The global reflective materials market has been studied across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific was the largest and fastest growing market for reflective materials in 2017. China and India are the major contributors to the growth of product in this region. Growing urbanization has given rise to traffic issues and constructional activities. Reflective materials are highly used as films on signboards in traffic and work zone to direct, warn, and guide travelers on highways and other roadways to prevent road accidents, especially during night and low light conditions. Furthermore, these materials are also used in textiles and automotive industries. The growing automotive industry in this region is another key driver for the market in this region. Hence, the Asia-Pacific market is expected to show strong growth during the forecast period.
North America held the second-largest share in terms of market size, in 2017. Reflective materials are used in automotive and construction segments, owing to the safety reasons during night time Besides, the product is also used in making apparels such as shirts, shoes, and belts. These factors have contributed to the growth of reflective materials market in this region. Thus, the North American market is projected to showcase remarkable growth in the forecast years.
Increasing demand for renewable energy sources in Europe, especially solar energy has boosted the demand for reflective materials. The use of reflective materials in solar panels has enhanced the effectivity and the efficiency of these panels. This factor has increased the growth of reflective materials market in this region. Hence, the European market is expected to show considerable growth in the coming years.
Increasing urbanization has led to the growth of building and constructional activities in Brazil. The demand for reflective materials in these activities is rising owing to the safety concerns. In addition to this, the use of reflective materials in the automotive and textile industry has also contributed to the growth of the product market. Thus, the Latin American market is projected to show moderate growth during the review period.
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Market Segmentation:
Global reflective materials market has been segmented on the basis of technology, product type, application, and region.
The global reflective materials market has been divided into microprismatic and glass and ceramic beads technology, based on technology.
By product type, global reflective materials market has been segregated into films, sheets and tapes, paints, coatings, and fabric.
On the basis of application, global reflective materials market has been split into traffic and work zone, personal safety, construction, automotive, solar panels, and others.
Key Players:
3M (US), Reflomax (South Korea), Avery Dennison (US), Dominic Optical (China), Coats Group (UK), Asian Paints PPG (India), Orafol (Germany), Nippon Carbide Industries (Japan), Changzhou Hua R Shang Reflective Material (China), and Paiho Group (Taiwan) are some of the major players in the global reflective materials market.
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