The global retro-reflective materials market is predicted to grow at 19.0% CAGR during the forecast period with the market size reaching USD 14.0 billion by 2024. The market is driven by the factors such growing demand of these materialss to enhance low light condition or night time visibility, increasing per capita income in developing countries, and strict government regulations regarding vehicle safety and worker safety. Different product types of retro-reflective materials such as films, sheets & tapes, paints, inks & coatings, and others majorly contribute to the global market size. These materialss are primarily being used to increase the night time visibility of traffic signs, high-visibility clothing, and other items.
Retroreflective materialss are necessary to avoid unforeseen costs, which may occur due to accidents on roads. Various studies have shown that upgrading road signs with retro-reflective materialss results in significant decrease in the night time crashes. This leads to the adoption of these materialss by the road and transport ministry of different countries to avoid crashes on road at night time or at low visibility.
Among different technologies, the market is segmented into microprismatic, glass beads and ceramic beads. The microprismatic segment is anticipated to observe the highest growth in the retro-reflective materialss market during the forecast period, as it enables minimum scattering of light while also ensuring maximum reflection of the light back to its source and high focus of manufacturers to provide products with a better retro-reflective property.
Browse Market Insight and In-Depth TOC on "Global Retro-Reflective Materials Market – Analysis and Forecast (2014–2024)"
Among different products, the retro-reflective materialss market is categorized into sheets & tapes, films, paints, inks & coatings, and others. The films, sheets and tapes segment hold the largest share in the market primarily due to their wide range of applications in different industries such as apparel, construction and infrastructure, automotive and transportation, and others.
The different application of retro-reflective materialss includes into conspicuity, traffic and work zone, fleet and vehicle registration, personal safety, and others. Of all, the traffic control and work zone category is anticipated to witness the fastest growth in demand for these materialss during the forecast period. This is attributed to the increasing use of these materialss in construction activities, as these materialss are used on roadways, highways, warning signboards, guidance signboards, information signboards, and others. Along with that, these materialss are also used for work zone products which include barricades, cones, drums, and various others.
Asia-Pacific accounted for the major share in the retro-reflective materials industry in 2017, globally due to the increasing infrastructural developments, increasing road and transport network. Asia-Pacific is home to the two largest populated countries in the world, namely China and India. Construction projects are on record high in these countries to cater to the demands of its consumers. This offers opportunities for the retro-reflective materials manufacturers as construction activities are continued even at night time.
Key players offering products in the retro-reflective materials industry are 3M, Avery Dennison Corporation, Changzhou Hua R Sheng Reflective Materials Co., Ltd., Coats Group Plc, Dominic Optical Inc., Nippon Carbide Industries Co., Inc., Reflomax, Asian Paints PPG Pvt. Ltd., Paiho Group, Orafol Europe GmbH, JRC Reflex SAS, and Halo Coatings.
Global Retro-Reflective Materialss Market Coverage
Technology Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
Product Type Insight and Forecast 2014 - 2024
Retro-Reflective Materialss Market by Region
Middle East & Africa (MEA)