Global Retro-Reflective Materials Market - 2022-2029

Global Retro-Reflective Materials Market - 2022-2029

Market Overview

Retro-reflective materials market reached US$ XX million in 2021 and is estimated to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 17.1% during the forecast period (2022-2029).

A retro-reflective material reflects light back to where it came from. Retro-reflective materials are often constructed of small glass beads that reflect light back toward the source at a considerably wider angle than reflective materials.

It is commonly used for roads, traffic safety apparel, autos, ships, fairways, other passages and similar mechanical systems at night because it reflects light. Colors, coatings, cloth, sheets and other materials can be used. Clothing, helmets, cycling equipment, backpacks and attachable strips can benefit from retro-reflective materials.

At night or in low-light settings, retro-reflective material can assist in the creation of a visually distinctive pedestrian. Regardless of the direction of incidence, retro-reflective materials can reflect incident energy back to their source.

When retro-reflective materials are employed instead of typical reflective materials, the problem of reflected energy entering nearby buildings and roads is partially resolved. Because these materials have no substitutes, the growth rate of retro-reflective materials is extremely high.

Market Dynamics

The extensive demand for retro-reflective materials in the construction and automotive industry creates huge market growth potential for the product in the forecast period

The extensive demand for retro-reflective materials in the construction and automotive industry creates huge market growth potential for the product in the forecast period

Materials that reflect light back to their source are known as retro-reflective materials. The retro-reflector materials are utilized for safety in various industries, including construction, mining, infrastructure, textiles and automobiles.

Ceramic, glass and micro prismatic technologies are used in various applications in retro-reflective materials.

The construction and infrastructure industry generates significant revenue from retro-reflective materials used in applications such as road markings, signboards and safety cones. Globally, the construction and infrastructure industry is expanding. As per the Indian Brand Equity Foundation (IBEF), the Indian government completed 783 projects in 2017, with construction projects growing at 1.23% from 2016 to 2017. For markings on highways to assure traffic safety, such major government projects necessitate a substantial consumption of retro-reflective paints.

These roadways also require retro-reflective films, sheets and tapes for signboards to help cars navigate in poor light or at night. Government initiatives in developing economies, including India, South Korea and China, have aided the slow growth of the retro-reflective materials business.

Furthermore, In terms of revenue, the retro-reflective materials industry in U.S. was worth USD XX billion in 2020. The industry's growth is projected to be aided by rising demand for reconstruction activities, including expanding motorways and railway networks. The government's industrial safety rules are also expected to boost product demand.

In addition, the retro-reflective materials market is expected to benefit from rising demand for the automobile industry's products to give better visibility over the forecast period. Furthermore, increased demand for safe buildings is expected to spur innovation and development of new and advanced materials.

For instance, on September 19, 2019: KAY Vehicle GRAPHICS, a significant supplier of automotive graphics in U. S., was bought by ORAFOL, a renowned manufacturer of retro-reflective materials. ORAFOL was acquired to increase its expertise and expand its market reach in North America.

Limited self and less awareness about retro-reflective materials hurdles the market growth for the product

The self-life of retro-reflective materials is limited. The performance durability of retro-reflective items such as films, sheets and tapes ranges from 2 to 10 years. On the other hand, continuous exposure to high heat or extreme weather conditions reduces the effective performance life of these films, sheets and tapes.

In addition, the retro-reflective inks used on clothes have a 12-month shelf life. As a result, these retro-reflective materials must be replaced regularly. End-users have to pay more as a result of this. If the shelf-life of these materials is extended, it can help users save money by increasing the longevity of retro-reflective materials.

Furthermore, the governments of developed economies in Europe and North America have adopted stringent government restrictions for using retro-reflective materials in vehicle markings and safety clothing. These government-imposed rules keep a close eye on the materials' service life. If the retro-reflective materials are ripped, noticeably faded, soiled, cracked, burned, extensively abraded or damaged, they are rapidly replaced.

However, rules are less strict in developing economies such as India, Malaysia, Brazil and South Korea than in industrialized economies. They generally manufacture safety vests, jackets and vehicle markings according to the criteria that industrialized economies in Europe and North America set.

The shelf life of retro-reflective products and the replacement of damaged retro-reflective products are also not taken seriously in emerging economies. The lack of understanding about safety items in developing economies may endanger people's safety, limiting the expansion of the retro-reflective materials industry.

COVID-19 Impact Analysis

The outbreak of COVID-19 has had a major impact on the growth of the retro-reflective materials market. Construction and remodeling work halted due to the restrictions, which directly impacted demand for retro-reflective materials. The lockdown affected many households' disposable income, limiting their purchasing power. All of the mentioned reasons have harmed the global market for retro-reflective materials.

The industry nearly reached a standstill worldwide due to restrictions on non-essential activities. The International Energy Agency (IEA) estimates that global investment in energy efficiency in the construction industry increased by 2% to USD 152 billion in 2019. However, due to the COVID-19 pandemic, building construction activities, such as new and current projects, worksite productivity and contract value, are expected to decline by 24% in 2020 compared to 2019.

