Reflective materials are referred to all those materials that are made from tiny glass beads. These reflective materials are used to reflect light back to the originating source by utilizing the principle of retro-reflectivity. Reflective materials are largely used in the manufacturing of reflective coatings and fabrics that are used massively in several end user industries.
The global reflective materials market is thriving on the back of growing demand for reflective materials from several end user industries, backed by the increasing applications of reflective materials for the manufacturing of several products, followed by the increasing advancements in the chemical sciences, that has raised the need to deploy advanced chemical materials for the manufacturing of goods. Moreover, increasing expenditure on research and developments by the manufacturing companies for the development of advanced chemicals, such as reflective materials, that possesses several benefits, are also some of the factors anticipated to promote towards the growth of the global reflective materials market. CLICK TO DOWNLOAD SAMPLE REPORT
The global reflective materials market is anticipated to achieve a moderate CAGR during the forecast period, i.e. 2021-2028. The market is segmented by product type into fabric, sheet, tape & films, paints & inks, coatings, specialty products and others. The tape & films segment is anticipated to hold the largest market share on the back of increasing application of tape & films in all the major industries including construction & infrastructure, apparel, and automotive & transportation among others. On the other hand, the fabric segment is anticipated to grow with a moderate CAGR backed by the increasing applications of technical textiles, such as rubber, protective gear, insulating products and floor covering among others.
Reflective materials are used widely in the construction and infrastructure industry. Increasing developments observed in the developing economies provide a great opportunity for the applications of reflective materials, especially in road markings, safety cones and signboards amongst others. Further, increasing developments of government infrastructure in nations worldwide is also anticipated to drive the growth of the global reflective materials market throughout the forecast period.
Ceramic beads technology is the most advanced form of technology that is used to manufacture reflective materials. By the utilization of ceramic beads technology, which are known to have a high reflective index and a robust structure when compared with glass beads, the retro-reflectivity property is therefore enhanced, when compared to the glass beads. Moreover, several manufacturers in the reflective materials industry are increasingly shifting their focus towards the adoption of ceramic beads technology owing to easy installation, greater durability and as well as provide greater financial benefits to the users. Such factors are anticipated to drive the growth of the global reflective materials market over the forecast period.
The reflective materials are known to have limited shelf life, especially the films, tapes and sheets, therefore requiring repetitive change of the product. As a result, customers are faced with increased operational costs while utilizing the reflective materials, which is anticipated to act as a major restraint factor towards the growth of the global reflective materials market during the forecast period.
Our in-depth analysis of the global reflective materials market includes the following segments:
On the basis of regional analysis, the global reflective materials market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in Asia Pacific is anticipated to hold the largest market share on the back of the presence of numerous industries that are associated with the use of reflective materials, especially in nations such as China, India, Japan and Korea. Moreover, presence of several key players in the region, coupled with the developments observed in the construction and infrastructure industry in the region are some of the factors anticipated to drive the growth of the reflective materials market in the region in the coming years. According to the statistics by the Indian Brand Equity Foundation (IBEF), in the year 2017, 783 projects were taken by the Government of India (GoI).
The global reflective materials market is further classified on the basis of region as follows:
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