Report Code: A12530 | Pages: 200 | Jul 2021 | 4097 Views | ||
Author(s) : Snehal M, Rutuja D , Eswara P | Tables: 123 | Charts: 58 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Retro-reflective Materials Market
Request Now !The global retro-reflective material market size was valued at $8.6 billion in 2020, and is projected to reach $42.8 billion by 2030, growing at a CAGR of 17.2% from 2021 to 2030.
The automotive industry accounts for the major share in terms of consumption of retro-reflective products globally. Due to pandemic restrictions, the automotive industry has been affected badly , which resulted in reduced demand for retro-reflective materials.
Retro-reflective material is composed of tiny glass beads that reflect light directly back toward its source at a wider angle than reflective material, owing to its ability to reflect incident energy back toward its source regardless of the direction of incidence. Retro-reflective materials are used to manufacture decorative heat transfer vinyl, high-end jackets, running gears, biking equipment, and professional safety uniforms such as reflective tape for clothing used for fire retardants. In addition, this material is used in sleeping tents and to increase scanning range of barcodes in factory settings.
Rise in tourism across the globe has strengthened the demand for riding equipment such as jackets and motorcycle designing, which is expected to drive growth of the retro-reflective material market in 2020. In addition, rapid increase in construction & infrastructure activities led to increase in use of sign boards and road color marking, which propels demand for retro-reflective materials. Moreover, retro-reflective material is highly used in marking in manufacturing parts of automotive and high security number plates, which, in turn, propels the retro-reflective material market growth.
The high manufacturing cost of retro-reflective materials compared to standard reflective products will further limit market expansion. Stringent government regulations concerning vehicle and personal safety, as well as technological advancements in retro-reflective technologies, are providing opportunities for the retro-reflective materials market. However, the worldwide retro-reflective materials market is challenged by the limited shelf life of retro-reflective products and a lack of knowledge about security products.
The retro reflective material market is segmented on the basis of technology type, product type, and application. On the basis of technology type, the retro reflective material market is segmented into ceramic beads, glass beads, and micro-prismatic. By product type, it is divided into films, sheets & tapes, paints & ink. By application, it is segmented into traffic control & work zone, safety apparel, automotive, industrials, and others. Region-wise, the retro reflective material market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global retro reflective material market are 3M, ALANOD GmbH & Co. KG, Avery Dennison, Changzhou Hua R Sheng Reflective Material, Coats Group Plc., Asian Paints PPG, Blueocean Solutions, Nanofuel Co. Ltd., Noritake Co. Ltd., and SulNOx Group Plc.
By technology, the micro prismatic segment dominated the retro-reflective material market in 2020, and is projected to remain the fastest-growing segment during the forecast period. The use of this technology provides enhanced retro-reflectivity of materials. Increasing adoption of products that offer high degree of reflectivity, in order to enhance safety, is driving the demand for micro prismatic technology of the global retro reflective materials market.
By product type, the films, sheets & tapes segment accounted for the highest market share of around 45.5% in 2020, and is projected to maintain the same during the retro reflective material market forecast period. This is attributed to its extensive use in night time conspicuity of traffic signs, high-visibility clothing, and other items.
By application, the traffic control and work zone segment accounted for around 41.6% of the retro-reflective material market share in 2020. In the traffic control & work zone application, the use of retro-reflective materials is significant in various signboards, road markings, and work zone equipment.
By region, Asia-Pacific is projected to be the fastest growing market, owing to presence of large population and rise in infrastructure activities. Demand for retro-reflective material is anticipated to boost the industry growth during the forecast period. The rising demand of the material in countries such as Japan, India and china for the construction & infrastructure and automotive & transportation industries will lead to the growth of the retro-reflective materials market in APAC.
Key Benefits For Stakeholders
Impact Of Covid-19 On The Retro-reflective Material Market
Key Market Segments
By Technology Type
By Product Type
By Application
By Region
Key players in the global retro-reflective materials market are:
Retro-Reflective Materials Market Report Highlights
Aspects | Details |
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By TECHNOLOGY TYPE |
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By PRODUCT TYPE |
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By APPLICATION |
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By Region |
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Key Market Players | .3M, AVERY DENNISON CORPORATION, COATS GROUP PLC, .ALANOD GMBH & CO. KG, CHANGZHOU HUA R SHENG REFLECTIVE MATERIAL CO. LTD., Asian Paints PPG, Nanofuel Co. Ltd., SulNOx Group Plc. |
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According to CXOs of leading companies, the global retro-reflective materials market is market is anticipated to witness growth during the forecast period, owing to rise in demand for construction, textile and riding equipment such as helmets, riding jackets and many other. In addition, the construction industry is a large consumer of retro-reflective material and act as the major driver for the retro-reflective material market. Moreover, rise in road network, urbanization, and infrastructure has led to increase in demand for retro-reflective material as it is used to enhance visibility and navigation on roads in truncated light conditions. Furthermore, rise in safety concerns has led governments to initiate use of sign boards, which has led to increase in demand for retro-reflective materials in emerging economies of Brazil, India, and China. The retro-reflective market is expected to witness fastest growth, owing to increase in use of this material in major industries such automotive and aeronautical.
Although, Asia-Pacific has emerged as a lucrative region for investors, North America is perceived as mature market for retro-reflective materials, owing to high growth rate, in terms of revenue.
A. The demand for retro-reflective materials has gradually increased as these materials have no substitute, and they provide safety benefits.
A. The global retro reflective materials market was valued at $42.7 Billion in 2028
A. ALANOD GmbH & Co. KG, Avery Dennison (US), Changzhou Hua R Sheng Reflective Material (China), Coats Group (UK), ORAFOL (Germany), Coats Group Plc, NIPPON CARBIDE INDESTRIES CO. INC., Reflomax, SKC Co Ltd are the top players in retro reflective materials market.
A. Traffic control & work zone industry is projected to increase the demand for retro reflective materials Market
A. Technology, product type and application segment are covered in retro reflective materials market report
A. Some of the significant drivers associated with the global retro-reflective materials market are the increase in the usage of retro-reflective materials to enhance visibility in low light conditions and the growth in demand for retro-reflective materials in automotive industry.
A. Traffic control & work zone and safety apparel applications are expected to drive the adoption of retro reflective materials
A. Owing to the lockdown, the growth rate of industries such as construction & building, textile, tourism has declined significantly. In addition, transportation and travelling activities have been halted in COVID-19-affected regions, which is expected to hamper the growth of the retro-reflective material.
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