Industry Overview
The global retro-reflective materials market size is set to reach USD 14.0 billion by 2024, and is anticipated to grow at a CAGR of 19.0% during the forecast period (2018 – 2024). The key factors leading to the growth in the retro-reflective materials market are the increasing demand to create solutions for night time and visibility issues in low light environment; and government support and regulations for the on-road safety as well as safety for works in manufacturing and production units; increasing investment for infrastructure development in developing economies, and strict government regulations regarding vehicle safety and worker safety.

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Market Segmentation

1) Insight by Technology

Based on technology, the retro-reflective materials market is categorized into:
• Microprismatic Technology
• Glass Beads Technology
• Ceramic Beads Technology

Among the different technologies, the microprismatic technology is expected to observe the highest growth during the forecast period, in the retro-reflective materials market. This technology is especially being utilized by the industry players as it reflects most of the light back to its source with minimum scattering, thus proving the required property to the retro-reflective materials.

2) Insight by Product Type

On the basis of product type, the market is segmented into:
• Films, Sheets & Tapes
• Paints, Inks & Coatings
• Others

Of all, the films, sheets and tapes products category hold the largest share in the market and is predicted to retain its largest market size in the coming years. These products find applications in varied industries ranging from apparel to automotive, and construction to transportation.

3) Insight by Application

On the basis of application, the market is segmented into:
• Traffic Control & Work Zone
• Conspicuity
• Fleet & Vehicle Registration
• Personal Safety
• Others (Marine, Photosensors, Machinery)

Of all, the traffic control and work zone segment is the fastest growing application area for the retro-reflective materials. The increasing number of construction activities, stringent vehicular norms and increasing awareness regarding the hazards associated with the working on different working sites.

Industry Dynamics

1) Growth Drivers

Factors that have been acting as the driving factors for the growth of this industry are:

i. Increasing demand to create solutions for night time and visibility issues in low light environment
ii. Government support and regulations for the on road safety as well as safety for works in manufacturing and construction sites
iii. Increasing investment for infrastructure development in developing economies
iv. Strict government regulations regarding vehicle safety and worker safety

2) Challenges

Key factors hindering the growth of the retro-reflective materials market are:
i. Lack of awareness regarding the regulations and safety procedures
ii. Concerns associated with the shelf-life of retro-reflective materials

Geographic Overview

• North America — US, Canada, and Mexico
• Europe — Germany, U.K., France, Russia, and Rest of Europe
• Asia Pacific —Japan, China, India, Australia, and Rest of Asia-Pacific
• Latin America — Brazil, Argentina, Rest of Latin America Others
• MEA — South Africa, Saudi Arabia, U.A.E., and Rest of MEA

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Competitive Insight
The key players operating in the global retro-reflective materials market are: 3M, Avery Dennison Corporation, Changzhou Hua R Sheng Reflective Material Co., Ltd., Coats Group Plc, Dominic Optical Inc., Nippon Carbide Industries Co., Inc., Reflomax, Asian Paints PPG Pvt. Ltd., Paiho Group, Orafol Europe GmbH, JRC Reflex SAS, and Halo Coatings.

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