CHICAGO, UNITED STATES, June 7, 2023/EINPresswire.com/ — The global thermoplastic marking paint market generated a revenue of US$ 2,303.1 million in 2022 and is estimated to reach a valuation of US$ 3,432 million by 2031, registering a CAGR of 4.39% over the forecast period of 2023–2031.
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The rise in demand for long-lasting and affordable road markings in developed and developing nations drive the global thermoplastic marking paint market. According to Astute Analytica’s analysis, thermoplastic road marking paint is the most preferred option for creating road markings due to its robustness, quick drying time, and potent adhesion to the road’s surface.
The rising demand for these paints in numerous applications, including road marking, parking lots, and playgrounds, is indicated by the fact that the global production of thermoplastic marking paints generated sales of 4,130.3 thousand tons in 2022. This is due to the rising need for road marking coatings owing to the expanding desire for better road infrastructure and safety. The market for thermoplastic marking paints is likely to increase in the upcoming years due to the expansion of the construction sector.
The demand for thermoplastic marking paint is likely to increase as government programs aimed at enhancing road safety and road maintenance increase. For instance, the US Department of Transportation has started a number of projects to enhance the country’s transportation network, one of which is the installation of thermoplastic road markings.
Polyurethane Base Material is Preferred for Thermoplastic Marking Paint
The polyurethane base material segment dominated the global market and is likely to record an opportunity of US$ 438.7 Mn over the forecast period. This is due to polyurethanes’ prominent use in the coatings sector, which makes them one of the most promising resins. Polyurethane coatings are perfect for various applications, including architectural coatings, industrial maintenance coatings, product finishes, and automotive coatings. They also offer outstanding performance advantages, such as superior abrasion resistance and hydrolytic stability.
On the other hand, the epoxy base material segment will project an annual growth rate of 5.49%. Epoxy coatings are superior to latex- and alkyd-based paints in terms of heat resistance, making them perfect for use in industrial and automotive applications. They are a popular option for pavement marking materials because they have high endurance and superior adhesion to the surface.
Thermoplastic Marking Paint is Heavily Applied in Road and Streets Construction
In 2022, the road and streets segment dominated the global thermoplastic marking paint market, recording a revenue share of 65.3%. The most typical locations for applying thermoplastic marking paints are roads and streets. These marking donates various traffic conditions, such as lanes, turns, pedestrian crossings, and stop lines. The demand for thermoplastic marking paints in the road and streets segment has also increased owing to the growing number of road infrastructure development projects and the requirement for routine maintenance and repair of existing road networks.
Asia Pacific: The Highest Producer and Consumer of Thermoplastic Marking Paint
Due to the significant demand for infrastructure for traffic control and road safety, the Asia Pacific region is the highest producer and consumer of thermoplastic marking paints. Due to rising government and private sector investments in infrastructure development, the market is likely to continue expanding in the region.
India is the third-largest exporter of thermoplastic marking paint, and China is the market’s top producer. The volume of these paint imports and exports varies from nation to nation. For instance, Kenya, Bhutan, and the Maldives are the major destinations for India’s thermoplastic marking paint exports. The top three importers of this product are these nations. Thermoplastic marking paints are used in a wide range of places, such as school zones, airports, parking lots, signs for road markings, and road markings for traffic management and instruction.
As per A-ICE, the Asia-Pacific region is likely to grow at the fastest rate from 2016 to 2040, with an increase of more than 38.8%. This growth is being fueled by the region’s quick urbanization and industrialization, which has increased demand for better transportation and infrastructure. For instance, China’s Belt and Road Initiative (BRI) is a significant infrastructure-building initiative that aspires to link Asia, Europe, and Africa with a network of ports, railroads, and roadways. The National Infrastructure Pipeline (NIP) initiative, which would invest over $1.4 trillion in infrastructure development over the following five years, has also been started in India. These projects include building roads, railroads, airports, and seaports, all of which require a sizable quantity of thermoplastic marking paints.
Top 10 Players Own More Than 60% of the Global Thermoplastic Marking Paint Market in Terms of Revenue
A small number of foreign competitors, including 3M and Nippon Paints, control the majority of the market. Astute Analytica estimates that the top 10 competitors account for more than 60% of the global market. These businesses have a significant market presence and provide consumers with various goods and services.
According to the analysis, 3M and Nippo Paints share strong brand reputations and leadership positions in the thermoplastic sector. They are reliant on the state of the economy and their most important clients and are in fierce competition with other market participants. Both businesses might concentrate on research and development, increase their presence in developing countries, and consider strategic alliances and collaborations in order to expand in the market. Despite these obstacles, 3M and Nippon Paints both have a sizable global footprint and are well-positioned to keep dominating the thermoplastic market.
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Some of the prominent competitors operating in the global thermoplastic marking paints market are:
Asian Paints PPG
Other Prominent Players
The global thermoplastic marking paints market segmentation focuses on Type, Application, and Region.
Polyurethane Base Material
Epoxy Base Material
Chlorinated Rubber Base Material
Roads & Streets
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
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Article originally published on www.einpresswire.com as Thermoplastic Marking Paint Market to Witness a Revenue Growth of US$ 3,432 Million by 2031
originally published at HUMAN RIGHTS - USA DAILY NEWS 24