Retro Reflective Materials Market to Surge with an Exponential Growth of 17.2% Reaching USD 35.88 billion by 2029, rapid growth in the real estate and construction industries is expected to drive the market growth: Exactitude Consultancy
Exactitude Consultancy
7 min read
Rapid rise in urbanization & infrastructure, growth of real estate & construction industry, rise in tourism activity, growth of textile and fashion industry drive the growth of the global retro-reflective materials market.
Luton, Bedfordshire, United Kingdom, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Retro Reflective Materials Market.
The global retro reflective materials market size is expected to grow from USD 8.6 billion in 2021 to USD 35.88 billion by 2029, exhibiting a CAGR of 17.2%, during the forecast period.
Retro reflective materials are used to reflect the light with minimal scattering. In dark and low-light conditions, objects covered with retro-reflective material could be easily detected. These materials have been widely used in the automobile industry for decades to maintain road safety standards. Because these materials have no substitute, the growth rate of retro-reflective materials is extremely rapid.
Government regulations and Limited shelf life of retro-reflective products are anticipated to result in low product demand.
A lack of awareness about safety materials is expected to stifle industry growth in a few developing countries. Furthermore, it is expected that weaker enforcement of government regulations will limit product demand. However, as governments around the world establish strict safety standards for the use of workwear that provides enhanced visibility in low light conditions, demand for retro-reflective materials is expected to rise.
Ceramic bead technology is used to improve retro-reflectivity, which intern result in enhancement of the retro reflective materials market.
The use of micro prismatic and glass beads technologies dominates the Retro Reflective Materials Market. The use of ceramic beads technology is a new trend in the market for retro-reflective materials. Ceramic beads have a higher reflective index and are more durable than glass beads. In comparison to glass beads, they provide improved retro-reflectivity.
APAC is one of the most lucrative regions in the retro reflective materials market.
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 Retro Reflective Materials Market in APAC. The retro reflective materials market is expected to grow at the highest CAGR from 2022 to 2029 in the APAC, in terms of revenue, due to the rise in construction projects in the APAC.
Retro reflective materials market Report Scope
PARAMETERS
DETAILS
The market size value in 2021
USD 8.6 billion
CAGR (2021 - 2030)
17.2%
The Revenue forecast in 2029
USD 35.88 billion
Base year for estimation
2021
Historical data
2017-2020
Forecast period
2022-2029
Quantitative units
Revenue in USD Billion
CAGR from 2022 to 2029
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
By Product Type Outlook, Application Outlook, Technology Outlook, End-use Outlook, Regional Outlook
By Technology
Micro Prismatic
Glass Beads
Ceramic Beads
By Product Type
Films
Sheets & Tapes
Paints
Inks & Coatings
Others
By Application
Traffic Control & Work Zone
Automotive
Safety Apparel
Others
Regional scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope
U.S.; Canada; U.K.; Germany; France; BENELUX; China; India; Japan; South Korea; Brazil; Saudi Arabia; UAE; Turkey
Key companies profiled
include 3M (US), Avery Dennison (US), ORAFOL (Germany), Dominic Optical (China), Changzhou Hua R Sheng Reflective Material (China), Coats Group (UK), Nippon Carbide Industries (Japan), Paiho Group (Taiwan), Asian Paints PPG (India), and Reflomax (South Korea).
Customization scope
10 hrs. of customization and expert consultation
Competitive Landscape:
Competitive landscape of the global retro-reflective materials market is moderately fragmented with many key companies operating at global and regional levels. Major companies are engaged in research and development initiatives and testing, and entering into alliances to develop and introduce more novel and innovative products and devices.
Some major companies in the global retro-reflective materials market report include 3M (US), Avery Dennison (US), ORAFOL (Germany), Dominic Optical (China), Changzhou Hua R Sheng Reflective Material (China), Coats Group (UK), Nippon Carbide Industries (Japan), Paiho Group (Taiwan), Asian Paints PPG (India), and Reflomax (South Korea).
On 24 March 2021, Mactac, a Pressure-Sensitive Adhesive (PSA) materials manufacturing company based in the U.S., launched retro-reflective films in its Lintec label stock portfolio for use in warehouses and industrial labeling. These retro-reflective films are made using polyester materials and are embedded with glass beads that help in scanning long-range barcodes from up to 50 ft. distance. This product also provides long-term indoor durability and outdoor durability of up to two years.
Retro Reflective Materials Market by Technology, 2022-2029 (In USD Million)
Micro Prismatic
Glass Beads
Ceramic Beads
Retro Reflective Materials Market by Product Type, 2022-2029 (In USD Million)
Films
Sheets & Tapes
Paints
Inks & Coatings
Others
Retro Reflective Materials Market by Application, 2022-2029 (In USD Million)
Traffic Control & Work Zone
Automotive
Safety Apparel
Others
Retro Reflective Materials Market Dynamics
Growth drivers
Large-scale investment in the construction and infrastructure sectors has been identified as one of the major growth drivers in the retro reflective materials market. It is expected that infrastructure connectivity projects such as road and railway network expansion will generate high demand for safety materials used in these projects. Because of this, the retro reflective market is expected to boom in the coming years.
Restraints
The retro reflective materials market is expected to be hampered by a lack of awareness for safety products in certain countries. In countries where safety standards are lax, a large number of project developers avoid purchasing retro reflective safety products, stifling market growth.
Opportunities
Fast-growing emerging economies are expected to provide significant growth opportunities for the retro reflective materials market. Because of the expansion of the construction and infrastructure sectors in emerging economies, there is a greater demand for safe construction products, which is leading to the development of new retro-reflective materials. Furthermore, rising demand for automotive and transportation in these countries as a result of rapid vehicle sales is expected to support the growth of the retro reflective materials market.
Key Market Trends
Increasing Demand from Automotive and Construction Segments
Retro-Reflective Materials are the materials that reflect light to its source. This retro-reflectors are being used for safety purposes in different end-user industries such as in construction, mining, infrastructure, textile, and automobile industries.
Retro-Reflective Materials use ceramic beads, glass beads, and micro prismatic technologies in various applications.
At construction sites, these reflectors are used in signboards, apparel for personnel, and vehicles that are being used in the construction sites. Windows, architectural glasses are the application major segments of the construction industry.
The use of micro prismatic and glass beads technologies dominates the retro reflective materials market. The use of ceramic beads technology is a new trend in the market for retro-reflective materials.
Also, growing traffic safety systems is one of the prominent factors for the need for retroreflective technologies. These materials can be used as traffic signboards, markings, and temporary traffic control applications.
In automobiles, these tapes are being used on the side, rear, and front side of vehicles for clear visibility to other drivers or pedestrians at night to avoid collisions.
Explore More Exactitude Consultancy Reports:
Subsea Thermal Insulation Materials Market
The global Subsea Thermal Insulation Materials Market is expected to grow at 4 % CAGR from 2020 to 2029. It is expected to reach above USD 118.42 million by 2029 from USD 83.2 million in 2021.
The global synthetic latex polymer market is expected to grow at a 6.5 % CAGR from 2020 to 2029. It is expected to reach above USD 48.82 billion by 2029 from USD 27.70 billion in 2021.
The global industrial rubber market is expected to grow at 4.6 % CAGR from 2020 to 2029. It is expected to reach above USD 46.33 billion by 2029 from USD 30.91 billion in 2021.
The global PU sole footwear polyurethane market size was USD 4.40 Billion in 2021 and is projected to reach USD 8.37 Billion by 2029, exhibiting a CAGR of 7.4% during the forecast period.
