Vancouver, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global reflective material market size is expected to reach USD 44.37 Billion in 2032 and register a steady revenue CAGR of 5.4% over the forecast period, according to the latest analysis by Emergen Research. Increasing concerns regarding safety issues of road workers and road traffic safety management are expected to drive market revenue growth. The National Highway Traffic Safety Administration (NHTSA) projected a 7.2% increase in the total number of fatalities resulting from crashes in the year 2020. Furthermore, NHTSA approximated that 38,680 individuals lost their lives in motor vehicle accidents in 2020, marking a 7.2% increase compared to the 36,096 deaths reported in 2019. These factors are creating a high demand for reflective materials. The utilization of reflective clothing can contribute to diminishing probability of such incidents. By donning conspicuous and reflective attire, construction workers operating on roadsides, lanes, and intersections can also avert mishaps. The escalation of urbanization, swift advancements in the infrastructure sector within emerging economies, and an augmented emphasis on the research and development of reflective materials are also driving revenue growth of the market.
However, low awareness regarding safety products in developing economies is expected to restrain market revenue growth. Many construction project developers opt out of acquiring reflective safety equipment in countries with lenient safety regulations. Safety standards in emerging economies such as India, Brazil, Malaysia, Pakistan, and South Korea are less stringent compared to those in more developed countries. In addition, considerations about the lifespan and mending of damaged reflective items are often disregarded in underdeveloped countries.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 25.92 Billion |
| CAGR (2023–2032) | 5.4% |
| Revenue Forecast To 2032 | USD 44.37 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Technology, product, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa |
| Key Companies Profiled | 3M, Avery Dennison Corporation, ORAFOL Europe GmbH, Dominic Tunnell Opticians, Changzhou Hua R Sheng Reflective Material Co. Ltd., Coats Group PLC, Nippon Carbide Industries Co., Inc., Paiho Group, Asian Paints and Reflomax |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global reflective material market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global reflective material market report are:
- 3M
- Avery Dennison Corporation
- ORAFOL Europe GmbH
- Dominic Tunnell Opticians
- Changzhou Hua R Sheng Reflective Material Co. Ltd
- Coats Group PLC
- Nippon Carbide Industries Co., Inc.
- Paiho Group
- Asian Paints
- Reflomax
Strategic Development
On 2 June 2021, 3M formed a partnership with Bemis Associates Inc. to distribute and transform 3M Scotchlite Reflective Materials. This distribution deal will utilize the distinct strengths of both brands to cater to global sportswear and activewear companies by presenting inventive and distinct reflective solutions. The cooperation between 3M and Bemis capitalizes on the inherent harmony between our organizations, thereby delivering comprehensive solutions to a wider range of activewear clients.
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Some Key Highlights From the Report
- The glass beads segment is expected to account for largest revenue share in the global reflective material market during the forecast period. Glass beads are frequently incorporated into paint or alternative coatings applied to road signs and markings. These beads possess ability to reflect light originating from vehicle headlights, thus rendering road signs and markings exceptionally conspicuous during nighttime or situations with limited lighting. This elevation in visibility significantly heightens driver attentiveness and safety. Furthermore, through the enhancement of road markings and sign visibility, glass beads play a pivotal role in increasing overall road safety. Motorists can effortlessly adhere to lanes, comprehend traffic signs, and navigate through challenging circumstances, consequently diminishing likelihood of accidents. These beads also find extensive application in the textile industry. The technique involves utilization of countless high-performance glass beads with a spherical configuration, adeptly reflecting light from all angles.
- The fabric segment is expected to account for a significantly large revenue share in the global reflective material market over the forecast period. Reflective textile holds significant importance in enhancing safety, particularly for pedestrians, cyclists, joggers, and laborers operating in dimly lit settings or areas with traffic exposure. By heightening their visibility to drivers and fellow road occupants, the risk of accidents is diminished. These fabrics find widespread application in crafting tents, life vests, protective clothing, gloves, and luminous occupational attire, such as fluorescent safety vests, helmets, belts, backpacks, and even helmets for bicycles and motorcycles. In addition, these materials are integral components of high-visibility equipment, playing a crucial role in ensuring worker safety when operating in conditions of limited light and visibility.
- The North America market is expected to account for largest revenue share in the global reflective material market during the forecast period. This is attributed to increasing activities such as mergers, partnerships, and new product launches by key market players in countries in this region. For instance, on 10 October 2022, the latest iteration of 3M's Scotchlite Reflective Material for industrial applications was unveiled by the retroreflective materials producer, 3M. This new generation includes industrial wash and industrial wash flame-resistant reflective transfer films, which come with improved wash resilience. These updated films are specifically created to prolong lifespan and contribute to decreasing the overall expenses for those making specifications. Moreover, these films are designed with sustainability in mind and have received certification to the OEKO-TEX Standard 100.
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For the purpose of this report, Emergen Research has segmented the global reflective material market based on technology, product, application, and region:
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Micro Prismatic
- Glass Beads
- Ceramic Beads
- Product Outlook (Revenue, USD Billion; 2019–2032)
- Fabric
- Sheet
- Coatings
- Paints & Inks
- Tape & Films
- Specialty Products
- Others
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Building & Construction
- Textile
- Automotive
- Healthcare
- Traffic Control
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- 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
- UAE
- Israel
- Rest of MEA
- North America
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