Reflective Tape Market - Forecast(2024 - 2030)

Report Code: CMR 22540 Report Format: PDF + Excel

Reflective Tape Market Overview

Reflective Tape market is growing at a CAGR of 3.2% during 2022-2027. Reflective tapes also referred to as security tapes, bounce light back at the source. Reflective tapes made of polyvinyl chloride and polyester are among the most user-friendly adhesive tapes. With their simple peel and stick backing, they're easy to use. Both during the day and at night, reflective tapes are easily visible. The reflective tape market will benefit from increased demand for warning signage/reflective light, particularly in dark or dimly lit areas, to warn people of potential threats. Despite the upbeat outlook, the global reflective tapes market may be hampered by several factors. A significant shift toward digitized signage is occurring in developed economies, which is a significant factor that is likely to have a negative impact on the growth of the reflective tapes market.

COVID-19 Impact

The construction industry was one of the hardest hit by COVID-19, as it had already been dealing with a liquidity crisis for more than a year as the financial sector's non-banking financial institutions collapsed. Several projects were left unfinished during the pandemic as a result of a lack of funding. In March 2020, following the guidelines from the District Administration, AFCONS Infrastructure decided to halt construction of the World's Highest Railway Bridge "Chenab Rail Bridge". Furthermore, manufacturers were stranded on raw material orders as a result of the COVID-19 area's lockdown, which had a significant impact on the logistics industry. However, governments are taking steps to rekindle the construction industry's momentum, owing to which the prospects for the reflective tape market are expected to gradually improve as a direct consequence. In June 2021, despite the pandemic and the elusive private investor, the Indian government has set a lofty goal of building Rs 15 lakh crore worth of roads in the next two years. Another 8,500 km of projects will be awarded by March 2022, and a total of 11,000 km of the national highway corridor will be completed. Such projects are set to directly rekindle the construction industry momentum in the coming years.

Reflective Tape Market Report Coverage

The report: “Reflective Tape Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Reflective Tape industry.

By Type: Single Sided, and Double Sided
By Product Type: Engineer Grade, Intensity Grade, Metalized Micro-prismatic, Non-metalized Micro-prismatic, and Others
By Material Type: Plastic (Polyester, Polyvinyl Chloride (PVC), Nylon, and Others), Rubber, Foam, Silicone, and Others
By Color: Yellow, Silver, Gold, Red, and Others
By Substrate: Ceramic, Concrete, Composites, Glass, Wood, Metal, and Others
By Application: Parking Lots, Roads & Bridges, Life Jackets, Helmets, Skateboards, Bollards & Posts, Trucks & Tractors, Safety Cones, Warehouse Floors, and Others 
By End-Use Industry: Building & Construction, Automotive, Textile & Apparel, Marine, Sports & Leisure, Mining, Oil & Gas, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

  • Asia-Pacific dominates the reflective tape market. Increasing building and construction activities in developing APAC countries is fueling the market growth in Asia-Pacific.
  • Reflective tapes are expected to become more widely used at construction sites and industrial facilities as a result of stringent government regulations aimed at ensuring the safety of pedestrians and workers.
  • An increase in the number of road accidents is driving demand for high-visibility signal tapes (reflective light tapes) as part of accident avoidance and road safety products, which is expected to fuel market growth over the forecast period.
  • However, the production of these products is constrained by a number of factors, including volatile raw material prices, product manufacturing regulations, and high research and development costs.

Figure: Asia-Pacific Reflective Tape Market Revenue, 2021-2027 (US$ Billion)

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Reflective Tape Market Segment Analysis – By Product Type

The engineer grade segment held the largest share in the reflective tape market in 2021 and is forecasted to grow at a CAGR of 2.9% during 2022-2027. It is the most widely used and least expensive reflective tape. Engineer grade is popular for vehicle graphics and signs, as well as other applications because it uses high index glass beads dispersed evenly on a thin flexible film to create retro-reflectivity. Engineer grade films reflect light at around 75-85 candelas and return it at a wider angle than prismatic tapes. Engineer grade returns about 30% of the light to the source, with the rest dispersed around the target, due to the wide dispersion of light. This causes the film to light up faster than prismatic tapes, allowing it to be seen from a wider range of angles. As a result, engineer-grade reflective tape is preferred over other types of tapes, such as pressure sensitive adhesive tapes, resulting in segment growth.

