North America Road Marking Materials Market Report Description:
North America Road Marking Materials market report gives comprehensive outlook on Road Marking Materials across the countries with special emphasis on key countries such as U.S and Canada. The report on North America Road Marking Materials market gives historical, current, and future market sizes (US$ Mn) on the basis of type, application and countries. This report studies North America Road Marking Materials market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, North America Road Marking Materials market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed North America Road Marking Materials market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the North America Road Marking Materials market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in North America Road Marking Materials products.
North America Road Marking Materials Market:
The North America Road Marking Materials market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025. Some of the key factors fueling the market growth include increase in spending for road safety, increasing application in airways and government safety standards. In addition, rising investments for roadway projects in developing countries create huge growth opportunity for the market.
Increasing Concerns for Road Safety
Road markings provide direction to drivers and pedestrians in order to ensure lane driving. It also directs regulations for stopping and parking. There has been an increase in the number of traffic crashes. Yearly, traffic accidents kill more than 1.2 million people and injure up to 50 million people. According to a study, existence of center and edge markings on road can plunge down the rate of accidents by 20%. Government of several countries are continuously taking up initiatives to offer road safety, therefore favoring the market in a big way. The increase in number of such incidences has insisted the governments of numerous nations to increase their budget for road safety in current and future action plans.
For instance, in April 2018, President of Ghana, Akufo-Addo approved a new plan to deal with road accidents. An executive order has been sanctioned for the immediate implementation of an action plan to curb road accidents. Moreover, several countries are now approaching methods of road safety. Such factors are likely to increase the demand for road marking materials during the coming years, hence, giving the market a boost during the predicted period.
High Raw Material Prices to Hamper the Growth of the North America Market
Apart from the positive side, the North America market is faced by many challenges. One of the main restraint factor, discouraging the growth of the market is unstable raw cost materials like pigments, additives, and resins that are extracted from crude oil. Unstable North America oil and gas industry owing to various political dispute has hindered the market growth.
U.S Accounts for Larger Market Revenue Share in North America Road Marking Materials Market
U.S accounted for larger revenue share in North America Road Marking Materials market with considerable CAGR. Rising awareness on safety coupled with urbanization is expected to lead the global market over the forecast period in this country. Regulatory bodies and regional governments have started addressing road safety issues by implementing stringent rules and regulations.
Key player’s profiles in the North America Road Marking Materials market include:
- Aximum (France)
- Crown Technology, LLC (US),
- Ennis-Flint, Inc. (US)
- Geveko Markings (Denmark)
- Ozark Materials LLC (US)
- Rembrandtin Lack GmbH Nfg. KG (Austria)
- SealMaster (US)
- 3M (US)
- SWARCO AG (Austria)
- The Sherwin-Williams Company (US)
North America Road Marking Materials market is surging owing to frequent acquisitions and launchings by the market players. For Instance, In July 2017, The Sherwin-Williams Company (US) acquired The Valspar Corporation (US). This acquisition has made the company one of the largest paints & coatings manufacturers.
Key Findings of the Report:
- North America Road Marking Materials market expanding at significant CAGR over 2019 to 2025 owing to increased spending on safer roads.
- Based on type, paint-based markings segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in North America Road Marking Materials market
- Performance-Based Markings
- Cold Plastics
- Paint-Based Markings
- Solvent Based
- Airport Marking
- Antiskid Marking
- Factory Marking
- Parking Lot Marking
- Road & Highway Marking
- North America
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market