Dublin, Aug. 19, 2021 (GLOBE NEWSWIRE) -- The "Global Retro Reflective Materials Market 2021-2026" report has been added to ResearchAndMarkets.com's offering.
Key factors propelling the overall market growth in the global retro reflective materials market during the forecast period include growing stringency in regulations pertaining to public and worker safety as well as positive factors leading to a rise in investments in the construction and infrastructure sector. Expansion in rail as well as roadway networks is also anticipated to contribute to the demand significantly.
Moreover, the implementation of government initiatives aimed at developing an environment with safer mobility is also expected to contribute to market growth. The multiple initiatives undertaken by organizations as well as governments to enhance road safety and reduce the frequency of road crashes will play a key role in driving demand.
In February 2020, significant measures were announced to improve road safety. The Stockholm Declaration laid steps to reduce fatalities due to road accidents. These steps include the implementation of and adherence to safe system principles and efforts to lower the general speed limit of vehicles on mix used roads to 30 km per hour. Moreover, in August 2020, as per the resolution passed by the United Nation's General Assembly, new goals have been decided by the international community to cut down road accident casualties by nearly 50% by 2030.
The global retro reflective materials market has lucrative growth prospects owing to widening application areas in multiple end-use industries. The increased utilization of retro reflective materials to mitigate the urban heat island effect in urban areas is anticipated to further drive the market growth over the coming years. The key challenges associated with the retro reflective materials market that may hamper its growth rate in the long term is lack of awareness in underdeveloped economies, low shelf life and threat from substitutes such as fluorescent materials.
Retro reflective materials are primarily produced with the utilization of two technologies, namely, prisms and beads. Both are highly efficient in reflecting light back towards its origin; however, prismatic technology is considered more efficient in distant applications and is costlier than beaded grades. The global market is characterized with high competition owing to very little product differentiation as well as consistent price wars. Continued product line and geographic expansion as well as investments in research activities are highly imperative to sustain the competition globally. Key players operating in the global market include 3M, ORAFOL Europe GmbH, DM Reflective, Coats Group, Avery Dennison, Retroflex B.V., Giolite Lumian Co. Ltd., Safe Reflections Inc. and others.
The global retro reflective materials market should reach $5.0 billion by 2026 from $3.6 billion in 2021 at a compound annual growth rate (CAGR) of 6.6% for the forecast period of 2021 to 2026.
The Report Includes
123 data tables and 23 additional tables
An overview of the global retro reflective materials market
Estimation of the market size and analyses of global market trends, with data from 2019, 2020, estimates for 2021-2025 and projections of compound annual growth rates (CAGRs) through 2026
Identification of market drivers, restraints and other forces impacting the global market and evaluation of current market size and forecast
Highlights of the market potential for retro reflective materials by region, product type, technology and end use
Coverage of technological background & innovations, advantages and disadvantages of retroreflective materials, and information on glass beads technology and prismatic or cube corner technology of the retro reflective materials market
Market share analysis of the key companies of the industry and coverage of events like mergers & acquisitions, joint ventures, collaborations or partnerships, and other key market strategies
Company profiles of major players, including 3M, ORAFOL Europe GmbH, Coats Group, Avery Dennison, Retroflex B.V., Giolite Lumian Co. Ltd. and Safe Reflections Inc.
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
Chapter 4 Market Trends
Chapter 5 Market Breakdown by Product Type
Chapter 6 Market Breakdown by Technology Type
Chapter 7 Market Breakdown by End Use
Chapter 8 Market Breakdown by Region
Chapter 9 Competitive Analysis
Chapter 10 Company Profiles
Asian Paints Ppg Pvt., Ltd.
Avery Dennison Corp.
Aura Optical Systems
Changzhou Hua R Sheng Reflective Material Co., Ltd.
Coats Group Plc
DM Reflective India
Giolite Lumian Co., Ltd.
Huangshan Xingwei Reflectorized Material Co., Ltd.
Hefei Xingtu Reflective Material Co., Ltd.
Jinjiang Evereflex Co., Ltd.
Nippon Carbide Industries Co., Inc.
Orafol Europe Gmbh
Reflomax Co., Ltd.
Safe Reflections Inc.
Taiwan Paiho Ltd.
Unitika Sparklite Ltd.
Yeshili New Materials Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ylsxe4
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