The major share of revenue in the global market is generated by the usage of these materials in the construction and infrastructure sector, in applications like signboards, safety cones, and road markings, among others.
The construction infrastructure industry is growing across the globe. For example, according to the Indian Brand Equity Foundation, 783 projects were undertaken by the government of India in 2017, and the construction projects recorded a growth rate of 1.23% in 2016-17. These large projects undertaken by the Indian government demanded high consumption of retro-reflective paints to make markings on the highways for ensuring traffic safety. These highways also required retro-reflective sheets, tapes, and films to make signboards for navigating the drivers in nighttime or low light conditions. Initiatives taken by the governments of the emerging economies like South Korea, China, and India, among others, have aided in the growth of the retro-reflective materials market.
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Top Leading Players: 3M, Orafol Europe GmbH, Avery Dennison Corporation, Dominic Optical Inc., Coats Group PLC, Changzhou Hua R Sheng Reflective Material Co., Ltd, Reflomax, Paiho Group, Nippon Carbide Industries Co., Inc., and Asian Paints Ppg Pvt. Ltd., among others.
Key Companies in the market include:
- Asia-Pacific is the largest shareholder and the high growth of sectors such as construction infrastructure and automotive transportation has helped the region to achieve the leading position in the global market.
- Asia-Pacific region is also a potential market according to the major players like 3M, ORAFOL, and Avery Dennison. This region poses a rising demand for retro-reflective materials for various purposes, like conspicuity markings, road markings, signboards, conspicuity markings, and safety apparels, among others.
- Among the application segment, the traffic control work zone is leading the market, and it will continue to dominate with an estimate to register a CAGR of 26.6% over the forecasted period.
- Among the product type segment, paints, inks coatings are leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 26.6% over the forecasted period.
- Films, sheets tapes have many applications and are extensively used in all the key sectors like apparel, automotive transportation, and construction infrastructure.
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Retro-Reflective Materials Market Upcoming Growth:
The retro-reflective materials market is expected to experience steady growth in the coming years, driven by the increasing demand for these materials across various end-use industries such as construction, transportation, and textiles. Retro-reflective materials are designed to reflect light back to its source, making them ideal for use in safety and visibility applications. The growing need for safety and security in roadways, buildings, and other infrastructure is expected to drive the demand for retro-reflective materials. The development of new and advanced materials, coupled with the increasing adoption of retro-reflective materials in emerging economies, is expected to create significant growth opportunities for the market players. Additionally, the rising trend of using retro-reflective materials in fashion and sportswear is expected to further boost the growth of the market. Overall, the retro-reflective materials market is expected to witness steady growth in the coming years.
Segments covered in the report:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Film, Sheet, and Tapes
- Paints, Inks, and Coatings
- Retro-reflective Threads
- Retro-reflective Fabric
Application Outlook (Revenue, USD Billion; 2019-2030)
- Transportation Traffic Control
- Construction Mining
- Safety Apparel
- Others
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Microprismatic Technology
- Glass Bead Technology
- Ceramic Bead Technology
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Automotive
- Construction
- Industrial
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