Traditional road marking paints contain volatile organic compounds (VOCs) that can be harmful to human health and the environment. Low-emission paints are designed to reduce the amount of VOCs emitted during the application and drying process, making them a more sustainable and eco-friendly option.

Moreover, there is a trend towards the use of water-based and solvent-free road marking paints, which offer several benefits over traditional solvent-based paints. These paints are easier to apply, dry faster, and have lower VOC emissions. They also provide better adhesion to the surface, resulting in longer-lasting markings.

Regulatory bodies such as the European Union have implemented stricter regulations on VOC emissions from road marking paints, which is driving the demand for low-emission paints in the industry. Manufacturers are now focusing on developing innovative low-emission formulations that meet these regulatory requirements while providing excellent performance and durability.

Trend: Rising Demand for Traffic Road Marking Coatings

The market for traffic road marking coatings is growing rapidly due to the increasing demand for road safety and maintenance. Regulatory bodies across the globe are implementing new rules and regulations to improve road safety and reduce accidents. This has led to a surge in demand for high-quality road marking paints and coatings that provide superior visibility and durability.

Furthermore, the development of intelligent street marking systems and equipment has seen a rise in market investments. These systems use sensors and cameras to record drivers' speed, weather conditions, and temperature, enabling road marking contractors to provide more accurate and efficient services. They also help to reduce accidents and improve road safety by providing real-time information to drivers and road authorities.

Hot melt marking, also known as thermoplastic coating, is gaining popularity in the industry due to its long lifespan and retro-reflectivity. Thermoplastic coatings are highly visible, even in low-light conditions, and offer excellent adhesion to the surface, resulting in markings that last for several years. They are also easy to apply and can be used on a variety of surfaces, including asphalt and concrete.

Thermoplastic Marking Paint Market Segmentation

Type Analysis: 

Based on type segment, the market is further segmented into polyurethane base material, epoxy base material, chlorinated rubber base material, and others. Polyurethane base material is expected to hold the major share in the road marking coatings market in 2022. This is because polyurethanes are among the most promising resins with significant prominence in the coatings industry. Polyurethane coatings offer excellent performance benefits, including good abrasion resistance and hydrolytic stability, making them ideal for various applications such as architectural coatings, industrial maintenance coatings, and product finishes, as well as automotive coatings.

However, the epoxy base material is anticipated to grow at the highest compound annual growth rate (CAGR) of 5.49%. Epoxy coatings are more heat resistant than latex- and alkyd-based paints, making them ideal for industrial and automotive applications. They also offer superior adhesion to the surface and excellent durability, making them a popular choice for pavement marking materials.

Application Analysis: 

The thermoplastic marking paint market is segmented based on application into roads and streets, parking lots, airports, and others. Among these segments, the road and streets segment hold the highest market share of 65.3% in 2022.

Roads and streets are the most common application areas for thermoplastic marking paints. These markings are used to indicate various road conditions, such as lanes, turns, pedestrian crossings, and stop lines. The visibility and durability of thermoplastic markings are essential for ensuring road safety and preventing accidents. Moreover, the increasing number of road infrastructure development projects, along with the need for regular maintenance and repair of existing road networks, has boosted the demand for thermoplastic marking paints in the road and streets segment. Government initiatives to improve road safety and infrastructure in emerging economies have also contributed to the growth of this segment.

Parking lots are another significant application area for thermoplastic marking paints, accounting for a considerable share of the market. These markings help to demarcate parking spaces, traffic flow, and other essential areas in parking lots. With the rising demand for public and private parking spaces, the demand for thermoplastic marking paints in this segment is expected to grow significantly in the coming years. 

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Regional Analysis 

Europe is projected to remain the largest contributor to the global thermoplastic marking paints market due to several factors such as the increasing demand for road safety and infrastructure development, government initiatives to promote sustainable transportation, and the rising use of thermoplastic marking paints in airports, parking lots, and other applications.

The report attributes this growth to the increasing demand for road marking paints in the region, as well as the implementation of stringent regulations on the use of VOCs and hazardous materials in paints and coatings. Moreover, the European Commission has implemented several initiatives to promote sustainable transportation and reduce carbon emissions in the region. The EU's Green Deal, for example, aims to make the European Union carbon-neutral by 2050 and promote sustainable and smart mobility. This has led to increased investment in sustainable transportation infrastructure, including road markings and coatings that use low-emission and eco-friendly materials.

In addition, several European countries have implemented their own initiatives to promote road safety and infrastructure development. For instance, the UK government has allocated £2.5 billion for the development and maintenance of road networks in the country. The German government has also launched the National Cycling Plan 3.0, which aims to improve cycling infrastructure and promote sustainable transportation in the country.

Furthermore, there have been several recent developments in the European thermoplastic marking paints market. For example, in 2019, Geveko Markings, a leading manufacturer of road marking paints, launched a new eco-friendly thermoplastic marking paint called Geveko EcoLine. This product is made from renewable raw materials and has a significantly lower carbon footprint compared to traditional thermoplastic marking paints.

List of Key Companies Profiled:

• 3M
• Sherwin-Williams
• Swarco AG
• Nippon Paint
• Ennis Flint
• Hempel
• Geveko Markings
• PPG Industries
• Asian Paints PPG
• SealMaster
• LANINO
• TATU
• Other Prominent Players

Segmentation Overview:

By Type

• Polyurethane Base Material
• Epoxy Base Material
• Chlorinated Rubber Base Material
• Others

By Application

• Roads & Streets
• Parking Lot
• Airport
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America