According to a new report by Grand View Research Inc., the global value of the reflective materials market is anticipated to reach $31.14 billion by 2025.
The study notes rising demand in high-visibility fabric for workplace safety and traffic management. Applications for reflective materials include manufacturing architectural glass, solar panels and windows, as well as a range of apparel and equipment, such as shirts, sportswear, shoes, vests, jackets, armbands, signs, belts, safety vests, badges, backpacks, raincoats and belts.
The growing demand in key industries, including automotive, construction and road infrastructure, is expected to increase. Economic and industrial developments in China, Japan and India have contributed to market expansion. The report cited that coatings accounted for more than 22 percent of the total market value. And the construction and roads sectors accounted for more than 32 percent of total revenue in 2015.
Key findings from the report include:
- Global demand for reflective materials is projected to grow at a compound annual growth rate (CAGR) of 4.8 percent from 2016 to 2025.
- The Asia Pacific region is projected to grow at an estimated CAGR of 5.4 percent over the forecast period due to raw material availability, including glass beads and microspheres.
- Product demand in the automotive sector in Europe is projected to grow at a CAGR of 4.5 percent and by 5.2 percent in overall U.S. markets.
- Key players operating in the global reflective materials market are 3M, Denki Kagaku, Avery Dennison, ORAFOL, DM Reflective Materials, Changzhou Hua R. Sheng and Yeshili Reflective Materials.
Grand View Research Inc., San Francisco, Calif., is a market research and consulting company that provides syndicated research reports, customized research reports and consulting services.