New Delhi, March 22, 2023 (GLOBE NEWSWIRE) -- The global thermoplastic marking paint market is projected to reach US$ 3,432 million by 2031, up from US$ 2,303.1 million in 2022, with a CAGR of 4.39% over the forecast period of 2023–2031.

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This growth is largely attributed to increasing demand for durable and cost-effective road markings in both developed and emerging countries. Astute Analytica’s analysis also notes that thermoplastic road marking paint is the most popular choice for road markings due to its durability, fast drying time, and strong adhesion to the road surface.

China is the largest producer in the global thermoplastic marking paint market, and India is the third-largest exporter. The import and export volume of thermoplastic marking paints vary from country to country. For example, India exports most of its thermoplastic marking paints to Bhutan, Maldives, and Kenya. These countries are the top three importers of this product. Thermoplastic marking paints have a wide variety of applications, including road markings for traffic control and guidance, signs for road markings, airport markings, parking lot markings, school zones, and many more.

Demand for thermoplastic marking paints is growing in developed countries, such as the United States, due to increasing road maintenance and infrastructure projects. In developing countries, the demand for thermoplastic marking paints is also increasing due to increasing infrastructure investments.

Global Production was Pegged at 4,130.3 Thousand Tons in Global Thermoplastic Marking Paint Market

Global thermoplastic marking paints production reaching 4,130.3 thousand tons in 2022 indicates a growing demand for these paints in various applications, such as road marking, parking lots, and playgrounds. This can be attributed to the increasing demand for road marking coatings, which has been driven by the growing need for improved road safety and infrastructure. The growth in the construction industry is also expected to drive the market for thermoplastic marking paints in the coming years.

Increasing government initiatives towards improving road safety and maintenance of roads is expected to boost the demand for thermoplastic marking paint market. For instance, the US Department of Transportation has launched various initiatives to improve the nation’s transportation system, including the installation of thermoplastic road markings.

Moreover, the development of infrastructure such as highways, bridges, and expressways along with the use of advanced technologies are some of the major factors driving the growth of the global thermoplastic marking paint market. Other factors contributing to the growth of the market include the rising demand for sustainable solutions, the availability of cost-effective materials, and the increased emphasis on safety and environment protection.

Furthermore, with the growing trend of autonomous vehicles, there is an increased need for efficient road marking systems that can assist these vehicles in accurately identifying the lane boundaries. This has led to an increased demand for thermoplastic marking paint market, which are known for their durability and long-lasting performance. Similarly, the emergence of smart city projects is also contributing to the growth of the market, as these projects require efficient road marking systems.

Asia Pacific to Overpower North America to Become Leader in Global Thermoplastic Marking Paint Market

The Asia Pacific region is the largest producer and consumer of thermoplastic marking paints due to the high demand for road safety and traffic management infrastructure. The market is expected to continue growing in the region due to the increasing investments in infrastructure development by governments and private organizations. Let's take a detailed look at the government spending on infrastructure development, upcoming investments, and ongoing projects in the region as of 2021.

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Government Spending on Infrastructure Developments:

Governments in the Asia Pacific thermoplastic marking paint market are investing heavily in infrastructure development to improve the connectivity and economic growth of their countries. For instance, China's Belt and Road Initiative (BRI) is a massive infrastructure development project that aims to connect Asia, Europe, and Africa through a network of highways, railways, and ports. India has also launched the National Infrastructure Pipeline (NIP) project to invest around $1.4 trillion in infrastructure development over the next five years. These projects include the construction of highways, railways, airports, and seaports, which will require a significant amount of thermoplastic marking paints.

Upcoming Investments:

Several upcoming investments in the Asia Pacific thermoplastic marking paint market are expected to boost the demand for thermoplastic marking paints. For instance, Japan's government is planning to invest around $2.2 billion in a new bullet train project that will connect Tokyo to Nagoya. China is also planning to invest around $300 billion in infrastructure projects, including highways, railways, airports, and seaports. Moreover, Indonesia is planning to invest around $400 billion in infrastructure projects over the next five years, including the construction of a new capital city.

Ongoing Projects:

There are several ongoing infrastructure projects in the Asia Pacific thermoplastic marking paint market that are creating a significant demand for thermoplastic marking paints. For instance, the China-Pakistan Economic Corridor (CPEC) project is a massive infrastructure development project that aims to connect China to the Arabian Sea through a network of highways, railways, and seaports. The project is expected to create a significant demand for thermoplastic marking paints as it involves the construction of several highways and railways.

Similarly, the North-South Transport Corridor (NSTC) project aims to connect India to Russia via Iran and Azerbaijan through a network of highways, railways, and seaports. The project is expected to create a significant demand for thermoplastic marking paints as it involves the construction of several highways and railways.

Top 10 Players Captures More than 60% Revenue Share of Global Thermoplastic Marking Paint Market

The global market is dominated by a few international players, including 3M and Nippon Paints. As per Astute Analytica, top 10 players are contributing more than 60% to the global market. These companies have a strong market presence and offer a wide range of products and services to their customers.

Both 3M and Nippon Paints are recognized as leaders in the thermoplastic market and have a strong brand reputation. They face intense competition from other players in the market and are dependent on economic conditions and key customers. To grow in the market, both companies can focus on research and development, expand their presence in emerging markets, and explore strategic partnerships and collaborations. Despite these challenges, both 3M and Nippon Paints have a strong global presence and are well-positioned to continue leading in the thermoplastic market.

To stay ahead of the competition, these companies in the global thermoplastic marking paint market have to continually innovate their products offerings. They must also ensure that the products meet the necessary standards for safety, visibility, and durability. In addition, they must remain up to date with market trends in order to stay ahead of the competition. The physical characteristics of thermoplastic paints, such as softening point, specific gravity, flowability, etc., need to be taken into consideration when developing new products.

Some of the Top Market Players Are:

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