Traffic signals and road sign technologies have changed dramatically in the last few years since the inception of retro-reflective materials and its implementation by a majority of the traffic authorities and government bodies. This retro reflective sign reflects a significant portion of a light beam to its source. With this cataphote, the illuminance attained is far better than the scattered reflections. This retro-reflectors are used in the construction, mining, infrastructure, textile, and automobile industries. Such varied application augments the demands in the global retro-reflective material market size which already generated $5.12 billion in 2018. Foreseeing the increased applications in the construction and automobile sector, the opportunities in the market are projected to grow at a CAGR of 15.5% during the forecast periods 2019 to 2025.
Geographic and Application Analysis
Construction Industry Driving Demands in the APAC Region: The Asia-Pacific region was observed as the most lucrative region in the retro-reflective materials market, the region was accounted for 39% of the total marketplace. The APAC region resonates with such a heavy market share owing to the massive construction activities prevalent in the region. At the construction site, these reflectors are used in signboards, apparels for personnel, and vehicles used in the construction site. The global construction market is expected to reach $8 trillion by the year 2030, mainly driven by China, India, and the United States. China and India are projected to be one of the biggest contributors to this augmented demands in the construction industry. Thus, the growing demand in the construction industry in APAC will continue to harness demand for retro-reflective materials such as reflective radium tapes and reflective labels.
Automotive: Major Growth Driver in the Retro-Reflective Material Market: Other than the construction industry, the traffic flow, and work zone applications of the retro-reflector material are screened as the key application of the market. The traffic flow and work zone application are anticipated to propel at a double-digit CAGR of 16.5% during the forecast period. These retro-reflectors are fitted on the roads that guide the vehicles and informs the driver about directions on the road. These reflectors are in demand owing to the stringent traffic rules amended by the government regarding road safety. The increasing use of the product on highway vehicle control is creating considerate opportunities in the retro-reflective market. Additionally, the vigorously amplifying demand in the automotive industry, mainly the rising production of the light and heavy commercial vehicles across the globe is burgeoning the demand influx in the retro-reflective materials market.
Retro-Reflective Materials Market Competitive Landscape
The companies influencing the retro-reflective material market are 3M Company, Avery Dennison Corporation, ORAFOL GmBH, Dominic Optical, Changzhou Hua R Sheng Reflective Material Co. Ltd., Coats Group plc, Nippon Carbide Industries Co. Inc., Paiho Group, Asian Paints PPG Pvt. Ltd., and Reflomax.
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