The global reflective material market revenue was US$ 58.8 billion in 2022. The global market is forecast to reach US$ 138.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 10% during the forecast period from 2023 to 2031.
Encapsulated lenses, sometimes known as micro prisms, or a vast number of optically qualified glass beads the size of a human hair or less make up reflective materials. Tightly packed together, these glass beads, also known as micro prisms, have a small layer of aluminum coating on the back. They thus serve as a convex mirror, reflecting light precisely in the direction of the light's source. This idea aids in illuminating an object in the dark. Among other things, it is utilized in professional safety outfits, jogging gear, bicycle equipment, and hind-end jackets.
Market Driving Factors
The reflective materials market is seeing strong growth in the market due to the increased need for road safety. Around the world, road safety is a major concern since every year, millions of people are killed or injured in auto accidents. Governments everywhere are attempting to increase traffic safety by requiring reflective materials to be used in clothes, road signs, and other safety equipment. For instance, the Federal Highway Administration (FHWA) in the US has set minimum requirements for the reflectivity of pavement markings and road signs. Comparably, the European Union has made it mandatory for high-visibility clothing used by employees in a variety of businesses to contain reflecting elements.
Increasing awareness of the need for high-visibility clothes and other safety gear drives the market growth. The need for personal protective equipment (PPE) has increased significantly in recent years due to several causes, including the need to adhere to safety regulations, an increase in workplace safety awareness, and an increase in incidents and injuries. Reflective materials are a crucial part of personal protective equipment (PPE) because they increase worker visibility in low light.
Certain retro-reflective products, such as adhesives and varnishes, are made from petroleum-based compounds. The changes in the cost of raw materials affect the price of petroleum products. These variables include crude oil prices, production capabilities, and geopolitical issues. Unpredictable raw material prices for reflective materials pose a hindrance to the market's expansion.
Market Segmentation Analysis
By Material Type
The micro prismatic category had the highest revenue share in 2022. In addition to increasing material reflectivity, the micro prismatic approach gives clothing and accessories a dazzling, reflecting aspect. When used in retro-reflective materials, small prisms offer the greatest light return to the source with the least degree of light dispersion. By expanding the use of materials with a high degree of reflection to promote safety, this technology increases the reflectivity of materials, which accelerates the revenue growth of the category.
By End-User
Over the projection period, the textiles segment is anticipated to experience moderate revenue growth. The segment's expansion is linked to the rising production of luminous apparel and standard, fire-resistant gear. Base fabric, adhesives, microscopic glass beads, coatings, composites, and hot-pressing technologies are all used in the creation of clothes. With such clothing, incidents, emergencies, and evacuations are simpler to control and handle.
Regional Outlook
Asia Pacific is anticipated to have the greatest revenue share in the global market. In Asia Pacific, the expansion of the automotive, transportation, and construction & infrastructure sectors is fueling market revenue growth. Because reflective tapes are used in cars to improve visibility in low light, dark, and foggy conditions, the automotive industry, in particular, makes a significant contribution to revenue growth. As a result, increasing vehicle production in nations like China and India is anticipated to fuel market expansion.
In 2020, Tibet had the fewest road fatalities with only 142 fatalities, while Guangdong province in China had the highest number of fatalities—approximately 4,678. In 2019, 62,763 people died in traffic accidents around China. In recent years, the number of fatalities brought on by road accidents in China has topped 63,000 each year. 4,37,396 road accident cases were registered in India overall in 2019. The necessity for reflective materials to lower fatal accidents has increased due to an increase in the frequency of such incidents.
Leading Companies
Segmentation Outline
The global reflective material market segmentation focuses on Material Type, Product Type, End-User Industry, and Region.
By Material Type
By Product Type
By End-User Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL REFLECTIVE MATERIALS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: REFLECTIVE MATERIALS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL REFLECTIVE MATERIALS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL REFLECTIVE MATERIALS MARKET, BY MATERIAL TYPE
5.1 OVERVIEW
5.2 MICROPRISMATIC
5.3 GLASS
5.4 CERAMIC BEADS
6 GLOBAL REFLECTIVE MATERIALS MARKET, BY PRODUCT TYPE
6.1 OVERVIEW
6.2 FABRIC
6.3 SHEET
6.4 PAINTS & INKS
6.5 TAPE & FILMS
6.6 COATINGS
6.7 SPECIALTY PRODUCTS
6.8 OTHERS
7 GLOBAL REFLECTIVE MATERIALS MARKET, BY END-USER INDUSTRY
7.1 OVERVIEW
7.2 BUILDING & CONSTRUCTION
7.3 AUTOMOTIVE
7.4 HEALTHCARE
7.5 TEXTILE
7.6 OTHERS
8 GLOBAL REFLECTIVE MATERIALS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL REFLECTIVE MATERIALS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 3M
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 AVERY DENNISON
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 ORAFOL EUROPE GMBH
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 DOMINIC OPTICAL
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 COATS GROUP PLE
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 ASIAN PAINTS PPG
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 NIPPON CARBIDE INDUSTRIES CO. INC.
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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