Global Retro-Reflective Materials Market Size is Set To Reach USD 14.0 Billion BPosted by pooja karn on February 15th, 2019
The global retro-reflective materials market size is set to reach USD 14.0 billion by 2024, and is anticipated to grow at a CAGR of 19.0% during the forecast period (2018 – 2024). The key factors leading to the growth in the retro-reflective materials market are the increasing demand to create solutions for night time and visibility issues in low light environment; and government support and regulations for the on-road safety as well as safety for works in manufacturing and production units; increasing investment for infrastructure development in developing economies, and strict government regulations regarding vehicle safety and worker safety. However, the however lack of awareness regarding the regulations and safety procedures, concerns associated with the shelf-life of retro-reflective materials is expected to restrict the growth of the market in the coming years. Although the government and non-government organizations are framing regulations, awareness regarding the use of retro-reflective materials is still low in the emerging and underdeveloped nations, which hampers the market growth to some extent. Market Segmentation 1) Insight by Technology Based on technology, the retro-reflective materials market is categorized into:
Among the different technologies, the microprismatic technology is expected to observe the highest growth during the forecast period, in the retro-reflective materials market. This technology is especially being utilized by the industry players as it reflects most of the light back to its source with minimum scattering, thus proving the required property to the retro-reflective materials. 2) Insight by Product Type On the basis of product type, the market is segmented into:
Of all, the films, sheets and tapes products category hold the largest share in the market and is predicted to retain its largest market size in the coming years. These products find applications in varied industries ranging from apparel to automotive, and construction to transportation. 3) Insight by Application On the basis of application, the market is segmented into:
Of all, the traffic control and work zone segment is the fastest growing application area for the retro-reflective materials. The increasing number of construction activities, stringent vehicular norms and increasing awareness regarding the hazards associated with the working on different working sites. Industry Dynamics 1) Growth Drivers Factors that have been acting as the driving factors for the growth of this industry are:
2) Challenges Key factors hindering the growth of the retro-reflective materials market are: i. Lack of awareness regarding the regulations and safety procedures ii. Concerns associated with the shelf-life of retro-reflective materials Geographic Overview
Of all the different regions, Asia-Pacific account for the largest share of the retro-reflective materials market, globally. The region is also predicted to observe the fastest growth for these materials in the coming years. The fastest growth in the region is primarily due to the developing infrastructure and increasing construction activities, efficiency and benefits associated with retro-reflective materials, government initiatives to promote the on road safety and while at construction sites. Competitive Insight The key players operating in the global retro-reflective materials market are: 3M, Avery Dennison Corporation, Changzhou Hua R Sheng Reflective Material Co., Ltd., Coats Group Plc, Dominic Optical Inc., Nippon Carbide Industries Co., Inc., Reflomax, Asian Paints PPG Pvt. Ltd., Paiho Group, Orafol Europe GmbH, JRC Reflex SAS, and Halo Coatings. Contact Like it? Share it! More by this author |
