Rise in Number of Road & Industrial Accidents Expected to Drive World Reflective Sheeting Market over the Forecast Period: Ken Research
Reflective sheeting is a flexible reflecting sheet, made from retro reflective material. It is majorly used in road signs to augment visibility in the night. It is also used to surge the scanning range of barcodes in factories. It contains micro prismatic material and micro glass beads, which are sealed onto a fabric & plastic substrate. Its standards for road signs are characterized by technical standards for instance ASTMD4956-11a.
Some possible characteristics are included safe, strong, self-adhesive, wind resistant, easy to sew, water repellent, attractive, durable, comfortable, and others.
According to study, “World Reflective Sheeting Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world reflective sheeting market are 3M Company, ATSM, Avery Dennison Corp., ORAFOL Europe GmbH, Reflomax, Jisung Corporation, Viz Reflectives, KIWA Chemical Industries, Nippon Carbide Industry Co. Ltd., Daoming Optics & Chemicals, Changzhou Huawei, Changzhou Hua R Sheng Reflective Material, Zhejiang Caiyuan Reflecting Material, YSL reflective material, Yangzhou Tonming Reflective Material, Huangshan Xingwei Reflectorized Materials, Hefei Every Traffic Safety Materials, Hefei Bright Reflective Material, Lianxing Reflective Material. Key companies are engaged in expanding its research & development (R&D) footprints to build new production & supply networks. Companies are also implementing acquisitions and expansions business strategies to increase its production capacities & acquire a strong customer base.
Based on type, reflective sheeting market is segmented into micro prismatic materials, micro glass beads, and others. These micro prisms and glass beads are tightly packed together & coated with a thin aluminum film from backside. Thus, they act as a convex mirror & reflects the light back, precisely towards the source of light. The concept helps illuminate an object in the night. In addition, based on application, market is segmented into transportation, road signs, communications, and others.
The reflective sheeting market is driven by rise in manufacturing of vehicles, followed by growth in usage of reflective sheets on road signs, rise in government plans to refurbish infrastructure & transportation systems, poor traffic management system, increase in investment for infrastructure development, rapid urbanization, rise in number of road & industrial accidents, increase in end-use applications, presence of well-established industry leaders and increase in use of reflective sheets in safety clothing. However, minimal advanced driving warnings and lack of fluorescent lights may impact the market. Moreover, new innovations & advancements in material technology is a key opportunity for market.
Based on geography, China and India countries hold major share in reflective sheeting market owing to rise in consumer perception towards the road & personal safety, growth in population and increase in investment to develop environmentally-friendly & halogen-free reflective sheets in the countries. USA and Europe are expected to witness higher growth rate due to high domestic demand and rise in potential investments & norms for manufacturing of reflective sheeting market over the forecast period. It is anticipated that future of the market will be bright on account of their properties such as low transmission loss during the forecast period. The worldwide market is projected to grow at a CAGR of approximately 1.1% over the next five years, will reach US $3370 million in 2024, from US $3150 million in 2019.
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Ankur Gupta, Head Marketing & Communications