The global Retro-Reflective Materials Market is forecast to reach USD 42.63 billion by 2030, according to a new report by Reports and Data. The major share of revenue in the global market is generated by the usage of these materials in the construction and infrastructure sector, in applications like signboards, safety cones, and road markings, among others.
The construction infrastructure industry is growing across the globe. For example, according to the Indian Brand Equity Foundation, 783 projects were undertaken by the government of India in 2017, and the construction projects recorded a growth rate of 1.23% in 2016-17. These large projects undertaken by the Indian government demanded high consumption of retro-reflective paints to make markings on the highways for ensuring traffic safety. These highways also required retro-reflective sheets, tapes, and films to make signboards for navigating the drivers in nighttime or low light conditions. Initiatives taken by the governments of the emerging economies like South Korea, China, and India, among others, have aided in the growth of the retro-reflective materials market.
Furthermore, stringent government regulations have been implemented in the developed economies like North America and Europe for the use of these materials in safety apparel and vehicle markings. These regulations strictly monitor the service life of these materials. The retro-reflective materials are quickly replaced if they are found in noticeably faded, torn, soiled, burned, heavily abraded, cracked, or damaged conditions.
Key participants include 3M, Orafol Europe GmbH, Avery Dennison Corporation, Dominic Optical Inc., Coats Group PLC, Changzhou Hua R Sheng Reflective Material Co., Ltd, Reflomax, Paiho Group, Nippon Carbide Industries Co., Inc., and Asian Paints Ppg Pvt. Ltd., among others.
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The materials and chemical market is rapidly expanding in terms of revenue in the recent years and over the forecast period owing to increasing demand raw materials and chemicals for various industrial applications such as paper and paint, food and beverages, healthcare and pharmaceutical, manufacturing, construction and agriculture. Revenue growth of the global Solar Control Glass Market is attributed to factors such as rapid industrialization and urbanization, increasing awareness about green energy, rising inclination towards eco-friendly and biodegradable products, and rising presence for packaged food. In addition, increasing investments in research and development activities, rising disposable income and increasing demand for products such as soaps, detergents, perfumes for daily usage are fueling market growth.
Further key findings from the report suggest
- Asia-Pacific is the largest shareholder and the high growth of sectors such as construction infrastructure and automotive transportation has helped the region to achieve the leading position in the global market.
- Asia-Pacific region is also a potential market according to the major players like 3M, ORAFOL, and Avery Dennison. This region poses a rising demand for retro-reflective materials for various purposes, like conspicuity markings, road markings, signboards, conspicuity markings, and safety apparels, among others.
- Among the application segment, the traffic control work zone is leading the market, and it will continue to dominate with an estimate to register a CAGR of 26.6% over the forecasted period.
- Among the product type segment, paints, inks coatings are leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 26.6% over the forecasted period.
- Films, sheets tapes have many applications and are extensively used in all the key sectors like apparel, automotive transportation, and construction infrastructure.
For the purpose of this report, Reports and Data have segmented into the retro-reflective materials market on the basis of product type, technology, applications, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Film, Sheet, and Tapes
- Paints, Inks, and Coatings
- Retro-reflective Threads
- Retro-reflective Fabric
Application Outlook (Revenue, USD Billion; 2019-2030)
- Transportation Traffic Control
- Construction Mining
- Safety Apparel
End-use Outlook (Revenue, USD Billion; 2019-2030)
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Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Asia Pacific
- Latin America
- Middle East Africa
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