The Road Marking Materials Market size is expected to grow from USD 6.8 billion in 2018 to USD 8.8 billion by 2023, at a CAGR of 5.2%.

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The key players operating in the Road Marking Materials Market are the Sherwin-Williams Company (US), Ennis-Flint, Inc. (US), SWARCO AG (Austria), Geveko Markings (Denmark), SealMaster (US), 3M (US), Aximum (France), Rembrandtin Lack GmbH Nfg. KG (Austria), Crown Technology, LLC (US), and Ozark Materials LLC (US).

The Sherwin-Williams Company is the largest player in the market. In July 2017, the company acquired The Valspar Corporation, a key manufacturer of paints & coatings, globally. It offers the complete traffic marking solutions with high quality and durable products and has a strong customer base, globally. The company has a strong presence worldwide, especially, in North America and Europe. In July 2017, The Sherwin-Williams Company (US) completed the acquisition of The Valspar Corporation (US). This acquisition has made the company one of the largest paints & coatings manufacturers.

Increased spending on safer roads
The most important driver for the road marking materials market is the need for safety on roads. Road crash mortalities and disabilities are increasingly recognized as a chief concern. According to Association of Safe International Road Travel, approximately 1.25 million people die in road crashes each year, on average 3,287 deaths a day across the world. These accidents take place primarily due to the improper road conditions. Safer roads are required to avoid accidents that are caused due to climatic conditions of the region and decreased the visibility of the road markings during the day as well as the night.

Governments of various countries such as the US, the UK China, and Switzerland have taken initiatives to improve road conditions and provide proper markings on the roads to decrease the death rate of the people caused due to unsafe roads. Reducing the risk of fatalities in road and traffic systems requires assured and strong decision making by the government, industry, commercial organizations, and international agencies. Globally, the spending on road reconstruction, repair, and maintenance is projected to be increased by many government bodies, thereby driving the market for road marking materials as well.

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The road & highway segment accounts for the largest market share of the overall market.
Based on application, the road marking materials market has been segmented into road & highway marking, antiskid marking, parking lot marking, factory marking, airport marking, and others. The road & highway marking application segment is projected to lead the overall road marking materials market during the forecast period. The purpose of road markings is to provide information to road users and guide traffic.

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