New York, May 16, 2023 (GLOBE NEWSWIRE) -- The global Light Reflective Film Market is expected to witness significant growth at a remarkable CAGR of 8.5% during the forecast period of 2023-2030. The report highlights the increasing adoption of sustainable materials to ensure superior sustainability in the manufacturing processes, which is amplifying global market growth. Furthermore, the development of new commercial projects in key regions such as Asia Pacific, North America, and others are proliferating the demand for light reflective film.
According to a recent report by Consegic Business Intelligence, the light reflective film market is poised for strong expansion and is expected to reach USD 2,532.66 Million by 2030. The market, which was valued at USD 1,328.31 Million in 2022, is predicted to grow at a compound annual growth rate of 8.5% during the period 2023-2030. The report highlights the increasing adoption of sustainable materials to ensure superior sustainability in the manufacturing processes, which is amplifying global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the light reflective film market.
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Global Light Reflective Film Market Size, Share & Trends Analysis, By Application (Lighting, Displays, Emergency and Exit Signages, and Others), End User (Residential, Commercial, and Industrial), and By Region, Forecast Period 2023 – 2030.
Consegic Business Intelligence Pvt. Ltd. provided an inclusive research report on the light reflective film market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as application, end user, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
The light reflective film is utilized in the residential industry to ensure enhanced efficiency in the reflection of light. Light reflective film is an ideal solution for the residential industry in application, including outdoor lighting, and emergency sign boards, among others. For instance, according to the United States Census Bureau, in 2020, the new residential construction projects started in the United States were 1,379.61 thousand units, and in 2021, it was 1,610 thousand units, an increase of 16.7%. Thus, the growth of the residential industry in the North American region is propelling the light reflective film market growth.
In industrial manufacturing facilities such as chemicals, petrochemicals, and others, the utilization of light reflective film is vital for enhancing the worker's safety. The light reflective films are often utilized indoor light, entry boards, and others in industrial facilities. For instance, in June 2021, Cargill partnered with Helm and invested around USD 300 million in the development of a new chemical plant in the United States. Thus, the development of new industrial manufacturing facilities will drive the demand for lighting, displays, exit boards, and others, thereby creating a potential growth opportunity.
Global Light Reflective Film Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 2,532.66 Million |
| CAGR (2023-2030) | 8.5% |
| By Application |
|
| By End User |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Fusion Optix, Yongtek, DUNMORE, Garware Polyester Ltd., WhiteOptics LLC, Flex Lighting LLC, Filiriko, Dongguan City Yicai Photoelectric Material Co., Ltd, Viz Reflective, and Huangshan Xingwei Reflectorized Material |
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Key Market Takeaways
- The global light reflective film market size is estimated to exceed USD 2,532.66 million by 2030 with an astonishing CAGR of 8.5% during the forecast period (2023-2030).
- Asia Pacific accounted for the highest market share at 38.55% and was valued at USD 512.06 million in 2022, and is expected to reach USD 987.23 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 40.75% during the base year of 2022.
- Based on applicatiom, the lighting segment accounted for the highest share contribution to the light reflective film market statistics in 2022.
- In the context of end user, the commercial segment is expected to contribute significant shares to the growth of light reflective film market statistics during the forecast period.
- Europe is expected to boost the market demand for light reflective film due to the increasing development of new residential and commercial projects in countries such as Germany, Italy, and Spain among others.
Global Light Reflective Film Market Segmentation Details:
Based on Application, the lighting segment contributed the largest shares to the market growth in 2022. The crucial properties of light reflective film including high durability, superior temperature resistance, and impact resistance among others are driving its utilization in lighting products such as fluorescent, LED lights, automotive instruments, and others. The aforementioned features of light reflective films are key determinants fostering their adoption in lighting products.
Based on End User, the commercial segment is anticipated to offer substantial shares in the global light reflective film market growth during the forecast period. The features of light reflective film including excellent color rendition, high reflectance, and others are increasing its utilization in the commercial sector for applications such as displays and lighting. Moreover, the superior lighting effects of the light-reflective film are driving its adoption in commercial buildings such as office buildings, hospitals, hotels, and others. For instance, in September 2021, the federal government of Argentina invested 1.9 billion peso (USD 19 million) contract to expand the hospital in Rio Negro province in Argentina. The contract includes the construction of a new hospital on an area of 11,000 square meters along with a total capacity of 120 beds and six operating theaters. Hence, the development of commercial buildings such as office buildings is fueling the light reflective film market.
Based on region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The growing pace of urbanization, economic expansion, and increasing purchasing power of people among others are prominent factors stimulating the development of new commercial projects in the Asia Pacific region. These factors are expected to drive the market growth. For instance, According to the Office of the National Economic and Social Development Council, the total investment in the commercial construction sector in Thailand increased by 8% in 2021 to meet the growing demand for a modern urban lifestyle in the country. Therefore, the rise in the commercial industry is augmenting the light reflective film market growth.
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Competitive Landscape
As per the research, Fusion Optix, Yongtek, DUNMORE, and WhiteOptics LLC are major market players that comprise the latest market circumstances. These companies are continuously investing in the acquisition of advanced equipment to manufacture innovative solutions that are highly sustainable and durable as compared to conventional films. Further, the light reflective film market is expected to grow steadily due to rising demand from commercial projects, especially in regions, including the Asia Pacific, North America, and Europe are estimated to boost the market statistics over the forecast period. Moreover, the trend towards increasing adoption of light-reflective film to ensure superior light reflection is expected to boost demand for light-reflective film which is anticipated to increase the competition in the market.
Recent Developments
- In April 2020, Dae Ha UK, based in the United Kingdom that manufactures reflective films product range introduced a new range of Ultra Reflective films. The primary aim of the company was to increase its product offering in the United Kingdom market.
List of Major Global Light Reflective Film Market:
- Fusion Optix
- Yongtek
- DUNMORE
- Garware Polyester Ltd.
- WhiteOptics LLC
- Flex Lighting LLC
- Filiriko
- Dongguan City Yicai Photoelectric Material Co., Ltd
- Viz Reflective
- Huangshan Xingwei Reflectorized Material
Global Light Reflective Film Market Segmentation:
- By Application
- Lighting
- Displays
- Emergency and Exit Signages
- Others
- By End User
- Residential
- Commercial
- Industrial
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Frequently Asked Questions in the Light Reflective Film Market Report
- What was the market size of the light reflective film industry in 2022?
-In 2022, the market size of light reflective film was USD 1,328.31million
- What will be the potential market valuation for the light reflective film industry by 2030?
-In 2030, the market size of light reflective film will be expected to reach USD 2,532.66 million.
- What are the key factors driving the growth of the Light Reflective Film market?
-The increasing adoption of light reflective films in lighting applications is boosting the growth of the light reflective film market.
- What is the dominating segment in the light reflective film market by application?
-In 2022, the lighting segment accounted for the highest market share of 35.07% in the overall light reflective film market.
- Based on current market trends and future predictions, which End user will have the fastest impact on the light reflective film market's growth in the coming years?
-Europe is expected to be the fastest-growing region in the market during the forecast period.
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