Retro-Reflective Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for the retro-reflective materials is expected to grow at a CAGR of more than 6% globally during the forecast period.

Increasing applications of road safety products and the growing demand from the automotive industry in developing countries are driving the market growth.

The outbreak of COVID-19 is expected to hinder the market growth of the high-temperature grease market.

Key Market Trends

Increasing Demand from Automotive and Construction Segments

• Retro-Reflective Materials are the materials that reflect light to its source. This retro-reflectors are being used for safety purposes in different end-user industries such as in construction, mining, infrastructure, textile, and automobile industries.
• Retro-Reflective Materials use ceramic beads, glass beads, and microprismatic technologies in various applications.
• At construction sites, these reflectors are used in signboards, apparel for personnel, and vehicles that are being used in the construction sites. Windows, architectural glasses are the application major segments of the construction industry.
• Also, growing traffic safety systems is one of the prominent factors for the need for retroreflective technologies. These materials can be used as traffic signboards, markings, and temporary traffic control applications.
• In automobiles, these tapes are being used on the side, rear, and front side of vehicles for clear visibility to other drivers or pedestrians at night to avoid collisions.
• The impact of the COVID-19 shutdowns is expected to decrease the usage and demand for retro-reflective materials from different sectors in the near future.
• However, the growth potential automotive sector in developing countries and the growing construction and road safety activities are expected to drive the market for retro-reflective materials through the years to come.

Asia Pacific Region to Dominate the Market

• Asia-Pacific is expected to dominate the global market owing to the highly developed automotive sector in China, India, and Japan, coupled with the development of textile and construction industries in the region in recent years.
• Retro-Reflective Materials are also being majorly used in textiles that can be used for various purposes. Microprismatic technology incorporates retro-reflective microscopic prisms formed on a polymeric film to create a bright reflective appearance on garments and accessories.
• The applications include sportswear, shirts, shoes, vests, fashion, jackets, belts, armbands, signs, safety vests, backpacks, badges, belts, and raincoats.
• According to research by the Department for Transport, road casualty statistics show that 40 percent of collisions occur in the hours of darkness. Due to such factors, the demand for retro-reflective materials for road safety and signs has been growing significantly.
• According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific leads global automobile production in recent years. China is the largest producer of automobiles and accounts for more than 28% of the global share in recent years.
• Rapid industrialization, mining industries in Asia-Pacific have witnessed decent growth in recent years. The safety activities around these industries increase the demand for retro-reflective materials.
• The outbreak of COVID-19 has affected the economic growth of all the countries at present, with almost all the construction and transport sectors been stopped due to lockdown for a brief period.

Competitive Landscape

The retro-reflective materials market is fragmented in nature with many players competing in the market. Some of the major companies are 3M Company, ORAFOL Europe GmbH, Avery Dennison Corporation, Nippon Carbide Industries Co., Inc, and Asian Paints PPG, among others.

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• The market estimate (ME) sheet in Excel format
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