Reflective Tape Market Segment Analysis – By End-Use Industry

The building & construction segment held the largest share in the reflective tape market in 2021 and is forecasted to grow at a CAGR of 5.7% during 2022-2027. This can be attributed to the product's increased use for the safety of construction workers. Furthermore, these products are designed for applications that require a high level of visual impact in construction zones, particularly in potentially dangerous areas. Handrails, low fences, and other barriers can also be difficult to notice, especially in an unfamiliar parking lot or driveway. As people navigate a narrow parking lot or a curved driveway, reflective tape can help to highlight these objects. Additionally, it is frequently used in airports and railways to improve safety during dawn, dusk, or inclement weather. As a result, the widespread use of reflective tapes in the building and construction industry is a major factor driving demand in this industry.

Reflective Tape Market Segment Analysis – By Geography

Asia-Pacific region held a significant share in the reflective tape market in 2021 up to 37% and is forecasted to grow at a CAGR of 4.8% during 2022-2027, owing to spiraling demand for reflective tape from the APAC growing building and construction sector. The building and construction sector is expanding in Asia-Pacific countries, owing to rising urbanization and population growth. According to the India Brand Equity Foundation (IBEF), the Ministry of Road Transport and Highways built 2,284 kilometers of national highways in June 2021, compared to 1,681 kilometers in June 2020. China completed the construction of a strategic highway connecting Pad Township in Nyingchi city and Baibung in Medog County in May 2021. Shanxi Electric Power Engineering Co Ltd assisted Thailand in the construction of a solar-powered parking lot in September 2020. The Capital Development Authority (CDA) board approved six multi-story parking plazas in Islamabad's major business districts in April 2021, with a total parking capacity of approximately 3,500 vehicles. The Asian Development Bank and the Government of India signed a US$2.5 million project readiness financing (PRF) loan in June 2021 to support project preparation and design activities to upgrade major district roads in Sikkim, improving connectivity to important towns, rural areas, pilgrimage, and tourist destinations in the northeastern state. With the increasing building and construction activities in APAC, there was an upsurge in the demand for reflective tapes in 2021, thereby boosting the market growth.

Reflective Tape Market Drivers

Increasing Construction of Warehouses

In warehouses, reflective tape can be a highly effective and visible way to mark out either safety areas or hazards. Reflective tapes can be used to create clearance zones around high-voltage equipment, mark drop hazards, and demarcate emergency exit paths in warehouses. Warehouse construction projects are on the rise all over the world. For illustration, the Sharjah Research Technology and Innovation Park (SRTIP) announced new warehouse projects in December 2021, as part of a partnership with the private sector represented by Al Midfa Investments Group (L.L.C), to establish and develop 15 warehouses with special technical specifications and various sizes at the SRTIP. The project's construction will begin in the first quarter of 2022 and is expected to be completed in the second quarter of the following year, 2023. Levi Strauss & Co., a denim company, announced in April 2021 that it will construct a warehouse logistics property in Germany to meet the Cradle-to-Cradle sustainability standard. The project is scheduled to be completed in 2023. The demand for reflective tape is gradually increasing as a result of these projects. As a result, the growing number of warehouses serves as a market driver for reflective tape. 

Thriving Automobile Sector

The demand for these products in automobiles, such as body trim attachment, paint jobs, and bumper repair, is increasing as traffic congestion and the number of road accidents increase. To avoid accidents during foggy and hazy weather, the Regional Transport Office (RTO) has issued guidelines for attaching reflective tapes that glow at night. The front and back of vehicles are covered with these tapes. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), global heavy truck production increased by 5.0 percent from 4,152,408 in 2019 to 4,361,421 in 2020. As a result of the booming automobile industry, demand for reflective tapes is expected to rise, propelling the reflective tape market forward. Due to poorly parked stationary vehicles and slow-moving vehicles causing several road mishaps, especially in foggy weather conditions, the traffic wing of the Ludhiana police decided to install reflective tapes on heavy vehicles such as tipper trucks, tractor-trailers, and garbage trucks in December 2021. Government initiatives like these are accelerating market growth.

