The global reflective material market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing demand for traffic management and workplace safety is expected to drive market growth. However, fluctuating prices of raw materials are expected to hamper market growth over the forecast period.
The global reflective material market report has been segmented on the basis of product type, application, and region.
On the basis of product type, the global reflective material market has been segmented into reflective coating, reflective fabrics, specialty products, reflective taps, reflective paints, reflective sheet, and others (reflective films and reflective inks). Penetration of reflective fabrics is expected to grow over the forecast period. These materials are used in lifejackets, gloves, safety clothing, belts, tents, backpacks, and hats.
On the basis of applications, the global reflective material market has been segmented into automotive, construction & roads, textiles, electronics & semiconductors, and others (aerospace, shipping, and tents & shelter). Automotive application segment is expected to witness significant growth over the forecast period owing to rising demand for passenger and commercial vehicles in developing economies, which in turn is expected to create demand for reflective material.
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On the basis of region, the global reflective material market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to account for major revenue share in the global reflective material market owing to the rising importance of workplace safety management in the region. Moreover, companies in the region are involved in R&D of reflective material which is expected to fuel market growth.
Key players operating in the global reflective material market include Alanod GmbH & Co. KG, Avery Dennison Corporation, Daoming Optics & Chemical Co., Ltd., 3M Company, ORAFOL Europe GmbH, Yeshili Reflective Materials Co., Ltd., Hangzhou Chinastars Reflective Material Co., Ltd., SKC Co., Ltd., Jisung Corporation, and Reflomax Company, Ltd.