Retro-Reflective Materials Market by Technology (Microprismatic, Glass & Ceramic Beads), Product Type (Films, Paints), Application (Traffic & Work Zone, Conspicuity, Fleet & Vehicle Registration, Personal Safety), and Region - Global Forecast to 2023
The retro-reflective materials market is projected to grow at a CAGR of 17.5% from 2018 to 2023, in terms of value
The retro-reflective materials market is estimated at USD 5.58 billion in 2018 and is projected to reach USD 12.49 billion by 2023, at a CAGR of 17.5% between 2018 and 2023. The increasing demand for retro-reflective materials due to stringent government regulations regarding worker and vehicle safety is one of the most significant factors projected to drive the growth of the retro-reflective materials market. Also, the growing construction & infrastructure industry requires the use of retro-reflective materials in applications, such as road markings, signboards, and safety cones, among others. The significant spending on construction is also contributing to the growth of the retro-reflective materials market. However, there is low awareness regarding the use of safety products in emerging economies which is acting as a restraint to the growth of the retro-reflective materials market.
The films, sheets, & tapes product type segment of the retro-reflective materials market is projected to grow at the highest CAGR during the forecast period, in terms of value
Retro-reflective films, sheets, & tapes are applied on various surfaces to offer the retro-reflectivity effect in low light or nighttime conditions. These are used in a wide range of applications, such as construction & infrastructure, automotive & transportation, and apparel industries for applications, such as traffic control & work zone, conspicuity, & fleet, & vehicle registration and personal safety. The high demand for the films, sheets, & tapes product type for high-growth industries has helped this product type lead the global retro-reflective materials market.
The retro-reflective materials market in the APAC region is projected to grow at the highest CAGR between 2018 and 2023, in terms of value
The retro-reflective materials market in the APAC region is projected to grow at the highest CAGR during the forecast period, in terms of value. This growth can be attributed to the increasing demand for retro-reflective materials from the construction & infrastructure industries in APAC countries. Initiatives undertaken by governments of various APAC countries for construction & infrastructure project investments are also contributing to the growth of the retro-reflective materials market in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted as follows:
By Company Type- Tier 1 - 37%, Tier 2 - 42%, and Tier 3 - 21%
By Designation- C level - 30%, Director level - 25%, and Others - 45%
By Region- APAC - 40%, Europe - 27%, North America - 20%, Middle East & Africa - 7%, and Latin America - 6%
This report provides a comprehensive analysis of the key companies listed below:
Avery Dennison (US)
Dominic Optical (China)
Changzhou Hua R Sheng Reflective Material (China)
Coats Group (UK)
Nippon Carbide Industries (Japan)
Paiho Group (Taiwan)
Asian Paints PPG (India)
Reflomax (South Korea)
This report covers the retro-reflective materials market and forecasts the size of the market till 2023. The report includes the segmentation of the retro-reflective materials market based on technology, product type, application, and region. Porter’s five forces analysis and key market dynamics such as drivers, restraints, challenges, and opportunities influencing the growth of the retro-reflective materials market have been discussed in the report. The report also provides company profiles and competitive benchmarking of major players operating in the retro-reflective materials market.
Benefits of Buying the Report:
The report is expected to help market leaders/new entrants in the retro-reflective materials market in the following ways:
This report segments the retro-reflective materials market and provides the closest approximation of revenues for the overall market and its subsegments across different verticals and regions.
The report helps stakeholders understand the pulse of the market and provides information on key drivers, restraints, challenges, and opportunities of the retro-reflective materials market.
This report is also expected to help stakeholders understand their competitors and gain insights to better their positions in the retro-reflective materials market. The competitive landscape section includes the ecosystem of competitors and detailed information on new product developments, expansions, partnerships, and acquisitions.
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