Asia-Pacific Retro-Reflective Materials Market, By Technology (Micro Prismatic Technology, Glass Beads Technology, Ceramic Beads Technology), Product Type (Films, Sheets, Tapes, Paints, Inks & Coatings, Retro-Reflective Threads, Retro-Reflective Fabrics), Application (Traffic Control & Work Zone, Conspicuity & Fleet & Vehicle Registration, Personal Safety, Others), End User (Automotive, Industrial, Construction, Textile, Others), Country (China, South Korea, Japan, India, Australia, New Zealand, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific) Industry Trends and Forecast To 2028
Market Analysis and Insights : Asia-Pacific Retro-Reflective Materials Market
The retro-reflective materials market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 19.9% in the forecast period of 2021 to 2028 and is expected to reach USD 10,109.63 million by 2028. Some of the significant drivers associated with the Asia-Pacific retro-reflective materials market are the increase in the usage of retro-reflective materials to enhance visibility in low light conditions and the growth in demand for retro-reflective materials in automotive industry
Retro-reflective materials are reflective materials capable enough to reflect any form of energy, primarily light, at a wider angle of incidence. They have higher angle of incidence, reflective and refractive indexes. They widely find application in automotive, industrial, construction, textile among other sectors.
Some companies are expanding their production capacities in different regions to grow their market for these products to fulfill the rise in demand for retro-reflective materials.
The major restraint impacting the retro-reflective materials market is the comparatively less awareness regarding retro-reflective among the consumers. Further, the high manufacturing cost as compared to normal reflective products will also restraint the retro-reflective materials market growth. The opportunities for the retro-reflective materials market are the stringent government regulations concerning vehicle and personal safety as well as the technology advancements in retro-reflective technologies. However, limited shelf life of retro-reflective products and lack of awareness related to security products pose a challenge to the Asia-Pacific retro-reflective materials market.
The retro-reflective materials market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the retro-reflective materials market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Retro-Reflective Materials Market Scope and Market Size
The retro-reflective materials market is segmented based on the technology, product type, application and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of technology, the retro-reflective materials market is segmented into micro prismatic technology, glass beads technology and ceramic beads technology. In 2021, micro prismatic technology segment is expected to dominate the market as it provide greater levels of retro-reflection with durability for permanent reflective.
- On the basis of product type, the retro-reflective materials market is segmented into films, sheets, tapes, paints, inks & coatings, retro-reflective threads and retro-reflective fabrics. In 2021, films segment is expected to dominate the market as films based retro-reflective materials can easily grab reader’s attention especially in traffic sings to aware people about the norms.
- On the basis of application, the retro-reflective materials market is segmented into traffic control & work zone, conspicuity & fleet & vehicle registration, personal safety and others. In 2021, traffic control & work zone segment is expected to dominate the market because retro-reflective materials as it is highly used in Asian region for security in work places.
- On the basis of end user, the retro-reflective materials market is segmented into automotive, industrial, construction, textile and others. In 2021, construction segment is expected to dominate the market due to rise in construction industries in Asian region.
Retro-reflective materials Market Country Level Analysis
The retro-reflective materials market is analyzed and market size information is provided by the country, technology, product type, application and end user as referenced above.
The countries covered in the retro-reflective materials market report are China, South Korea, Japan, India, Australia, New Zealand, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific.
- In terms of growth in technology segment, in Asia-Pacific region is expected to grow with the highest growth rate in the forecast period of 2021 to 2028 because of the high rate of construction and development happening in the region which depends on retro-reflective materials to ensure safety.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Strategic Activities by Major Market Players to Enhance the Awareness for Retro-reflective materials, is Boosting the Market Growth of Retro-reflective Materials Market
The retro-reflective materials market also provides you with detailed market analysis for every country growth in retro-reflective materials market. Additionally, it provides the detail information regarding the retro-reflective materials market players’ strategy and their geographical presence. The data is available for historic period 2010 to 2019.
Competitive Landscape and Retro-reflective Materials Market Share Analysis
The retro-reflective materials market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to retro-reflective materials market.
The major companies which are dealing in the retro-reflective materials are 3M, AVERY DENNISON CORPORATION, ORAFOL REFLECTIVE SOLUTIONS CHINA, Coats Group plc, NIPPON CARBIDE INDUSTRIES CO.,INC., Asian Paints, REFLOMAX, JRC REFLEX Changzhou Hua R Sheng Reflective Material Co., Ltd., UNITIKA SPARKLITE LTD., Viz Reflectives, Yeshili NEW Materials Co.,Ltd, Reflectionight and Huangshan Xingwei Reflectorized Material Co., Ltd. among other domestic and international players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many contract and agreement are also initiated by the companies’ worldwide which are also accelerating the retro-reflective materials market.
- In May 2021, ORAFOL Europe GmbH launched a new product line named ORALITE series for foldable signs. The new product line consists of three products, 5237M, 5937M and 5937MFlex, that are three new monolayer films which finds application in foldable signs and are resistant to water and dirt. The company expects to improve its product portfolio as well as sales with the launch of these new products.
- In September 2020, REFLOMAX launched a new reflective films for Korea’s license plates that offers substantial stability. The new film can be applied according to the demand of the customers without nullifying the security factors of the license plate. The company expects to improve its product portfolio with this new product.
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market players is enhancing the company footprints in the retro-reflective materials market which also provides the benefit for organization’s profit growth.