Globally, there has been a growing concern on promoting the safety of roads and construction activities. Retro reflective material is one such material which addresses this concern as this material is basically a reflective material used in enhancing the reflectivity of traffic signs, high-perceivability clothes, and different items during night time so they are securely be seen in the light of an approaching vehicle.
On the basis of technology, the retro reflective materials market is categorized into microprismatic, glass beads, and ceramic beads. Microprismatic category is anticipated to exhibit highest CAGR during the forecast period, in terms of revenue generation. Microprismatic technology is the most widely used technology for developing retro-reflective materials, due to the high-level retro-reflectivity offered by this technology. Since manufacturers of different reflective items are concerned prefer high degree of reflectivity the demand for microprismatic technology remains high in the market.
Based on product type, the retro reflective materials market is categorized into films, sheets & tapes, paints, inks & coatings, and others. Among all the product types, films, sheets and tapes expected to remain as the largest segment during the forecast period. The growth of the films, sheets, & tapes segment will comprise the various application area, which serves different industries, namely, apparel, construction and infrastructure, and automobile and transportation.
On the basis of application, the retro reflective materials market is categorized into traffic control and work zone, conspicuity, fleet and vehicle registration, personal safety, and others. Among all the applications, the traffic control and work zone category is expected to lead the retro-reflective materials market during the forecast period, in terms of value. The increasing usage of reflective materials in construction industry will also result in growth of the traffic control and work zone category. Traffic control and work zone application uses reflective materials on highways, and at construction sites, including warning signboards, traffic control, and signboards.
The major growth drivers identified in the retro reflective materials market is the large-scale investment in construction and infrastructure sector. It is anticipated that infrastructural connectivity projects such as expansion of road and railway networks would generate extensive demand for safety materials used in these projects. Owing to this retro reflective market is expected to witness a major boost in the coming years.
Lack of awareness for safety products in certain countries is expected to serve as the major restraint in the retro reflective materials market. In countries where the safety norms are not stringent, a large number of project developers avoid the purchase of retro reflective safety products which in turn hampers the growth of the market.
Fast growing emerging nations are expected to offer huge growth opportunities for retro reflective materials market. Due to the expansion of construction and infrastructure sector in the emerging nations, there is an increased demand for safe construction products which is resulting in innovations and developments of new retro-reflective materials. Also, growing demand for automotive and transportation in these nations due to increasing sales of vehicle at a significant pace is expected to assist the growth of retro reflective materials market.
Insights by geography
APAC is one of the most lucrative regions in the retro reflective materials market. The rising demand of the material in countries such as Japan, India and china for the construction & infrastructure and automotive & transportation industries will lead to the growth of the retro-reflective materials market in APAC. The retro reflective materials market is expected to grow at the highest CAGR from 2018 to 2023 in the APAC, in terms of revenue, due to the rise in construction projects in the APAC.
Some of the major players operating in the retro reflective materials market are 3M, Avery Dennison Corporation, Orafol Europe GmbH, Coats Group plc, Nippon Carbide Industries Co., Inc., Baihe Group, Asian Paints PPG Pvt. Limited, REFLOMAX Co., Ltd., JRC REFLEX, and Aura Optical Systems, L.P.