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Global Reflective Material Market to Reach US$ 8.4 Billion by 2027, Impelled by Increasing Cases of Motor Vehicle Collisions

Published on Oct 19, 2022

The latest report by IMARC Group, titled "Refractive Material Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global refractive material market size reached US$ 6.1 Billion in 2021. Reflective materials are membrane structures comprising an adhesive, functional layer, protective film, and optical-grade glass that allows light to bounce back. These micro prisms or glass beads are packed tightly together with coatings of thin aluminum film at the back that are used as a convex mirror to reflect the light toward the source. They are also used to make safety jackets and safety devices like markers, reflectors, road signs, and paints for being utilized on the highway. Nowadays, smart retroreflective materials are gaining traction in places with extended warm and cold seasons compared to conventional reflective materials that reflect solar energy in buildings during summertime.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Refractive Material Market Trends:

The market is primarily driven by the increasing cases of motor vehicle collisions (MVC). Nowadays, road safety authorities are undertaking initiatives to minimize fatal road accidents, which is escalating the demand for reflective materials to produce road safety devices and textiles. In addition, the rising product adoption in the aerospace industry to improve pilot visibility and prevent mid-air collisions represents another major growth-inducing factor. Besides this, key players are introducing soft and comfortable fabrics that enhance visibility and safety in low-light conditions like fog, snow, and night. This, coupled with the increasing utilization of these materials to produce running gear, biking equipment, high-end jackets, and professional safety uniforms, is contributing to the market growth. Moreover, the escalating demand for camouflage patterns made using infrared (IR) reflective textiles to avoid warfighters' detection by enemy IR sensors is anticipated to propel the market growth in the upcoming years. Looking forward, IMARC Group expects the market to reach US$ 8.4 Billion by 2027, exhibiting a CAGR of 5.37% during the forecast period (2022-2027).

Market Summary:

  • Based on the product, the market has been classified into fabrics, sheet, paints and inks, tape and films, coatings, specialty products, and others.
  • On the basis of the application, the market has been segmented into textiles, construction and roads, automotive, electronics and semiconductors, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being 3M Company, ALANOD GmbH & Co. KG, Avery Dennison Corporation, Changzhou Hua R Sheng Reflective Material Co. Ltd, Coats Group Plc, Daoming Reflective Material India Pvt. Ltd., NIPPON CARBIDE INDUSTRIES CO. INC., ORAFOL Europe GmbH, Reflomax, SKC Co Ltd and Yeshili NEW Materials Co. Ltd.
     

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