Latin America Road Marking Materials Market: By Type (Performance-Based Markings and Paint-Based Markings), By Application (Airport Marking, Antiskid Marking, Factory Marking, Parking Lot Marking, Road & Highway Marking and Others) and Country    

Latin America Road Marking Materials Market size was valued at USD x million in 2023 and is poised to grow at a CAGR of x% during the forecast period 2024-2030. 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. 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. Latin America Road Marking Materials market is surging owing to frequent acquisitions and launchings by the market players.

Latin America Road Marking Materials Market Key Developments:
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.