Retro-Reflective Materials Market Expected to Reach $42.8 Billion by 2030

According to a new report published by Allied Market Research titled, “Retro-Reflective Material Market by Technology Type, Product Type, Application and Region: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global retro-reflective material market was valued at $8.6 billion in 2020, and is projected to reach $42.8 billion by 2030, growing at a CAGR of 17.2% from 2021 to 2030.

Retro-reflective material is used to manufacturing the product used for radiation and reflector purpose such as sign boards, safety jackets, riding gear and many other, Retro-reflector material is a mixture of glass beads, microprisms or encapsulated which reflect light directly back towards its source at a wider angle than reflective material since, it has the ability reflect incident energy back towards its source regardless of the direction of incidence. In addition, retro-reflective materials are also used to manufacture decorative heat transfer vinyl, high-end jackets, running gear, biking equipment, professional safety uniforms such as reflective tape for clothing used for fire retardant purpose. In addition, retro-reflective material is used in sleeping tent and also used to increase the scanning range of barcodes in factory settings. 

Rising road network across the globe strengthened the demand of sign board which led to increase in demand of retro-reflective material which is expected to drive the growth of the retro-reflection market during 2020-2030. In addition, rapid growth in real estate & construction industry is expected to drive the growth of the retro-reflective material during the forecast period since, retro-reflective material is heavily used in the safety jackets for labour and engineers.Moreover, Textile industry offers the basic needy items for daily uses, and retro-reflective material plays a vital role in textile industry since, products such as sportswear, laces, embroidery, ribbons and many other has the significant use of retro-reflective material; however, rising textile industry act as the major driving factor the retro-reflective material market.

Asia-Pacific and North America are the major leading market for the retro-reflective material due to presence of high population and increasing number of industries in the region; In addition, growing automotive, aeronautical and other industries across developing countries, such as Brazil, China, and India, led to surge in demand for retro-reflective products which led to increase in demand of retro-reflective material. 

The retro reflective material market is segmented on the basis of technology type, product type, and Application. On the basis of technology type, it is segmented into Ceramic Beads, Glass Beads and Micro-prismatic. By product type, it is divided into Films, Sheets and Tapes, Paints and Ink). By applications it is segmented into Traffic control & Work Zone, Safety Apparel, Automotive, Industrials and Others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA. 

The key players operating in the global retro reflective material market are 3M, ALANOD GmbH & Co. KG, Avery Dennison, Changzhou Hua R Sheng Reflective Material, Coats Group Plc., Asian Paints PPG, Blueocean Solutions, Nanofuel Co. Ltd., Noritake Co. Ltd., and SulNOx Group Plc.

Key Findings Of The Study:

• On the basis of technology, the micro prismatic segment emerged as the global leader around 49.0% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
• On the basis of product type, the films, sheets & tapes segment emerged as the global leader by acquiring around 45.5% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
• On the basis of application, the traffic control & work zone segment registered the highest market share of around 41.6% and is projected to maintain the same during the forecast period.

Impact Of Covid-19 On The Retro-reflective Materials Market

• As a result of the global economic slowdown, the tourism activities were stopped. The strict regulations of government led to decrease in the sector due to which retro reflective products such as riding jackets, helmets, safety equipment and others have observed a downfall, as a result the market was impacted negatively. 
• The automotive industry accounts a major share in terms of consumption of retro-reflective products globally. The automotive industry has been affected badly amid the lockdown imposed due to the COVID-19 outbreak and recorded decline in vehicle on road (passenger & commercial) in 2020. Automotive has halted the retro-reflective material demand due to disrupted supply chain which also led to decrease in retro-reflective material market. 
• The construction industry accounts for significant share in terms of consumption of retro-reflective products globally. Attributed to the outbreak of COVID-19 pandemic, the construction of various big projects has been halted amid lockdown. As a result, the demand for retro-reflective material has been declined, which led to the downfall the retro-reflective materials market.