Overview:
The global reflective materials market, as per the report published by Market Research Future (MRFR), is showing signs of attaining a moderate 4.7% CAGR and surpassing USD 20.84 billion in 2020 during the time frame of 2022 to 2030.
Reflective materials are known for their surface that reflects light to return it to its source. These components are mostly made of glass and are finding substantial intake in industries like textile, automotive, healthcare, traffic management, and others. In recent times, the construction sector is making significant progress and with it, reflective materials are marking a remarkable growth. In the manufacturing process of solar panels, reflective materials are gaining much acknowledgment. In addition, various sectors are increasing their intake of reflective materials to boost the implementation of safety measures.
However, fluctuating prices can adversely impact the global market for reflective materials. But its growing inclusion across industries and better implementation of regulations can witness a growth that can bypass the sluggish period.
Regional Analysis
The Asia Pacific market had the largest market share in 2018 and it is growing at a remarkable speed due to the changing dynamics in various emerging economies. In these countries, various industries are booming. Industries like healthcare, construction, textile, and others are witnessing a constant influx of investment and technological upgradation that is determining the performance of the regional market. China, Japan, India, Malaysia, Indonesia, Taiwan, Thailand, and others are making notable contributions. It is further getting backed by the massive population. Other sectors like traffic management are also increasing the intake of reflective materials as it provides a chance to increase visibility and ensure better traffic movement.
In North America, this market is gaining a substantial nod from the sportswear segment owing to which growth would be easier. In addition, the regional market is making significant profit from the participation of major industries in the US and Canada. Both these countries are known to be houses of various major industrial companies. Also, a substantial hike in the research and development sector can make the growth easier.
In Europe, government regulations regarding highways, work zone sites, and roads are enforcing better uptake of reflective materials. The regional market has better opportunities in the Western European part as countries from this region are stronger in terms of industrial setups. The automotive sector is one major consumer of reflective materials.
Segmentation
The global report on the reflective materials market can be comprehended better by using segmentation. With that intent, MRFR’s report includes product type, material type, and end-use industry.
By material type, the global report on the reflective materials segments the market into a glass, micro prismatic, and ceramic beads. The glass segment has widespread applications across several sectors.
By product type, the report on the reflective materials market has been segmented into sheet, fabric, tape & films, paints & inks, specialty products, coatings, and others.
By end-use industry, MRFR’s report makes sure that the global reflective materials market analysis gets backed by a segmentation that includes automotive, building & construction, textile, healthcare, and others.
Key Players
Major players taking part and impacting the global reflective materials market are ORAFOL Europe GmbH (Germany), 3M (US), Avery Dennison (US), Coats Group plc (UK), Dominic Optical (China), Changzhou Hua R Sheng Reflective Material Co., Ltd. (China), Viz Reflectives (UK), REFLOMAX (South Korea), Asian Paints PPG (India), NIPPON CARBIDE INDUSTRIES CO., INC. (Japan), Jinsung Corporation (South Korea), Paiho Group (Taiwan), ALANOD GmbH & Co. KG (Germany), and Daoming Optics & Chemical Co., Ltd (China). MRFR’s tracking of the market reveals a better understanding of how trends are going to perform in the coming days.
In December 2022, Nike launched its new Foamposite One. Its design is covered by mini reflective swooshes printed with hi-vis reflective material. This is one of the boldest designs they have come up with to make a style statement.
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