Retro-Reflective Materials Market to Grow at a Robust CAGR During Forecast Period
Amplifying demand from the automotive industry and rising
concerns regarding vehicle safety to drive global retro-reflective materials
market through 2024
According to
Tech Sci Research report, “Global Retro-Reflective
Materials Market By Technology, By Product Type, By Application, By Region,
Competition, Forecast & Opportunities, 2024”, the global retro-reflective materials market is projected
to grow at a CAGR of around 18% during the forecast period on account of the development
of the retro-intelligent material, framework and transportation ventures. Retro-
Reflective materials are the objects that are formed with spherical beads made up of
optical-grade glass, coated with aluminum on one side to generate a reflective
surface. However, low retro-reflectivity offered by glass beads is the major
impediment to the growth of the global retro-reflective materials market.
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Global
retro-reflective materials market can be segmented based on technology, product
type, application, distribution channel and region. On basis of application, the
market can be segmented into Traffic Control & Work Zone, Conspicuity &
Fleet & Vehicle Registration, Personal Safety, Textile, Construction,
Automotive, Electronics & Semiconductors and Others. The traffic control
& work zone application segment dominated the global retro-reflective
materials market until 2018 and is expected to maintain its dominance during
forecast period as well on account of extensive application of retro-reflective
materials in construction activities. For the traffic control & work zone
application these reflective materials are used on highways, roadways, and at
work zone sites, such as warning signboards, traffic control sign boards,
guidance signboards, and informational signboards. Furthermore, these materials
find application in work zone products, such as cones, barricades, drums, and
delineators, among others, thereby, propelling the growth of global
retro-reflective materials market.
Among
regions, Asia-Pacific is anticipated to be the largest market in global
retro-reflective materials market. Continuous civil and commercial construction
in the region is contributing to the growing demand for retro-reflective
materials in the region. Moreover, expansion of the construction &
infrastructure and automotive & transportation industries in developing
countries like India, Vietnam, and Malaysia would further steer growth in the
market through 2024.
Avery
Dennison Corporation, ORAFOL Europe GmbH, Dominic Optical Inc., Changzhou Hua R
Sheng Reflective Material Co., Ltd., Coats Group PLC, Nippon Carbide Industries
Co., Inc., Asian Paints Ppg Pvt. Ltd., Dongguan Yufon Textile Materials Co.
Ltd, Yeshili Reflective Materials Co., Ltd., Unitika Sparklite Ltd. etc. are
some of the leading players operating in global retro-reflective materials market.
The companies operating in the market are using strategies such as product
launches, mergers and collaborations to boost their share and expand their
presence in the market. Increased competition in the retro-reflective materials
market has resulted in extensive price differentiation in order to increase
their customer bases.
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“The global retro-reflective
materials market is anticipated to grow at a significant CAGR during forecast
period owing to rising utilization of retro-reflective materials in traffic
control signs, clothing, helmets, bike equipment, backpacks or personal safety
items. Moreover, various stringent regulations implied on the transportation is
giving a healthy push to the global retro-reflective materials market.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Retro-Reflective Materials Market By Technology,
By Product Type, By Application, By Distribution Channel, By Region, By
Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global retro-reflective
materials market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global retro-reflective
materials market.
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