The Asia Pacific reflective materials market size is anticipated to reach USD 2.32 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.1% over the forecast period. Growing demand for reflective paints and films for traffic management applications is predicted to boost the growth.
The products such as visibility coatings and LEDs exhibit a significant substitution threat to the product demand. However, the cost of switching to LED products is higher compared to various other high-performance reflective material products. This factor is anticipated to minimize the threat of substitution of reflective materials in the region.
Key market participants focus on minimizing the raw material costs through inventory management, multi-sourcing, and reformulation. These players manage disruptions to their manufacturing operations through strategic management of existing inventory, strategic relationships with major suppliers, and additional supply sources.
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Rapid advancements in material and fabric technology is expected to emerge as a major factor positively influencing the growth of the Asia Pacific reflective materials market. The adoption of advanced technologies, such as infrared and radar absorbing reflective materials for high-end application are expected to positively affect the market growth over the forecast period.
The market for reflective materials exhibits extensive consolidation with few established players controlling majority of the market share. The participants focus on R&D of new technologies for product manufacturing along with integration across various stages of the value chain to gain a competitive edge.
Further key findings from the study suggest:
- Tapes and films was the dominant product segment in terms of revenue accounting for a share of 31.0% in 2018, owing to high demand for tapes for manufacturing personal protective and recreational clothing
- The construction and road application segment accounted for a major market share and is projected to expand at a CAGR of 7.0% from 2019 to 2025; owing to rapid urbanization coupled with improved standard of living in the region
- China is estimated to remain a major consumer, registering a CAGR of 5.8% over the forecast period, due to the presence of a large consumer base, coupled with ongoing development of the transport infrastructure and the robust automotive production
- Vietnam is expected to register a CAGR of 6.9% from 2019 to 2025 on account of the increase in the manufacturing locations by the key apparel manufacturers due to low production costs and supportive governmental policies
- Asia Pacific reflective materials market participants focus on integration across various stages of the value chain to reduce the production cost by captive consumption
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Grand View Research has segmented the Asia Pacific reflective materials market on the basis of product, application, and country:
Asia Pacific Reflective Materials Product Outlook (Revenue, USD Million, 2014 – 2025)
- Paints & Inks
- Tapes & Films
- Specialty Products
Asia Pacific Reflective Materials Application Outlook (Revenue, USD Million, 2014 – 2025)
- Construction & Roads
- Electronics & Semiconductors
Asia Pacific Reflective Materials Country Outlook (Revenue, USD Million, 2014 – 2025)
- Sri Lanka
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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