Dublin, Dec. 17, 2020 (GLOBE NEWSWIRE) -- The "Road Marking Materials - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Widening Fiscal Deficit & Its Ability to Reduce Potential Capital Stock in the Economy Overshadows Sentiment in the Infrastructure Market
The global market for Road Marking Materials is expected to slump by -13.7% in the year 2020 and thereafter recover and grow to reach US$7.9 billion by the year 2027, trailing a post COVID-19 CAGR 4.6% over the analysis period 2020 through 2027.
As governments worldwide open up their war chest spending billions of unplanned dollars on fighting the pandemic and strengthening healthcare systems, deficits are widening significantly. Already infrastructure spending is witnessing budget cuts threating to widen an already wide infrastructure spending gap. Reallocation of government funds for disaster management & COVID-19 induced disruptions in new tenders in road maintenance & development send the road marking materials market slumping in the year 2020. Cutbacks on infrastructure spending to meet missed deficit targets infuse uncertainty over the strength of recovery.
In the U.S., the COVID-19 pandemic and the resulting dip in road users have resulted in postponement of road construction projects in several states. The stay-at-home mandates and travel ban along with the decision of various companies to consider the work-from-home strategy has reduced traffic, which is affecting revenues from fuel taxes and toll bridges, representing major sources of financing for road maintenance and improvement projects. Several states in the country are struggling with notable lack of funding for DOTs.
Washington is facing an estimated loss of around $100 million in fuel tax revenue. In addition, the Maine DOT is looking forward to a budget gap of $123 million. The issue has coerced some of the states to delay non-essential highway, bridge or street projects as well as downgrade road resurfacing programs to sealing and patching. The scenario has prompted transport officials and major associations to seek federal funding for covering these losses, which are estimated to be 30-50% of state revenues. The problem is anticipated to be exacerbated by impending expiry of the FAST ACT in September, which is expected to put immense burden on states.
Various states are likely to find it extremely challenging to address backlog of construction projects. On the other hand, associations are making efforts to seek $50 billion federal funding to support critical infrastructure projects. In India, the road marking materials market received a major setback from COVID-19 and remarkable drop in road construction activity. The nationwide lockdown announced by the Indian government and associated shortage of materials and labor dampened the highway construction activity over April-May.
In the post COVID-19 period growth will be led by technology innovations. Advanced road marking systems for autonomous vehicles combine multiple features in a single road marking. These options feature raised closely-packed dots to improve surface area and ensure high visibility at night. In addition to allowing draining of any surface or standing water, these dots offer high performance, skid resistance, wet night visibility and sensory, audible and enhanced day visual properties. These surface treatments can be quickly detected by lane keep assist camera systems of vehicles and conform to futuristic autonomous vehicles.
Proper application of these dots along with decent weather conditions result in a long life of around five years. The advent of smart and technologically advanced automobiles will lead to increased focus on ensuring that conventional asphalt roads are also smart. In the road marking space, greater efforts will be directed towards creating glow in the dark streets for enhancing visibility of night-time driving.
Glow in the dark markings being developed will use solar power for charging in the day time to ensure night-time glow for better illumination of lane divisions. Currently, few projects are ongoing to create roadways involving the use of panels to generate and store electricity. These solar roadways are expected to offer various options such charging the electric vehicles while driving by providing electric charging lanes, and melting snow.
In addition, electric priority lanes are also being created, which are similar to solar panel roadways that enable charging of electric vehicles, use magnetic fields for allowing drivers to charge the cars while driving. Another innovation involves the use of sensors for providing better insights into the atmospheric conditions and real-time weather for understanding their impact on the roads.
Subsequently, enabling transportation managers to assess the road conditions before in hand, while avoiding any unforeseen dangers and make safer roads. This kind of data will enable industry professionals to ensure road use in a better way and also get insights into traffic patterns to identify the causes of accidents.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 and a Looming Global Recession
Funding Shortage Due to COVID-19 Thwarts Efforts to Expedite Road Construction Projects to Impact Marking Materials Market
Road Surface Markings: Guiding Pedestrians & Drivers for Smooth Traffic Flow
Types of Road Marking Materials
Global Market Outlook
China Bets on Infrastructure Overhaul to Revive Domestic Economy, Driving Market Opportunities
Recent Market Activity
2. FOCUS ON SELECT PLAYERS
Fosroc International Ltd.
Asian Paints PPG Pvt. Limited
Automark Technologies (India) Pvt. Ltd.
Crown Technologies LLC
3. MARKET TRENDS & DRIVERS
Rise in Number of Road Accidents and Need for Proper Road Safety Measures Drive the Demand for Road Markings
Road Marking Industry Leaps Forward with Inflow of Innovative Technologies
Laser Markings Technology
Tactile Black Markings across the Middle Line of the Road to Ensure Traffic Safety
Opportunities & Challenges with New Liquid Traffic Marking Paints
Primary Factors Impeding Adoption of Innovative Solutions
Thermoplastic Coatings Ride High on Diverse Applications & Compelling Advantages
Growing Use of High-Quality Materials to Improve Mobility and Road Safety
Regulations Cripple Momentum in Solvent-Based Road Markings Segment
With Cycling Growing in Popularity Amidst COVID-19 Outbreak, Need for Separate Cycling Lanes to Spur Opportunity for Road Marking Materials
Growing Emphasis on Lane Departure Warning Widens the Role of Road Markings
Autonomous Vehicles Elevate the Importance of Road Marking
Anti-Skid Markings Act as Warning to Road Users
Road Maintenance and Replacement of Old Markings Create Demand
Aging Drivers Drive Need for Proper Maintenance and Improved Road Markings
Infrastructure Investment Patterns Strongly Influence the Market
Emphasis on Road Network Expansion to Boost Demand
Urbanization to Drive Demand for Road Marking Materials
Airport Marking Provides an Essential Visual Aid to the Air Traffic
Parking Lot Marking Gains Traction in Malls, Commercial Buildings & Large Residential Complexes
Growing Emphasis on Workplace Safety in Factory Environments Bodes Well for Factory Markings
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS
Total Companies Profiled: 71
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