PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308603
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308603
According to Stratistics MRC, the Global Retro-Reflective Materials Market is accounted for $12.28 billion in 2023 and is expected to reach $35.76 billion by 2030 growing at a CAGR of 19.5% during the forecast period. Retro-reflective material is made up of small glass beads that reflect light directly back toward its source at a broader angle than reflective material, it has ability to reflect incident energy back toward its source regardless of the direction of incidence. High-end jackets, running and bicycle equipment, as well as professional safety uniforms like reflective tape for clothes used for fire retardants, are all made with retro-reflective materials. This material is also used to make sleeping tents and to extend the scanning range of barcodes in manufacturing environments.
According to research by the Department for Transport, road casualty statistics show that 40 percent of collisions occur in the hours of darkness. Due to such factors, the demand for retro-reflective materials for road safety and signs has been growing significantly.
The demand for riding apparel, including jackets and motorcycle designs, has increased due to an increase in tourism across the world, and this is anticipated to fuel the market for retro-reflective materials over the forecast period. The need for retro-reflective materials is also driven by the rapid growth in construction and infrastructure projects, which has increased the use of signboards and road color marking. Additionally, the market for retro-reflective material is growing as a result of the extensive usage of retro-reflective material in manufacturing high-security number plates and vehicle parts.
Materials that reflect backlighting have a limited shelf life. Products that are retroreflective, like films, sheets, and tapes, have a performance life of two to ten years. Continuously exposing these films, sheets, and tapes to high heat or severe weather conditions, however, shortens their useful performance lives much more. Additionally, the apparel's use of retro-reflective inks has a 12-month shelf life. Therefore, it is necessary to replace these retro-reflective materials on a regular basis. For end users, this raises the cost of purchasing. If these materials' shelf lives were extended, their durability and the financial benefits they provide users may both increase.
The usage of these materials in the construction and infrastructure sectors, in applications like road markings, signboards, and safety cones, among others, generates a sizeable portion of the market's revenue. Globally, the construction and infrastructure sectors are expanding. For instance, the Indian government undertook 783 projects in 2017, and the building projects witnessed an increase of 1.23% from 2016 to 2017, according to the Indian Brand Equity Foundation (IBEF). It requires a lot of retro-reflective paint to paint the markings on the highways needed to assure traffic safety for such major government projects.
The market's potential will also be constrained by the high manufacturing cost of retro-reflective materials compared to ordinary reflective products. The limited shelf life of retro-reflective products and a lack of awareness about security products, however, provide challenges for the global market for retro-reflective materials. These elements are hindering the market trends.
The COVID-19 outbreak has had a negative impact on the majority of enterprises around the world, including the market for retroreflective materials. The construction industry will face challenges with both low sales and high interest rates. In general, any industry that relies on group collaboration and interpersonal interaction, like the construction of roads, will encounter difficulties. The COVID-19 shutdowns are anticipated to have a negative influence on the usage and demand of retro-reflective materials across industries in the near future.
The retro-reflective materials market will be dominated by the micro prismatic technology category, and this trend is anticipated to continue throughout the forecast period. This technique raises the retro reflectivity of a substance. Additionally, when used with retro-reflective materials, microprisms offer minimal light dispersion and assure maximum light return to the source as much as possible.
Over the course of the projection period, the category for films, sheets, and tapes is predicted to have the highest CAGR. The factors influencing the segment's growth are linked to the increased demand for retro-reflective tapes and films in the automotive industry. Additionally, trucks' bodies and tails are covered in retro-reflective tape to improve visibility and decrease accidents, which could aid in the industry's growth.
Due to China, India, and Japan's highly established automotive sectors, as well as the region's recent growth in the textile and construction industries, Asia-Pacific is predicted to dominate the global market. Textiles that can be used for a variety of applications frequently incorporate retro-reflective materials. However, to provide clothing and accessories a bright, reflected appearance, micro-prismatic technology uses retro-reflective microscopic prisms created on a polymeric film. Over the forecast period, it is also projected that the region's ongoing civil and commercial construction projects will fuel industry expansion.
Owing to the increased demand for automobiles in developing economies like China, India, and others, Asia Pacific is anticipated to experience lucrative growth throughout the extrapolated period. In order to safeguard the safety of the workforce, it is also projected that the introduction of strict government rules will increase demand for retro-reflective films and tapes. Over the forecast period, the growth of the industry is also expected to be fueled by the construction and maintenance of new roads and railroads. Additionally, it is projected that the region's increasing need for vehicles will help the industry grow.
Some of the key players in Retro-Reflective Materials market include 3M Company, Asian Paints PPG, Avery Dennison Corporation, Changzhou Hua R Sheng Reflective Material Co., Ltd, Coats Group Plc, Dominic Optical, Nippon Carbide Industries Co., Inc, ORAFOL Europe GmbH, Paiho Group, REFLOMAX Co., Ltd and Unitika Sparklite Ltd.
In April 2022, Quoc introduced the SPD-compatible Chelsea Boot. Quoc said that the boot's upper was constructed from two-toned suede with a fully waxed front to make it water-resistant. The finish on the upper is a ring of tiny 3M reflective dots around the heel.
In September 2019, A major producer of vehicle graphics in the United States, KAY AUTOMOTIVE GRAPHICS, was acquired by ORAFOL, a leading manufacturer of retro reflective materials. ORAFOL made the transaction in order to bolster its capabilities and broaden its market reach in North America.
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