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Reflective Material Market Size – USD 25.44 Billion in 2021, Growth – at a CAGR of 5.4%, Trend – Growing demand from end-use industries
NEW YORK, NY, UNITED STATE, May 11, 2022 /EINPresswire.com/ — The global Reflective Material Market size is expected to reach USD 40.90 Billion in 2030 and register a revenue CAGR of 5.4% over the forecast period, according to latest report by Reports and Data. Rising concerns regarding workplace and traffic safety management is a key factor driving market revenue growth. Reflective materials are used to highlight or reflect light on a surface or object, in order to enable it to be seen or observed clearly. They are usually used in traffic signboards, markings, and temporary traffic control applications.
Reflective material is composed of tiny glass beads that reflect light directly back toward its source, owing to their ability to reflect incident energy back toward its source regardless of the direction of incidence. Reflective materials are extensively used in manufacturing a wide range of products, such as sheeting, tapes, films, paints, adhesives, inks, and other specialty goods, and are also used to make heat transfer logos to provide efficient and flexible solutions to garment manufacturers.
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Reflective materials are used in solar photovoltaic (PV) systems for power generation, water pumping and maintenance, and health systems. Market revenue growth is expected to be driven by surging demand for camouflage patterns made by using infrared (IR) reflective textiles, in order to prevent the detection of warfighters by enemy infrared sensors.
Fluctuations in the inflation rate and volatile prices of commodities, such as reflective aluminum, copper, glass beads, and micro prisms are expected to act as major restraints for market revenue growth. Moreover, unstable supply-demand position, along with continuous changes in environmental regulatory laws regarding use of low-impact materials and product recycling, are expected to hamper reflective material market revenue growth.
Companies profiled in the global market report include 3M, Avery Dennison Corporation, ORAFOL, Dominic Tunnell Opticians, Changzhou Hua R Sheng Reflective Material, Coats Group PLC, Nippon Carbide Industries Co. Inc., Paiho Group, Asian Paints, and Reflomax.
Some Key Highlights from the Report
In March 2021, Tata Motors launched a new compact ambulance. This ambulance comes with AIS 125 certified retro-reflective decals, a beacon light, and a siren, and can seat five attendants, apart from the driver and the patient.
Coatings segment accounted for largest revenue share in 2021, due to its retro-reflective property. Moreover, there is increasing demand for reflective coatings in construction and textile industries, which is expected to drive revenue growth of this segment.
Building & construction segment revenue is expected to register a steady growth rate during the forecast period. This can be attributed to increasing need to control light intensity in various strategic applications, such as lighting lenses, reflectors, decorative trims, display panels, and energy management.
Micro prismatic segment accounted for a significantly large revenue share in 2021. The micro prismatic technology helps to produce a bright reflective appearance on garments and accessories and improve reflectivity of materials, by integrating retro-reflective microscopic prisms formed on a polymeric film. Increasing adoption of products offering a high degree of reflectivity, in order to enhance safety, is driving demand for micro prismatic technology.
Market in Asia-Pacific accounted for largest revenue share in 2021. Growth of industries, such as automotive, transportation, and construction & infrastructure in the region, is contributing to revenue growth of the market. Reflective materials are used for various purposes, such as safety apparel, road markings, signboards, and conspicuity markings, among others. Moreover, increasing production of glass beads and microspheres, which are used as primary raw materials for production of any reflective material product, is expected to support market revenue growth.
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For this report, Reports and Data has segmented the global reflective material market based on product, technology, application, and region:
Product Outlook (Revenue, USD Billion; 2019–2030)
Paints & Inks
Tape & Films
Technology Type Outlook (Revenue, USD Billion; 2019–2030)
Application Outlook (Revenue, USD Billion; 2019–2030)
Building & Construction
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Regional Outlook (Revenue, USD Billion; 2019–2030)
Middle East & Africa
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