New York, NY -- (SBWIRE) -- 12/23/2020 -- The retro-reflective materials market is set to attain a valuation of USD 44.28 billion by 2027, registering a CAGR of 26.5%, according to the latest report by Reports and Data. The applications of retro-reflective materials are widespread in several industries, including conspicuity & fleet, vehicle registration traffic control & work zone, and personal safety.

The construction & infrastructure industry is growing across the globe. For example, according to the Indian Brand Equity Foundation, 783 projects were undertaken by the government of India in 2017, and the construction projects recorded a growth rate of 1.23% in 2016-17. These large projects undertaken by the Indian government demanded high consumption of retro-reflective paints to make markings on the highways for ensuring traffic safety.

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Key participants include:

3M, Orafol Europe GmbH, Avery Dennison Corporation, Dominic Optical Inc., Coats Group PLC, Changzhou Hua R Sheng Reflective Material Co., Ltd, Reflomax, Paiho Group, Nippon Carbide Industries Co., Inc., and Asian Paints Ppg Pvt. Ltd., among others.

Market Drivers

The major driving force for the development of the retro-reflective materials market is the increasing demand from the automotive sector driven by the rise in awareness regarding vehicle safety around the world. The rising material demand for highway vehicle control coupled with the government laws and regulations in respect to workers' safety is anticipated to boost the use of materials in safety apparel and in companies in order to prevent accidents. The rising construction activities, including the expansion of roadways and railways networks, may also drive the market.

For the purpose of this report, Reports and Data have segmented into the retro-reflective materials market on the basis of product type, technology, applications, and region:

Product Type Outlook (Revenue, USD Billion; 2017-2027)

Films, Sheets & Tapes
Paints, Inks & Coatings
Others

Technology Outlook (Revenue, USD Billion; 2017-2027)

Microprismatic Technology
Glass Beads Technology
Ceramic Beads Technology

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Application Outlook (Revenue, USD Billion; 2017-2027)

Traffic Control & Work Zone
Conspicuity & Fleet & Vehicle Registration
Personal Safety
Others

Regional Analysis:

According to reports, the Asia Pacific region is the fastest-growing region in the retro-reflective materials market owing to the rising construction and industrial activities in the economies such as China, India, Japan, and others. The market in North America and Europe is estimated to experience growth over the projected year owing to the increasing reconstruction activities in the region. Maintenance of railways and roads in the region may fuel the industry growth.

Further key findings from the report suggest:

Asia-Pacific is the largest shareholder and the high growth of sectors such as construction & infrastructure and automotive & transportation has helped the region to achieve the leading position in the global market.
Asia-Pacific region is also a potential market according to the major players like 3M, ORAFOL, and Avery Dennison. This region poses a rising demand for retro-reflective materials for various purposes, like conspicuity markings, road markings, signboards, conspicuity markings, and safety apparels, among others.
Among the application segment, the traffic control & work zone is leading the market, and it will continue to dominate with an estimate to register a CAGR of 26.6% over the forecasted period.
Among the product type segment, paints, inks & coatings are leading the market, and it will continue to dominate with an estimate to register the highest CAGR of 26.6% over the forecasted period.
Films, sheets & tapes have many applications and are extensively used in all the key sectors like apparel, automotive & transportation, and construction & infrastructure…Continued

Table of Content:

Chapter 1. Market Synopsis

1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique

Chapter 2. Executive Summary

2.1. Summary Snapshot, 2019-2027

Chapter 3. Indicative Metrics

Chapter 4. Retro-Reflective materials Market Segmentation & Impact Analysis

4.1. Retro-Reflective Materials Market Material Segmentation Analysis
4.2. Industrial Outlook

Chapter 5. Retro-Reflective Materials Market by Product Type Insights & Trends

Continued…

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