Market Trends of Retro-Reflective Materials Industry
This section covers the major market trends shaping the Retro Reflective Materials Market according to our research experts:
Increasing Demand from Automotive and Construction Segments
- Retro-Reflective Materials are the materials that reflect light to its source. This retro-reflectors are being used for safety purposes in different end-user industries such as in construction, mining, infrastructure, textile, and automobile industries.
- Retro-Reflective Materials use ceramic beads, glass beads, and microprismatic technologies in various applications.
- At construction sites, these reflectors are used in signboards, apparel for personnel, and vehicles that are being used in the construction sites. Windows, architectural glasses are the application major segments of the construction industry.
- Also, growing traffic safety systems is one of the prominent factors for the need for retroreflective technologies. These materials can be used as traffic signboards, markings, and temporary traffic control applications.
- In automobiles, these tapes are being used on the side, rear, and front side of vehicles for clear visibility to other drivers or pedestrians at night to avoid collisions.
- The impact of the COVID-19 shutdowns is expected to decrease the usage and demand for retro-reflective materials from different sectors in the near future.
- However, the growth potential automotive sector in developing countries and the growing construction and road safety activities are expected to drive the market for retro-reflective materials through the years to come.
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Asia Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed automotive sector in China, India, and Japan, coupled with the development of textile and construction industries in the region in recent years.
- Retro-Reflective Materials are also being majorly used in textiles that can be used for various purposes. Micro prismatic technology incorporates retro-reflective microscopic prisms formed on a polymeric film to create a bright reflective appearance on garments and accessories.
- The applications include sportswear, shirts, shoes, vests, fashion, jackets, belts, armbands, signs, safety vests, backpacks, badges, belts, and raincoats.
- According to research by the Department for Transport, road casualty statistics show that 40 percent of collisions occur in the hours of darkness. Due to such factors, the demand for retro-reflective materials for road safety and signs has been growing significantly.
- Rapid industrialization, mining industries in Asia-Pacific have witnessed decent growth in recent years. The safety activities around these industries increase the demand for retro-reflective materials.
- The outbreak of COVID-19 has affected the economic growth of all the countries at present, with almost all the construction and transport sectors been stopped due to lockdown for a brief period.
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