The global Retro-Reflective Materials Market is forecast to reach USD 42.63 billion by 2030, according to a new report by Reports and Data. The major share of revenue in the global market is generated by the usage of these materials in the construction and infrastructure sector, in applications like signboards, safety cones, and road markings, among others.
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The construction & infrastructure industry is growing across the globe. For example, according to the Indian Brand Equity Foundation, 783 projects were undertaken by the government of India in 2017, and the construction projects recorded a growth rate of 1.23% in 2016-17. These large projects undertaken by the Indian government demanded high consumption of retro-reflective paints to make markings on the highways for ensuring traffic safety. These highways also required retro-reflective sheets, tapes, and films to make signboards for navigating the drivers in nighttime or low light conditions. Initiatives taken by the governments of the emerging economies like South Korea, China, and India, among others, have aided in the growth of the retro-reflective materials market.
Furthermore, stringent government regulations have been implemented in the developed economies like North America and Europe for the use of these materials in safety apparel and vehicle markings. These regulations strictly monitor the service life of these materials. The retro-reflective materials are quickly replaced if they are found in noticeably faded, torn, soiled, burned, heavily abraded, cracked, or damaged conditions.
Further key findings from the report suggest
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- Asia-Pacific is the largest shareholder and the high growth of sectors such as construction & infrastructure and automotive & transportation has helped the region to achieve the leading position in the global market.
- Asia-Pacific region is also a potential market according to the major players like 3M, ORAFOL, and Avery Dennison. This region poses a rising demand for retro-reflective materials for various purposes, like conspicuity markings, road markings, signboards, conspicuity markings, and safety apparels, among others.
- Among the application segment, the traffic control & work zone is leading the market, and it will continue to dominate with an estimate to register a CAGR of 26.6% over the forecasted period.
- Among the product type segment, paints, inks & coatings are leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 26.6% over the forecasted period.
- Films, sheets & tapes have many applications and are extensively used in all the key sectors like apparel, automotive & transportation, and construction & infrastructure.
Top players profiled in the report include:
3M, Orafol Europe GmbH, Avery Dennison Corporation, Dominic Optical Inc., Coats Group PLC, Changzhou Hua R Sheng Reflective Material Co., Ltd, Reflomax, Paiho Group, Nippon Carbide Industries Co., Inc., and Asian Paints Ppg Pvt. Ltd., among others.
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Film, Sheet, and Tapes
- Paints, Inks, and Coatings
- Retro-reflective Threads
- Retro-reflective Fabric
Application Outlook (Revenue, USD Billion; 2019-2030)
- Transportation & Traffic Control
- Construction & Mining
- Safety Apparel
- Others
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Geographic Segment Covered in the Report:
The Retro-Reflective Materials report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
• Europe (UK, Germany, France and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• Middle East and Africa (GCC and rest of the Middle East and Africa)
Summary of the Retro-Reflective Materials Market Research Report:
- Insightful information regarding the global Retro-Reflective Materials market
- Strategic recommendations for the investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Thorough SWOT analysis and Porter’s Five Forces analysis along with feasibility analysis and investment return analysis
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