Furthermore, the pandemic has impacted supply chains worldwide, impacting the flow of materials and components across borders and fabrication sites. Increased raw material delays or non-arrival, disturbed financial flows and rising absenteeism among production line workers have all resulted. These variables impacted everyone, from international building firms to local contractors.

Segment Analysis

The global retro-reflective materials market is segmented based on product, technology, application, end-user and region.

The growth for paints, inks, & coatings is attributed to the rising demand for the product from the application industries, including traffic control & work zone and industries.

The global retro-reflective materials market is segmented based on products into films, sheets, & tapes, paints, inks, & coatings and others. The paints, inks, & coatings hold a dominating market position in the global retro-reflective materials market. The segment's growth is due to rising demand for the product from the application industries, including traffic control & work zone and industries.

Furthermore, product demand is expected to rise as inventories and warehouses are expanded to ensure a smooth flow of industrial activities. Signboards and marks with retro-reflective paints indicate danger, caution and other signs. Furthermore, road markers utilize paints in traffic control and management.

In addition, due to the rising demand for retro-reflective films and tapes from the automotive industry, the films and tapes product segment is expected to grow at a CAGR of xx% from 2022 to 2028. Retro-reflective tapes are applied to the tail and body of trucks to improve visibility and minimize accident rates, which is predicted to boost the industry's growth.

Geographical Analysis

Asia-Pacific’s high growth in industries such as automotive & transportation and construction & infrastructure has created huge opportunities for the region to achieve a leading position in the global retro-reflective materials market.

Due to the highly developed automotive sectors in China, India and Japan and the recent expansion of textile and construction industries in the region, Asia-Pacific is likely to dominate the global retro-reflective materials market.

Textiles with retro-reflective materials are also commonly utilized for a variety of purposes. Micro prismatic technology uses retro-reflective microscopic prisms created on a polymeric film to give garments and accessories a bright reflecting appearance.

Sportswear, shirts, shoes, vests, fashion, jackets, belts, armbands, signs, safety vests, backpacks, badges, belts and raincoats are among the applications.

According to research by the Department of Transportation, 40% of all collisions occur during the hours of darkness. The need for retro-reflective materials for road safety and signage has risen dramatically due to these causes. Due to rapid industrialization, mining industries in Asia-Pacific have grown steadily in recent years. The need for retro-reflective materials grows as these industries' safety activities expand.

Another factor contributing to regional market growth is the growing construction and industrial sectors in nations such as China, India, Japan and others. Over the next seven years, the region's ongoing civil and commercial construction activities are expected to propel industry expansion.

The industry's growth is expected to be aided by increased demand for automobiles in developing economies such as China, India and others. Furthermore, implementing strict government rules is expected to increase demand for retro-reflective films and tapes to safeguard worker safety.

Competitive Landscape

The global Retro-Reflective Materials market is highly competitive with local and global companies. Some prime companies contributing to the market's growth are 3M, ORAFOL Europe GmbH, Coats Group plc, Avery Dennison Corporation, JRC REFLEX ITALIA S.r.l, Taiwan Paiho Limited, Nippon Carbide Industries Co., Inc, Asian Paints PPG, GIOLITE LUMIAN CO., LTD., Viz Reflectives and others.

The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to the global growth of the Retro-Reflective Materials market.

In September 2020, REFLOMAX introduced new reflective films for Korean license plates that are extremely stable. The new film can be applied per the client’s demand without jeopardizing the license plate's security features. With this new product, the company hopes to expand its product offering.

3M

Overview: 3M is a multinational corporation specializing in healthcare and consumer goods. The company offers nearly 60,000 products used in homes, businesses, schools, hospitals and other industries. The company earns a major percentage of sales from products invented within the last five years. The company offers a wide range of product lines in the following industries: Health Care Commercial Solutions, Communications, Electronics, Energy, Automotive, Consumer, Design & Construction, Manufacturing and Safety

Product Portfolio: Scotchlite: 3M’s Scotchlite Reflective Material is a diamond Mesh Trim, a revolutionary leap in performance and design, delivering compliant visibility with comfort, breathability and durability. The interstitial weeding process and associated waste are removed due to a patent-pending 3M cut & spread technology, resulting in a resource-efficient, lower-cost trim.

Key Development

For instance, In October 2017, 3M acquired Scott Safety. The acquisition has allowed 3M to expand its product line's safety division. In the personal safety segment, 3M offers products and solutions such as head, eye, facial protection and reflective materials.

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• Visualize the global retro-reflective materials market segmentation by product, technology, application, end-user and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the retro-reflective materials window market by analyzing trends and co-development deals.
• Excel data sheet with thousands of global retro-reflective materials market-level 4/5 segmentation points.
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The global retro-reflective materials market report would provide approximately 66 market data tables, 69 figures and 211 pages.

Target Audience 2022
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