Retro-Reflective Materials Market Size, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

  • TBI197300
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel
                                          

Industry Insights, Market Size, CAGR, High-Level Analysis: Retro-Reflective Materials Market

The global retro-reflective materials market size was estimated at USD 5.8 billion in 2018, and is expected to witness a CAGR of 26.5% over the forecast period. Rising demand from the automotive industry driven by the growing concerns regarding vehicle safety across the economies is projected to propel the market growth over the forecast period. Increasing product demand for highway vehicle control coupled with the stringent government regulations related to workers safety is anticipated to boost the use of product in industries and in safety apparel in order to avoid accidents. Moreover, the growing construction activities in emerging nations is likely to promote the demand for retro reflective material based clothing. In 2018, in terms of revenue, the U.S. market for retro-reflective materials was valued at USD 1.2 billion. Increasing demand for reconstruction activities including expansion of roadways and railway networks in the country is likely to benefit the industry growth. In addition, the industrial safety regulations implemented by the government are projected to further boost the product demand. Increasing demand for the product from the automotive industry in order to provide superior visibility is anticipated to promote the retro-reflective materials market over the forecast period. In addition, the rising demand for safe construction is projected to promote the innovation and development of new and advanced materials over the forecast period. However, lack of awareness related to safety products in some countries is anticipated to limit the industry growth. In addition, weaker implementation of government regulations is further expected to result in low product demand as large project developers avoid the purchase of retro reflective safety products, which is projected to restrict the product demand over the forecast period. The absence of superior performance products in the market is projected to further propel the product demand. In addition, the ease of incorporating these materials in textiles, paints, and tapes coupled with the civil application of the product such as clothing, bags, shoes, bicycles, motorcycles, and others is likely to result in high demand for retro reflective materials.

Product Insights of Retro-Reflective Materials Market

The market is categorized on the basis of product including paints, ink and coatings, films and tapes, and others. The paints, ink and coatings segment is projected to grow at the fastest pace owing to rising demand for product from the application industries including traffic control & work zone and industrial. Expansion of inventories and warehouses in order to ensure smooth flow of production activities is projected to promote the product demand. The retro reflective paints are used in sign boards and markings to denote danger, caution, and other signs. In addition, the paints are also used in road markings to control and manage the traffic. The films and tapes product segment is anticipated to exhibit a CAGR of 26.7% from 2019 to 2025 on account of increasing demand for retro reflective films and tapes from the automotive industry. The tail and body of trucks are fitted with retro reflective tapes in order to increase the visibility and reduce the accident rates, which is expected to benefit the industry growth. Retro reflective films and tapes are widely used in public security, traffic, sanitation, fire, railway, municipal, coal mine safety facilities, and other such applications. In addition, the tapes are widely used in lifebuoys, lifejackets, and life rafts to ensure seafarers safety, which leads to a high segment growth, in turn leading to the market growth over the forecast period.

Application Insights of Retro-Reflective Materials Market

On the basis of application, the market retro-reflective materials is segmented into traffic control and work zone, safety apparel,automotive,industrial, and others. The traffic control and work zone application segment accounted for the highest share in terms of revenue and is projected to witness a CAGR of 27.0% from 2019 to 2025. Growing safety concerns coupled with government initiatives such as expansion of roads and railway networks, enhanced traffic control system and others is projected to propel the industry growth over the forecast period. In addition, stringent government regulations pertaining to workers safety is further anticipated to boost the demand for retro reflective materials. The safety apparel application segment accounted for USD 1.4 billion in 2018 and is projected to reach USD 7.7 billion in the year 2025. Increasing adoption of safety apparels fitted with retro-reflective materials for personal safety of construction workers, airport ground crew, highway staff, firefighters, traffic police, and others is anticipated to boost industry growth. The industrial application segment is projected to witness a CAGR of 26.8% from 2019 to 2025 on account of stringent industrial safety regulations implemented across the globe. High use of retro reflective paints to indicate warning and caution signs in the industrial application coupled with the growing awareness about the safety equipment is further anticipated to fuel the market growth.

Regional Insights of Retro-Reflective Materials Market

Asia-Pacific region is projected to witness the highest growth rate owing to the rising construction and industrial sector in the economies such as China, India, Japan, and others. The continuous civil and commercial construction activities in the region are further anticipated to fuel the industry growth over the next seven years. The rising demand for automobiles in the developing economies including China, India, and others is projected to benefit the industry growth. In addition, the implementation of stringent government regulations is anticipated to fuel the demand for retro reflective films and tapes in order to ensure workers safety. North America accounted for a market share of 30.4% in 2018, owing to the rising demand for construction safety products. The increasing construction activities in the region due to the growing number of infrastructural projects is further projected to boost the product demand, which is expected to drive the industry growth over the next seven years. The market in North America and Europe is projected to witness growth over the forecast period owing to the rising reconstruction and refurbishing activities in the region. The expansion and maintenance of roads and railways is further projected to fuel the industry growth over the forecast period. Moreover, the rising demand for vehicles in the region is anticipated to further promote the market growth.

Market Share Insights of Retro-Reflective Materials Market

The Retro-Reflective Materials are increasingly gaining recognition in various application industries with the key market players engaged in introducing new products in order to gain competitive advantage. In addition, the companies also implement marketing strategies like merger and acquisition and partnerships to establish a prominent position in the industry. 3M Company and Avery Dennison are the leading players in the market for retro reflective materials. These companies are focusing on leveraging new technologies for product manufacturing and improving their sales. The other market players include Coats Group plc; Asian Paints Ltd; and Nippon Carbide Industries Co., Inc.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Retro-Reflective Materials Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global retro-reflective materials market report on the basis of product, application, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Paints, Inks & Coatings
  • Films & Tapes
  • Others

Application Outlook (Revenue, USD Million, 2019 - 2030)

  • Traffic control & work zone
  • Safety Apparel
  • Automotive
  • Industrial
  • Others

Table of Content
Chapter 1. Methodology and Scope                     1.1. Market Segmentation & Scope                     1.2. Market Definition                     1.3. Information Procurement                          1.3.1. Purchased Database                          1.3.2. GVR’s Internal Database                          1.3.3. Secondary Sources & Third-Party Perspectives                          1.3.4. Primary Research                     1.4. Information Analysis                           1.4.1. Data Analysis Models                     1.5. Market Formulation & Data Visualization        
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