Global Traffic Road Marking Coatings Market: Overview
The COVID-19 pandemic had a negative impact and caused slowdown in various industry verticals, including the global traffic road marking coatings market from a larger umbrella of chemicals and materials category. Shutting down of economy caused halt in production and manufacturing industries that caused a sudden dip in supply. Many construction and infrastructure development projects were stranded and left unfinished during the pandemic. This affected the global traffic road marking coatings market negatively. However, the global traffic road marking coatings market is poised to expand at a stellar rate in coming years owing to the rising awareness amongst consumers related to stringent government regulations as well as road safety protocols.
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Global Traffic Road Marking Coatings Market: Major Trends and Drivers
One of the major factors driving the growth in global traffic road marking coatings market in coming years is rising government funding and investments aimed at enhancing the public infrastructure, including roads. Increasing impetus on expanding road networks in remote areas, especially in developing and developed economies is also expected to offer valuable growth opportunities in the global traffic road marking coatings market in coming years. Increasing road safety concerns are propelling the demand in global traffic road marking coatings market in coming years.
Rising instances of road accidents worldwide is one of the most prominent driving factors for the global traffic road marking coatings market. According to a report by the World Health Organization or WHO, almost 1.35 million people face death every year in road traffic accidents. This, coupled with increasing initiatives as well as strict traffic regulations imposed by governments across the world are promoting the sales in global traffic road marking coatings market. Rising demand for epoxy coatings as well as thermoplastic coatings owing to their superior mechanical strength, flexibility, abrasion resistance, low price, and higher elasticity is motivating the sales in global traffic road marking coatings market.
Global Traffic Road Marking Coatings Market: Key Players and Manufacturers
Some of the most prominent and leading vendors and players functional within the global traffic road marking coatings market include Sherwin Williams Company, Rua Seguridad, Geveko Markings, Langfang Tenroas Glass products Co., Ltd., Asian Paints, Dulux Protective Coatings, Berger Paints, 3M, and Resincoat Ltd., among others. Certain vendors and players in the global traffic road marking coatings market are engaged in strategic collaborations, mergers and acquisitions, and joint ventures with other relevant companies in order to capture more marketplace. For example, one of the top providers of traffic control and movement marking services, called ‘Roadside Traffic Systems’ acquired a Bluffdale- based roadway striping and removal, epoxy pavement and water borne paint supplier called ‘Innovative Marking Systems’ in March of 2021.
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Global Traffic Road Marking Coatings Market: Regional Assessment
Asia Pacific region dominated the global traffic road marking coatings market in recent past. It is also expected to maintain its leading position in the global traffic road marking coatings market in coming years. Rising construction activities aimed at enhancing the public infrastructure as well as growing government schemes and projects are stimulating excellent growth opportunities in the global traffic road marking coatings market in Asia Pacific. Another region witnessing significant growth in the global traffic road marking coatings market in recent past in Europe.
Rising demand for bettering the public and private infrastructure in the region owing to rising requirement from tourism industry is also positively influencing the global traffic road marking coatings market in Europe. North America region is also expected to witness substantial growth in the global traffic road marking coatings market in recent years in terms of volume. Furthermore, rapid industrialization in Latin American countries such as Brazil, Argentina, Chile, Mexico, and Colombia is also favouring the development of global traffic road marking coatings market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.