PUNE, India, May 7, 2018 /PRNewswire/ --
The report "Retro-Reflective Materials Market by Technology (Microprismatic, Glass & Ceramic Beads), Product Type (Films, Paints), Application (Traffic & Work Zone, Conspicuity, Fleet & Vehicle Registration, Personal Safety), and Region - Global Forecast to 2023" published by MarketsandMarkets™, the retro-reflective materials market is projected to grow from an estimated USD 5.58 Billion in 2018 to USD 12.49 Billion by 2023, at a CAGR of 17.5% between 2018 and 2023. The increasing use of retro-reflective materials in construction & infrastructure projects is one of the most significant factors projected to drive the growth of the retro-reflective materials market.
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Based on technology, the microprismatic segment of the retro-reflective materials market is projected to grow at the highest CAGR during the forecast period, in terms of value
Retro-reflective materials manufactured using microprismatic technology include use of microprisms as a raw material. This raw material has the ability to provide enhanced retro-reflectivity compared to glass beads. Microprisms when used in retro-reflective materials, enable minimum scattering of light and ensure maximum reflection of the light back to its source. This factor is projected to drive the growth of the microprismatic segment of the retro-reflective materials market.
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The traffic control & work zone application segment is projected to lead the retro-reflective materials market during the forecast period, in terms of value
Retro-reflective materials are increasingly being used in the construction & infrastructure industry for traffic control & work zone application. The traffic control & work zone segment is projected to lead the retro-reflective materials market between 2018 and 2023, in terms of value. Advantages of retro-reflective materials in the traffic control & work zone application include enhanced visibility and safer navigation on roads under low light conditions, which, in turn, is expected to contribute to the increasing demand for retro-reflective materials in the construction & infrastructure industry for the traffic control & work zone application.
APAC is estimated to be the largest market for retro-reflective materials in 2018, in terms of value.
The APAC is estimated to be the largest market for retro-reflective materials in 2018. The growth of the APAC retro-reflective materials market can be attributed to the expansion of the construction & infrastructure and automotive & transportation industries. The growth is also attributed to the presence of well-established retro-reflective materials manufacturers, such as Dominic Optical (China), in this region.
Key players operating in the retro-reflective materials market include 3M (US), Avery Dennison (US), ORAFOL (Germany), Dominic Optical (China), Changzhou Hua R Sheng Reflective Material (China), Coats Group (UK), Nippon Carbide Industries (Japan), Paiho Group (Taiwan), Asian Paints PPG (India), and Reflomax (South Korea).
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