The global retro-reflective materials market size is expected exhibit notable growth on account of amplifying demand from the automotive industry, spurred by rise in concerns regarding vehicle safety across the globe. Rising production of light and heavy commercial vehicles across the globe is expected to contribute to market growth over the forecast period.
The global market is expected to benefit from the presence of stringent governmental regulations regarding vehicle safety. In addition, rising use of the product in highway vehicle control is expected to open up several opportunities for industry growth over the coming years. Moreover, growth of the construction industry in Asia Pacific is expected to result in high demand for retro-reflective material-based clothing.
Absence of any superior performance products in the market is expected to provide additional support to industry growth. In addition, ease of integration in textiles, tapes, and others provided by such materials in construction and automotive industries has resulted in high product demand. These materials are composed of micro beads of glass and ceramic that provide superior reflection characteristics. The production technology involved in the manufacture of such materials is expensive, which leads to high production cost.
Retro-reflective materials are produced using a number of technologies, the main ones being microprismatic, glass beads, and ceramic beads. Microprismatic technology is expected to gain market share over the forecast period on account limited light scattering. In addition, use of such materials in stationary reflective products used for vehicular control is expected to increase over the forecast period.
Retro-reflective products manufactured using glass and ceramic bead technologies are expected to witness an increase in adoption in safety apparel used in the building and construction industry. Strict mandates regarding worker safety in the construction industry is expected to give these technologies a boost.
Retro-reflective materials can be paints and coatings, films, tapes, and others such as sheets, threads, and fabrics. Demand for retro-reflective tapes is expected to rise primarily due to surge in automotive production. In addition, use of these tapes for vehicular control is also expected to rise over the forecast period. Use of reflective paints in traffic control and road markings is expected to emerge as the primary factor driving industry growth. In addition, rise in infrastructure construction in Asia Pacific is expected to propel the industry over the next few years.
Key applications of retro-reflective materials include industry vehicular control, automotive, and personal safety. Vehicular control is expected to emerge as a major end user on account of superior visibility provided by retro-reflective paints. In addition, reconstruction and refurbishing activities of highways and other roadways is expected boost product usage in this application.
The global market can be segmented into North America, Europe, Central and South America, Asia Pacific, and Middle East and Africa. The industry is expected to be dominated by Asia Pacific due to continuous civil and commercial construction in the region. High growth of developing economies such as India, Vietnam, and Malaysia is expected to result in the growth of the construction industry, which is further expected to drive the market.
North America and Europe are expected to exhibit lower than average growth on account of high existing penetration of the product. However, factors such as surge in automotive production, stringent regulatory framework regarding worker safety, and refurbishing of roadways are expected to provide the regional markets the required boost for growth over the next few years.
The retro-reflective materials market is characterized by the presence of a number of multinational companies such as Avery Dennison Corporation, Dominic Capital, 3M Company, Coats Group, Asian Paints PPG, and Nippon Carbide Industries. Increased competition in the market has resulted in extensive price differentiation in order to attract consumers.
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