Increasing demand for materials providing better visibility and safety, as well as the increasing purchasing power of consumers, is driving the demand for the market.
Market Size – USD 2.86 Billion in 2019, Market Growth – CAGR of 10.8%, Market Trends – High demand in construction, textile sectors.
The Global Reflective Material Market is projected to reach 6.43 billion in 2027. The increasing demand for materials that offer high visibility, thus providing safety in the workplace and reducing the number of accidents, is primarily driving the market’s growth during the forecast period.
The market is expected to witness robust growth due to increasing demand from the construction and textile sector. These materials provide high visibility and are beneficial in low light conditions like snow, fog, and darkness after nightfall. Rapid industrialization and development of infrastructure are taking place in most of the countries, and this is propelling the construction sector around the world. The safety of workers involved in construction activities is an issue in which reflective materials addresses and stringent worker safety regulations are driving the market’s growth. Apart from these usages of such materials in traffic signals offer better traffic management. Textile or the apparel sector is also experiencing the benefits of reflective materials, and thus the consumption from this sector is duly increasing.
Fluctuations and volatility in prices of raw materials like reflective micro prisms, glass, aluminum have been noticed in the last few years. Thus major manufacturers of the industry are facing a challenge dealing with this issue. There is also an imbalance in the supply and demand of materials in the market. Regulations and policies regarding the environment and usage of low impact or recyclable materials have also undergone continuous changes, which is making it difficult for the manufacturers to continue operations by meeting all the standards. These factors are hindering the market’s growth to a certain extent. Manufacturers around the world are focusing on developing solutions that would be cost-effective as well as eco friendly.
The COVID-19 impact:
The COVID-19 pandemic is likely to disrupt the industry’s growth to a certain extent. Major industry players are skeptical about the future of the market and are trying to redesign their strategies for sustaining in this challenging situation. The pandemic had affected the construction as well as the automobile industry severely, and most of the major manufacturers have been forced to stop production as well as other operations. There is a shortage of workforce due to repeated lockdowns in several parts of the world. COVID-19 has affected the international trade, exports, and imports, and consequently, the demand in the industry has also largely reduced. The large companies operating in the market are trying to clear their stocks, and they are focusing on maintaining their cash balances. They are concentrating on the health and welfare of their workforce and are trying to provide them all sorts of assistance. The average disposable income of people is likely to decrease, and manufacturers are trying to come up with innovative solutions that can cater to the needs of customers at a much lesser cost.
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Further key findings from the report suggest
- The fabric product segment is expected to register the highest CAGR during the forecast period because these materials are extensively used in manufacturing jackets, safety clothing, gloves, reflective hats, and others. Fabrics having reflective material offer act as high visibility apparel and help in avoiding accidents.
- Microprismatic materials offer retro reflection and help in producing bright reflective appearance on garments and various accessories.
- The textile application segment is predicted to have significant growth during the forecast period due to the widespread usage of reflective materials in different apparel, thus making the apparels bright, easily noticeable, and flame resistant.
- The US would act as the primary consumer of the market products in the North American region, and the market value in US is estimated to reach USD 336.7 million by 2025.
- There have been a number of new product launches in the market amongst which PELTOR by 3M, TrafficJet Xpert by Avery Dennison, Glodian SG-9000, Glodian EGP-1100, Glodian HIP-PRO, EZPEEL, Glodian AGT/RGT by REFLOMAX and VizLite Dual Technology by Viz Reflectives require special mention.
- Key players in the market include 3M, ORAFOL Europe GmbH, Avery Dennison Dominic Optical, NIPPON CARBIDE INDUSTRIES CO. INC., REFLOMAX, Palho Group, Jinsung Corporation, Viz Reflectives, and Daoming Optics & Chemical Co. Ltd, among others.
- There have been a number of M&A in the industry like ORAFOL Europe GmbH acquiring KAY Automotive Graphics in 2019 and Avery Dennison acquiring Smartrac’s Transponder business in 2020.
To identify the key trends in the industry, click on the link below:https://www.reportsanddata.com/report-detail/reflective-materials-market
For the purpose of this report, Reports and Data have segmented into the global Reflective Material Market market on the basis of Product, Material Type, Application and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Paints & Inks
- Tape & Films
- Specialty Products
Material Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Ceramic Beads
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Building & Construction
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Asia Pacific
- Latin America
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