Global Reflective Material Market to Reach US$ 9.8 Billion by 2032, Impelled by Increasing Cases of Motor Vehicle Collisions

October 19, 2022 | Chemical & Materials

The latest report by IMARC Group, titled "Reflective Material Market Report by Product (Fabrics, Sheet, Paints and Inks, Tape and Films, Coatings, Specialty Products, and Others), Application (Textiles, Construction and Roads, Automotive, Electronics and Semiconductors, and Others), and Region 2024-2032," finds that the global reflective material market size reached US$ 6.7 Billion in 2023. 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.

Global Reflective 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$ 9.8 Billion by 2032, exhibiting a CAGR of 4.3% during the forecast period (2024-2032).

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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
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Global Reflective Material Market to Reach US$ 9.8 Billion by 2032, Impelled by Increasing Cases of Motor Vehicle Collisions
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