NEW YORK, March 14, 2022 /PRNewswire/ -- The global reflective material market size is expected to reach USD 36.90 Billion in 2028 and register a CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth can be attributed to factors such as rapid industrialization trend in developing economies, rising concerns regarding workplace and traffic safety management, steady developments across the construction sector in developing countries, and rising demand for reflective materials in the aerospace sector. Reflective material is a type of material that consists of reflective components, which allow light to reflect off various surfaces it is applied to.
Components that are being used in the production of reflective materials are micro prismatic materials, glass beads, and ceramic beads. Micro prismatic materials are made of very small reflective prisms that are sealed within a plastic vinyl sheet. It allows lights to reflect from prism to prism in triangular formation. Reflective materials are primarily mixed with paints, fabric, coatings to enhance the visibility of an object. Coatings segment accounted for the largest revenue share in global market in 2020. This can be attributed to increasing demand for reflective coatings in construction and textile industries due to its retro-reflective property.
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Some Key Highlights From the Report:
- In July 2020, GIVI Asia launched B42N Antartica monolock top case. It is equipped with Micro 3 locking system and large reflective panels at the front corners made with reflective prismatic materials that enhance the rider's visibility to others on the road.
- Construction and roads segment accounted for the largest revenue share in global market in 2020. This can be attributed to increasing number of high-rise construction projects, and rising concern regarding worker safety during building construction.
- Asia Pacific is expected to register a relatively faster CAGR throughout the forecast period. This can be attributed to rising demand for reflective materials in aerospace sector, and rising application of microspheres and glass beads in the production of reflective tape and films.
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- Prominent companies in the market include 3M, Avery Dennison, ORAFOL, Dominic Optical, Changzhou Hua R Sheng Reflective Material, Coats Group, Nippon Carbide Industries, Paiho Group, Asian Paints PPG, and Reflomax.
For the purpose of this report, Reports and Data has segmented the reflective material market based on product, material type, application and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Fabric
- Sheet
- Coatings
- Paints & Inks
- Tape & Films
- Specialty Products
- Others
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Material Type Outlook (Revenue, USD Billion; 2018-2028)
- Micro Prismatic Materials
- Glass Beads
- Ceramic Beads
Application Outlook (Revenue, USD Billion; 2018-2028)
- Building & Construction
- Textile
- Automotive
- Healthcare
- Traffic Control
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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