Retro-Reflective Materials Market Overview:
At the global level, the promotion of road safety and construction activities is a growing concern. The retro-reflective material is one of these concerns, as it is essentially a reflective material used to improve the reflectivity of traffic lights, high-perception clothing and can be viewed safely in the light of a vehicle that is approaching.
What is the Size of Retro-reflective Materials market?
Retro-Reflective Materials Market was valued at USD 4.81 Billion in 2018 and is projected to reach USD 12.48 Billion by 2025, at a CAGR of 17.6% during the forecast period.
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Retro-Reflective Materials Market Drivers, Challenges and Opportunities:
The main growth drivers identified in the retro-reflective materials market are large-scale investments in the construction and infrastructure sector. Infrastructure connectivity projects, such as the extension of road and rail networks, which are expected to generate a high demand for security materials used in these projects. Due to this retro-reflective market, it is expected to increase significantly in the coming years.
It is expected that the lack of knowledge of safety products in some countries is the main restriction of the market. In countries where security standards are not strict, many project developers avoid the purchase of retro-reflective security products that hinder market growth.
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Emerging fast-growing economies are expected to provide tremendous growth opportunities for the retro-reflective materials market. Due to the expansion of the construction and infrastructure sector in emerging countries, there is an increased demand for safe construction products, which generates innovations and developments of new materials. In addition, the growing demand for automobiles and transportation in these countries is expected due to the rapid increase in vehicle sales, thus contributing to the growth of the retro-reflective materials market.
It is having applications in the areas of traffic control and work areas, visibility, vehicle and fleet registration, personal safety, etc. Among all applications, it is expected that traffic control and the category of work areas dominate the global market during the forecast period, in terms of value. The increasing use of reflective materials in the construction industry will also lead to the growth of this segment.
Retro-Reflective Materials Market Geographical Presence:
APAC is one of the most lucrative regions in the retro-reflective materials market. Growing demand for materials in countries such as Japan, India and China for the construction, infrastructure, automotive and transportation industries will drive the growth of the market in the Asia-Pacific region. The market is expected to grow at the highest compound annual growth rate from 2018 to 2023 in APAC, in terms of revenues, due to the increase in the number of construction projects.
Key Market Players:
The main players in the world retro-reflective materials market are 3M, Avery Dennison Corporation, Orafol Europe GmbH, Coats Group plc, Nippon Carbide Industries Co., Inc., Baihe Group, PPG Pvt Limited Asian Paints, REFLOMAX., Ltd., JRC REFLEX and Aura Optical Systems.
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