Demand for personal protective equipment augments the Retroreflective Materials

Posted by rohan on October 21st, 2019

Market Overview:

The retroreflective materials market was estimated at US$ 5.2 billion in 2018 and is expected to reach US$ 12.52 billion by 2023, representing an annualized yield of 17.48% over the forecast horizon. The growth of the retroreflective materials market is due to the rising applications of retroreflective materials in construction and infrastructure projects, and automotive and transport sectors as safety can be guaranteed with better visibility in the dark and with little light. 

Market Drivers and Restraints:

The growing demand for personal protective equipment due to the increasing prevalence of respiratory and infectious diseases and the rising need to improve the safety of road navigation is the most critical growth factor in the world market for retroreflective materials. In addition, improvements in road safety systems and retroreflective technologies are one of the main reasons for the growth of the market in the forecast period. However, the availability of substitute materials on the market, strict occupational safety standards and limited shelf life can limit the growth of the retroreflective materials market during the forecast period.

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Report segmented as

By Type:

• films,
• sheets,
• tapes,
• paints,
• inks and coatings

By Application:

• traffic control
• work area,
• visibility,
• fleet and vehicle registration,
• personal safety,

By technology:

• Microprism,
• Glass Beads,
• Ceramic Beads

Geographical Analysis:

The Retroreflective Material Market is evaluated for North America, South America, Europe, Asia Pacific, and Middle East and Africa. The Asia Pacific region is estimated to witness quick-paced growth during the forecast period. The adoption of the latest technology and increasing awareness among individuals are expected to be the factors catapulting market growth.

Important Market Players:

Some of the key market players include ORAFOL Europe GmbH, Satra Technology Center Ltd., SATRA Technology Europe Ltd., 3M, Nippon Carbide Industries Co., Wagner-Tech-Textil GmbH, Avery Dennison (USA), Dominic Optic (China), Changzhou Hua Reflective Material R Sheng (China), Coats Group (United Kingdom), Paiho Group (Taiwan), PPG Asian Paints (India) and Reflomax (South Korea), Halo Coatings and Dongguan Yukon Textile Materials Co. Ltd., Aura Optical Systems, LP

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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