Global Reflective Materials Market has been segmented based on technology, product type, application, and region.
Based on Technology, the Global Reflective Materials Market has been divided into microprismatic and glass and ceramic beads technology. Microprismatic technology segment held the largest market share in 2017. The demand for microprismatic technology from manufacturers has been increasing due to the enhanced retro-reflective properties offered by this technology. Furthermore, the rising demand for microprismatic technology is attributed to the growing demand for technology that offers better retro-reflective property. Thus, microprismatic technology is projected to grow at a fast pace during the forecast period.
The Global Reflective Materials Market has been segregated into films, sheets and tapes, paints, coating, and fabrics on the basis of Product Type. Films segment held the largest share in 2017, followed by sheets and tapes. This is attributed to the rising use of reflective films, sheets in traffic and work zone, construction, apparel such as costumes, shoes, belts, and others. Thus, films segment is expected to show strong growth during the forecast period.
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By Application, Global Reflective Materials Market has been split in traffic and work zone, personal safety, construction, automotive, solar panels, and others. Traffic and work zone segment dominated the global market on the basis of the application. The use of reflective materials in the form of films on warning signboards, informational signboards, and traffic control signboards on highways, roadways, and construction sites to show directions, diversions especially for their reflective properties that help during the night and in the dark places, have driven their use in traffic and work zone. Hence, traffic and work zone segment is expected to show strong growth in Global Reflective Materials Market in the future years.
Some of the prominent players in the global reflective materials market are 3M (US), Avery Dennison (US), Orafol (Germany), Changzhou Hua R Shang Reflective Material (China), Coats Group (UK), Dominic Optical (China), Nippon Carbide Industries (Japan), Reflomax (South Korea), Asian Paints PPG (India), and Paiho Group (Taiwan).
The Global Reflective Materials Market has been analyzed with respect to five regions- Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. The Asia Pacific dominated the Global Reflective Materials Market in 2017. Growing urbanization has led to the rising use of reflective materials for controlling traffic in highly populated countries such as China and India. North America held the second-largest share in the Global Reflective Materials Market in 2017, owing to the high demand for reflective films, sheets, and tapes in automotive, construction, and textiles. Europe is expected to grow at a considerable rate during the forecast period attributing to the rising use of solar panels in this region due to growing demand for renewable sources. Latin America is projected to show moderate growth in the coming years, while the Middle East and Africa is expected to show steady growth during the review period.
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