The global reflective materials market value is anticipated to reach USD 31.14 billion by 2025, according to a new report by Grand View Research, Inc. The rising high-visibility fabric demand for the work place and safety and traffic management is expected to be a key factor steering the growth in the coming years.
Applications predominately include coatings use in the construction & roads and textile sectors. It is utilized in manufacturing architectural glasses, solar panels, windows, and a broad range of apparels such as shirts, sportswear, shoes, vests, jackets, fashion, armbands, signs, belts, safety vests, badges, backpacks, raincoats, and belts.
The growing demand in key industries including automotive, construction and road infrastructure are expected to increase the consumption globally. Economic and industrial developments in economies such as China, Japan, and India have contributed significantly to the market expansion over the recent past.
Coatings dominated the global product consumption while accounting for over 22% of the total market value in 2015. Key players in the space are expanding their R&D footprints worldwide along with an implementation of advanced technologies to sustain in the high market competition and explore new industrial opportunities.
Further key findings from the report suggest:
The global reflective materials demand exceeded 17,000 kilo tons in 2015 and is estimated to grow at a CAGR of 4.8% from 2016 to 2025
Construction & roads sector dominated the global consumption with demand exceeding 5,400 kilo tons in 2015. Construction & roads accounted for over 32% of total revenue in 2015.
Asia Pacific is expected to witness the fastest growth over the next nine years and is projected to grow at an estimated CAGR of 5.4% over the forecast period. Abundant raw material availability in the region including glass beads and microspheres used in manufacturing process is expected to lead to higher profit margins for industry participants and acquire untapped markets effectively.
The U.S. reflective fabric demand is estimated to reach a net worth of USD 336.7 million by 2025 at a CAGR of 5.2% from 2016 to 2025.
Product demand in automotive sector in Europe was over 800 kilo tons in 2015 and is estimated to grow at a CAGR of 4.5% over the forecast period to reach a total volume exceeding 1,200 kilo tons by 2025.
Key players operating in the global reflective materials market comprise 3M, Denki Kagaku, Avery Dennison, ORAFOL, DM Reflective Materials, Changzhou Hua R Sheng and Yeshili Reflective Materials
Acquisitions and expansions are the two major business strategies adopted by multinational companies to increase their product portfolio and industry penetration