Reflective Tape Market Challenges

Strict Regulation Pertaining to Reflective Tape

Reflective tape, for illustration, is governed by several standards: AS/NZS 4602:1999 is a standard that was published in 1999. EN471:1994 'High visibility warning garments' combines material specifications and garment design, while EN471:1994 'High visibility safety garments' refers to the materials covered. Although the concepts are similar, the Australian Standards differ in detail. In December 2020, the International Road Federation (IRF) urged the government to ensure that a motor vehicle rule requiring the installation of reflectors and tapes on vehicles is strictly enforced to prevent accidents involving stationary vehicles. In a letter to Road Transport, Highways, and MSMEs Minister Nitin Gadkari, the International Road Federation (IRF) expressed grave concern about the rising number of crashes involving such vehicles and urged immediate action. IRF requested that Rule 104 of the Central Motor Vehicle Rules (CMVR) be strictly enforced, which mandates the installation of reflectors and reflective tapes on all types of commercial vehicles in the country. The market for reflective tape is expected to be stifled by such stringent regulations.

Reflective Tape Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Reflective tape market top 10 companies include: 

  1. The 3M Company
  2. Scapa Group Plc
  3. AFT Company
  4. Creative Safety Supply, LLC
  5. Adhere Industrial Tapes Ltd
  6. Denka Company Limited
  7. Avery Dennison Corporation
  8. ORAFOL Europe GmbH
  9. DM Reflective Material India PVT LTD
  10. Albea S.A.

Recent Developments

  • In January 2020, Oralite reflective tapes have been introduced by ORAFOL. Six new reflective garment tapes have been released by the company, each of which improves the wearer's visibility and safety while also improving user comfort. ORALITE GP 030P, ORALITE GP 090P, and ORALITE GP 095P are the new perforated tapes.

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1. Reflective Tape Market- Market Overview
    1.1 Definitions and Scope
2. Reflective Tape Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Product Type
    2.3 Key Trends by Material Type
    2.4 Key Trends by Color
    2.5 Key Trends by Substrate
    2.6 Key Trends by Application
    2.7 Key Trends by End-Use Industry
    2.8 Key Trends by Geography
3. Reflective Tape Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Reflective Tape Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Reflective Tape Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Reflective Tape Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
    6.3. Threat of Substitutes
7. Reflective Tape Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Reflective Tape Market - By Type (Market Size -US$ Million/Billion)
    8.1 Single Sided
    8.2 Double Sided
9. Reflective Tape Market - By Product Type (Market Size -US$ Million/Billion)
    9.1 Engineer Grade
    9.2 Intensity Grade
    9.3 Metalized Micro-prismatic
    9.4 Non-metalized Micro-prismatic
    9.5 Others
10. Reflective Tape Market - By Material Type (Market Size -US$ Million/Billion)
    10.1 Plastic
        10.1.1 Polyester
        10.1.2 Polyvinyl Chloride (PVC)
        10.1.3 Nylon
        10.1.4 Others
    10.2 Rubber
    10.3 Foam
    10.4 Silicone
    10.5 Others
11. Reflective Tape Market - By Color (Market Size -US$ Million/Billion)
    11.1 Yellow
    11.2 Silver
    11.3 Gold
    11.4 Red
    11.5 Others
12. Reflective Tape Market - By Substrate (Market Size -US$ Million/Billion)
    12.1 Ceramic
    12.2 Concrete
    12.3 Composites
    12.4 Glass
    12.5 Wood
    12.6 Metal
    12.7 Others
13. Reflective Tape Market - By Application (Market Size -US$ Million/Billion)
    13.1 Parking Lots
    13.2 Roads & Bridges
    13.3 Life Jackets
    13.4 Helmets
    13.5 Skateboards
    13.6 Bollards & Posts
    13.7 Trucks & Tractors
    13.8 Safety Cones
    13.9 Warehouse Floors
    13.10 Others
14. Reflective Tape Market - By End-Use Industry (Market Size -US$ Million/Billion)
    14.1 Building & Construction
    14.2 Automotive
    14.3 Textile & Apparel
    14.4 Marine
    14.5 Sports & Leisure
    14.6 Mining
    14.7 Oil & Gas
    14.8 Others
15. Reflective Tape Market - By Geography (Market Size -US$ Million/Billion)
    15.1 North America
        15.1.1 USA
        15.1.2 Canada
        15.1.3 Mexico
    15.2 Europe
        15.2.1 UK
        15.2.2 Germany
        15.2.3 France
        15.2.4 Italy
        15.2.5 Netherlands
        15.2.6 Spain
        15.2.7 Russia
        15.2.8 Belgium
        15.2.9 Rest of Europe
    15.3 Asia-Pacific
        15.3.1 China
        15.3.2 Japan
        15.3.3 India
        15.3.4 South Korea
        15.3.5 Australia and New Zealand
        15.3.6 Indonesia
        15.3.7 Taiwan
        15.3.8 Malaysia
        15.3.9 Rest of APAC
    15.4 South America
        15.4.1 Brazil
        15.4.2 Argentina
        15.4.3 Colombia
        15.4.4 Chile
        15.4.5 Rest of South America
    15.5 Rest of the World
        15.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
        15.5.2 Africa
   South Africa
   Rest of Africa
16. Reflective Tape Market – Entropy
    16.1 New Product Launches
    16.2 M&As, Collaborations, JVs and Partnerships
17. Reflective Tape Market – Industry/Segment Competition Landscpae Premium
    17.1 Company Benchmarking Matrix – Major Companies
    17.2 Market Share at Global Level - Major companies
    17.3 Market Share by Key Region - Major companies
    17.4 Market Share by Key Country - Major companies
    17.5 Market Share by Key Application - Major companies
    17.6 Market Share by Key Product Type/Product category - Major companies
18. Reflective Tape Market – Key Company List by Country Premium Premium
19. Reflective Tape Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    19.1 Company 1
    19.2 Company 2
    19.3 Company 3
    19.4 Company 4
    19.5 Company 5
    19.6 Company 6
    19.7 Company 7
    19.8 Company 8
    19.9 Company 9
    19.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"


