Retro-Reflective Materials Market Ongoing Trends, Recent Developments & Forecast till 2031

Retro-Reflective Materials Market: an overview

Retro-reflective materials are used to reflect the light with minimal scattering. In dark and low-light conditions, objects covered with retro-reflective material could be easily detected. Since inception, these materials are extensively used in automobile industry for decades to maintain road safety standards. These materials have no substitute, hence growth rate of the retro-reflective materials is substantially high. Moreover, owing to the industrial safety regulations has hugely benefitted the market growth and has added value over the past half-decade. Increase in awareness in industries to enhance industrial safety by incorporating retro-reflective materials on clothing and industrial apron to ensure employees safety is set to bolster the demand in long-run. Furthermore, retro-reflective materials are also utilized in substantial amounts in building & construction and infrastructure projects to reflect the solar radiation and to maintain the building temperature. Global retro-reflective materials market is forecast to witness absolute growth at a higher digit CAGR between 2020 and 2030. Rising demand from industrial safety, road safety and buildings and construction has positively impacted retro-reflective materials market.

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Demand Surge from Film, Sheets & Tapes is set to boost the Market

Film, sheet & tapes and paints & coatings are the two main available product types in the retro-reflective materials market. Of which, Film, sheet & tapes has found attractive market share in the global retro-reflective materials market owing to their high volume utilization almost all the automotive industry, industrial safety equipment etc.,. Followed by the film, sheet & tapes application paints & coatings account for less than one-fourth of the market share. This application is gaining market traction and is set to grow at a much faster rate owing to its growing application in terms of paints on vehicles which provides dual action by protecting the metal body of the vehicle from corrosion and adds safety by retro-reflectivity.

COVID-19 to Shatter the Retro-Reflective Materials Market

COVID-19 or Novel corona virus has not only shattered the movement of the people but also the production and trade of the major products in the market including retro-reflective products. Increased production of essentials and force majeure of inessential products has disrupted the retro-reflective materials market. Demand shrink owing to the lockdown across the regions and shattered supply owing to the cease of trade of raw materials required to manufacture of retro-reflective materials. The market is set to remain the same till 2022 owing to the inflation across the regions. Reduction in consumption and output growth is set to hamper the retro-reflective materials market. Pandemic has hit the economy hard in the gut which is set to reflect on the global economy.

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Segmentation analysis of Retro-Reflective Materials Market:

The global Retro-Reflective Materials market is bifurcated into four major segments: product type, application and region.

On the basis of product type, Retro-Reflective Materials market has been segmented as follows:

• Paints & Coatings
• Film, Sheet & Tapes
• Others

On the basis of application, Retro-Reflective Materials market has been segmented as follows:

• Industrial Equipment
• Road Safety
• Vehicle Body & Number Plate
• Safety Apparels
• Others

On the basis of geographic regions, Retro-Reflective Materials market is segmented as

• North America
• Europe
• Latin America
• East Asia
• South Asia
• Oceania
• Middle East & Africa

Retro-Reflective Materials Market: Regional Outlook

From regional perspective, Asia Pacific holds for largest market share in global retro-reflective materials market. Growing road safety awareness in these regions has accelerated the retro-reflective materials market in the region. Top players in retro-reflective materials market such as 3M, Changzhou Hua R Sheng Reflective Material Co., Ltd., Coats Group PLC have production sites in these regions. Followed by East Asia, Europe accounts for more than quarter of the demand share of retro-reflective materials. Majority of the production takes place in this region to maintain the supply in the East Asia region and to utilize the rest of the produced retro-reflective materials in the region. North America also plays a prominent role in consumption of retro-reflective materials owing to heavy road safety regulations and industrial safety programs in the region. Latin America and Middle East & Africa account for minute share owing to the limited utilization of retro-reflective materials in these region.

In the perspective of the prices, East Asia leads the market followed by South Asia & Oceania. High labor cost and raw material procurement costs in North America & Europe are set to provide major set-back back for the expansion of the retro-reflective materials market from supply side

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Retro-Reflective Materials Market: Key Players

Key players in global retro-reflective materials market are Coats Group PLC, Reflomax, Paiho Group, Nippon Carbide Industries Co., Inc, Changzhou Hua R Sheng Reflective Material Co., Ltd., Dominic Optical Inc., Avery Dennison Corporation, 3M, Orafol Europe GmbH and other companies.

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