Traffic Road Marking Coatings Market Size, Share, Growth Analysis, By Application(road marking lines and road marking labels), By Type(permanent and removable), By Region - Industry Forecast 2024-2031

Traffic Road Marking Coatings Market Drivers

Road Accidents are Bolstering Demand for Traffic Road Marking Coatings

• Rising government funding and investments aimed at improving public infrastructure, including roads, will be one of the major factors driving growth in the global traffic road marking coatings market in the coming years. In the coming years, the growing emphasis on expanding road networks in remote areas, particularly in developing and developed economies, is expected to provide valuable growth opportunities in the global traffic road marking coatings market. Rising road safety concerns will drive demand in the global traffic road marking coatings market in the coming years.

• One of the most significant driving factors for the global traffic road marking coatings market is the increasing number of road accidents worldwide. According to a World Health Organization (WHO) report, nearly 1.35 million people die in road traffic accidents each year. This, combined with increasing initiatives and strict traffic regulations imposed by governments worldwide, is driving sales in the global traffic road marking coatings market.

Traffic Road Marking Coatings Market Restraints

Stringent Regulations to Hinder Market Growth

• Paints and coatings are major emitters of volatile organic compounds (VOCs). VOCs are extremely dangerous to the environment and living organisms, and certain volatile organic compounds are carcinogenic and can even cause animal cancer. Furthermore, volatile organic compounds like styrene and limonene can combine with nitrogen oxides to form secondary aerosols. Furthermore, they contribute to the formation of tropospheric ozone and smog. Stringent regulations imposed by government authorities and organisations to limit VOC emissions are expected to limit market growth.

• The economic crisis, which was already being made worse by a lack of liquidity in the financial sector, was made worse by COVID-19. The abrupt and strict lockdown imposed by various governments has caused a number of projects to be abandoned at various stages.