June 16, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Retro-Reflective Materials Market.
It was estimated prior to this unanticipated outbreak that the Retro-Reflective Materials Market is likely to witness an impressive CAGR of 18.2% during the forecast period. The major factors bolstering the demand for retro-reflective materials are mainly the expanding construction industry in emerging economies and stringent government regulations, concerning workers and vehicle safety, which are the key driving factors for the retro-reflective materials market during the forecast period.
Market Scope & Segmentation
Retro-reflective materials are the materials which are reflective in nature and reflect light to their original path. These materials are made from the tiny glass beads that reflect light directly back towards their original source. During night time, retro-reflective materials can be seen clearly by reflecting light and are mainly used for roads, traffic safety clothing, automobiles, ships, fairways, various passageways, and related mechanical equipment.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the product type, the market is segmented as films, sheets, & tapes; paints, inks, & coatings; and others. The films, sheets & tapes segment held the largest share of the market in 2020, and is expected to remain dominant during the forecast period. Retro-reflective films, sheets, and tapes have a wide range of applications in different industries, they are widely used in public security, traffic, sanitation, fire, railway, municipal, coal mine safety facilities, and other such applications.
Based on the application type, the retro-reflective materials market is segmented as traffic control & work zone, conspicuity, fleet & vehicle registration, personal safety, and others. The traffic control & work zone segment dominates the market, as retro-reflective materials are majorly used on highways, roadways, and at work zone sites, such as warning signboards, traffic control sign boards, guidance signboards, and informational signboards.
In terms of regions, Asia-Pacific is estimated to be the largest market for retro-reflective materials during the forecast period, with China, Japan, and India being the countries with lucrative growth opportunities. The growth of the market is mainly driven by the rising construction and industrial sectors in the major economies of the region. Increasing demand for automobiles in the region and the implementation of stringent government regulations are expected to further drive the region’s retro reflective materials market over the forecast period.
Key players operating in the global Retro-Reflective Materials market are-
· The 3M Company
· Avery Dennison Corporation
· ORAFOL Europe GmbH
· Changzhou Hua R Sheng Reflective Material Co., Ltd
· Coats Group plc
· NIPPON CARBIDE INDUSTRIES CO., INC.
· Taiwan Paiho Company Limited
· Asian Paints PPG
· American & Efrid LLC
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Retro-Reflective Materials analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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