1.US Reflective Tape Market Revenue, 2019-2024 ($M)
2.Canada Reflective Tape Market Revenue, 2019-2024 ($M)
3.Mexico Reflective Tape Market Revenue, 2019-2024 ($M)
4.Brazil Reflective Tape Market Revenue, 2019-2024 ($M)
5.Argentina Reflective Tape Market Revenue, 2019-2024 ($M)
6.Peru Reflective Tape Market Revenue, 2019-2024 ($M)
7.Colombia Reflective Tape Market Revenue, 2019-2024 ($M)
8.Chile Reflective Tape Market Revenue, 2019-2024 ($M)
9.Rest of South America Reflective Tape Market Revenue, 2019-2024 ($M)
10.UK Reflective Tape Market Revenue, 2019-2024 ($M)
11.Germany Reflective Tape Market Revenue, 2019-2024 ($M)
12.France Reflective Tape Market Revenue, 2019-2024 ($M)
13.Italy Reflective Tape Market Revenue, 2019-2024 ($M)
14.Spain Reflective Tape Market Revenue, 2019-2024 ($M)
15.Rest of Europe Reflective Tape Market Revenue, 2019-2024 ($M)
16.China Reflective Tape Market Revenue, 2019-2024 ($M)
17.India Reflective Tape Market Revenue, 2019-2024 ($M)
18.Japan Reflective Tape Market Revenue, 2019-2024 ($M)
19.South Korea Reflective Tape Market Revenue, 2019-2024 ($M)
20.South Africa Reflective Tape Market Revenue, 2019-2024 ($M)
21.North America India Reflective Tape By Application
22.South America India Reflective Tape By Application
23.Europe India Reflective Tape By Application
24.APAC India Reflective Tape By Application
25.MENA India Reflective Tape By Application
26.Sha Kundanmal Misrimal, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Avantika Elcon Pvt. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.3 M, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Shiva Industries, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Kohinoor Enterprises, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.HS Tapes, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Anuj Enterprises, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Metro Moulding Industries Peeragarhi, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.7 M Expo, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Euro Tapes Private Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)