ID: MRFR/CnM/5044-HCR | February 2021 | Region: Global | 140 pages
Global Reflective Materials Market was valued at around USD 20.84 billion in 2018 and is expected to register a CAGR of approximately 4.7% during the forecast period, 2019–2025.
Reflective materials are the materials made from tiny glass beads and are used to reflect light back to the source, from which it is originated with minimum scattering. This principle of reflecting the light back to its primary source with minimum scattering is called retro-reflectivity. The key factor driving the growth of the global reflective materials market is the increasing demand for the materials that have high visibility during the night for personal safety and ease of working in the building & construction and textile industries. Furthermore, there has been an increasing number of road and industrial accidents in the last few years, which is mainly attributed to improper lighting systems and working conditions with less visibility. This is likely to favor growth in demand for the reflective materials in safety measures undertaken to reduce such fatalities. According to the World Health Organization (WHO) the number of annual road traffic deaths reached 1.35 million in 2018. The reflective materials increase the efficiency of the solar panels and help generate more electricity, which is expected to fuel the demand for these materials for manufacturing the solar panels.
However, the fluctuating prices of the raw materials are likely to hamper the market growth during the assessment period.
Global Reflective Materials Market Share, by End-Use Industry, 2018 (%)
Source: MRFR Analysis
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa are the regions analyzed under the scope of the global reflective materials market.
Asia-Pacific held the largest market share for reflective materials in 2018 and is expected to be the dominant region during the review period. The key drivers contributing to the increasing demand for reflective materials in the region is the growing building & construction and textile industries using these materials in the personal protective equipment’s. Furthermore, the high population of the countries in Asia-Pacific and poor traffic management systems have caused numerous road accidents on road, because of which the government is implementing more traffic control signboards, guidance signboards, and warning signboards on the highways to avoid accidents. Hence, surging the demand for reflective materials in the regional market.
The market for reflective materials in North America held the second-largest in 2018 and is expected to witness positive growth during the review period. Owing to the growing popularity for the use of reflective materials in sportswear for running and biking at night and the presence of well-established industry leaders in the region is expected to drive the regional market for reflective materials. Moreover, the R&D sector of the region is continuously improvising their products to provide a better and safer life for its inhabitants.
Europe is another substantial market for reflective materials. The major factor favoring the growth of this regional market is the stern government regulations pertaining to the use of reflective materials for better traffic management applications such as in highways, work zone sites, and roads. Furthermore, the region is one the largest automotive manufacturing region in the world, which is likely to fuel demand for the refractive materials in the passenger and commercial vehicles.
The market in the Middle East & Africa is expected to witness healthy during the forecast period due to the increasing construction activities in the region.
Latin America is expected to have a steady growth in the reflective materials market during the forecast period due to the improving economy of the region and the growing automotive industry.
The global reflective materials report has been segmented on the basis of material type, product type, end-use industry, and region.
Based on material type, the global reflective materials has been segmented into microprismatic, glass, and ceramic beads.
Based on product type, the global reflective materials market has been categorized into fabric, sheet, paints & inks, tape & films, coatings, specialty products, and others.
By end-use industry, the global reflective materials market has been segregated into building & construction, automotive, healthcare, textile, and others.
Some of the key players in the global reflective materials market are 3M (US), Avery Dennison (US), ORAFOL Europe GmbH (Germany), Dominic Optical (China), Changzhou Hua R Sheng Reflective Material Co., Ltd. (China), Coats Group plc (UK), Asian Paints PPG (India), NIPPON CARBIDE INDUSTRIES CO.,INC. (Japan), REFLOMAX (South Korea), Paiho Group (Taiwan), ALANOD GmbH & Co. KG (Germany), Jinsung Corporation (South Korea), Viz Reflectives (UK), and Daoming Optics & Chemical Co., Ltd (China).
Frequently Asked Questions (FAQ) :
Reflective Materials Market valuation was USD 20.84 billion.
Reflective Materials Market would have a CAGR of 4.7% during the forecast period of 2019 to 2025.
Demand for high visibility during the night would drive the market.
The Asia Pacific Reflective Materials Market would ensure maximum coverage.
The industries are automotive, building & construction, textile, healthcare, and others.