Report Scope This study encompasses product, technologies end user and regional segments in the retro reflective materials market. The regional segments are further sub-segmented at the country level.
New York, June 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Retro-Reflective Materials: Global Market" - https://www.reportlinker.com/p06099595/?utm_source=GNW
Based on product, the retro reflective materials market is segmented into films, sheets, tapes and trims and paints, coatings and inks.Based on technology, it is categorized into prismatic and beaded.
Retro reflective ropes as well as color sprays are excluded from the study’s scope.
Based on end users, the market is segmented into construction safety, road safety, mining, oil and gas and others.The Others segment comprises firefighting, warehouses and other industries.
The road safety segment is further broken down into worker safety, road markings, pedestrian active wear and vehicle conspicuity.
Market drivers along with restraints are identified.Technological issues and trends are reviewed, and other influential factors such as economic conditions, the impact of COVID-19 and standards are discussed.
Because this is a global study, the analyst examined domestic and international technological and economic considerations. Trends in demand are also reviewed, and their impacts on overall market growth are assessed.
Revenue forecasts from 2019 to 2026 are given for each product type, technology, end user and regional market.
This report also includes the impact of COVID-19 on the end user base, which can be seen in the global as well as regional market analysis.
- 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.
The global retro reflectivematerials market is forecast to have grown at an annual growth rate of REDACTED fromREDACTED in 2019 to REDACTED in 2026.Key factors propelling the overall market growth 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.
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