DUBLIN, April 3, 2023 /PRNewswire/ — The “Global Reflective Sheeting Market by Type (Micro Prismatic, Micro Glass Bead, and Others), Application (Road Signs, Vehicles, Transport and Communication Facilities, and Others), and Region – Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global market for reflective sheeting was valued at USD 3.34 billion in 2021, and is projected to achieve a revenue compound annual growth rate (CAGR) of 2.4% during the forecast period.
Companies Mentioned
- 3M
- Avery Dennison
- Nippon Carbide Industries Co. Ltd
- ORAFOL Europe GmbH
- REFLOMAX
- Viz Reflectives
- Daoming Optics & Chemicals
- Changzhou Hua R Sheng Reflective Material Co. Ltd.
- Yangzhou Tongming Reflective Material Co. Ltd
- Yeshili NEW Materials Co. Ltd
The market growth is attributed to several key factors, including the rising demand for reflective sheeting in road signs and construction work, the growing adoption of reflective sheeting in safety clothing, and the increasing use of reflective sheeting in factories to enhance the scanning range of barcodes.
Reflective sheeting is a highly versatile retroreflective material that is widely used to improve nighttime visibility of high-visibility clothing, traffic signs, and other objects, ensuring that they can be seen safely and effectively in low-light conditions. In recent years, these sheets have been extensively utilized in various applications such as motion pictures, autonomous vehicle navigation, and as a material for increasing barcode scanning range in factory settings.
Retroreflective sheeting redirects light from an approaching vehicle’s beams back to the source, making traffic signs, construction equipment, commercial trucks, rail cars, emergency vehicles, and slowly moving vehicles all clearly visible, thereby driving high demand for these sheets in these applications.
The need for high-visibility signal sheets to prevent accidents and enhance road safety has become increasingly critical, especially given the rise in traffic accidents worldwide. According to the World Health Organization (WHO), approximately 1.3 million people die in traffic accidents each year, and many more suffer non-fatal injuries or disabilities, resulting in significant economic losses for countries. As a result, the demand for reflective sheeting has surged, and this trend is expected to drive the market’s revenue growth.
Market Dynamics
Driver:
Increasing Use of Reflective Sheeting for Autonomous Vehicle Navigation
Reflective sheeting is increasingly being utilized to provide a clear way for autonomous vehicles to navigate visually. For instance, SpaceX’s Hypertube test track uses strips of retroreflective tape to provide navigation inputs to prototype hyperloop pod vehicles.
Autonomous vehicles face many challenges in recognizing traffic signs, especially in real-world scenarios. Smart traffic signs composed of reflective material could provide more signals for future systems that combine lidar and visual pattern recognition to recognize key traffic indicators.
Moreover, the growing trend of autonomous vehicles is expected to create high demand for reflective sheeting in the forecast period. According to research, the self-driving vehicle market is growing by 16% annually worldwide, and by 2040, 66% of China’s passenger-kilometer cars will be automated.
Restraint:
Volatility in Raw Material Prices
Fluctuating and volatile prices of commodities such as reflective aluminum, copper, glass beads, and micro prisms are major factors that are hindering the market’s revenue growth. In addition, the volatile and rising prices of raw materials increase the production cost of reflective sheeting. Furthermore, the constant modification of stringent environmental regulatory laws focused on the use of low-impact content and product recycling is expected to constrain revenue growth of the market.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Reflective Sheeting Market Segmentation & Impact Analysis
4.1. Reflective Sheeting Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.2.1. Rising demand for reflective sheeting in road signs
4.2.2.2. Rising adoption of reflective sheeting in safety clothing
4.2.2.3. Rising demand for reflective sheeting in construction work
4.2.2.4. Growing trend to use reflective sheeting for autonomous vehicle navigation
4.2.2.5. Rising use of reflective sheeting in factories to enhance scanning range of barcodes
4.2.3. Market restraints analysis
4.2.3.1. Low levels of advanced driving alerts
4.2.3.2. Absence of fluorescent lighting
4.2.3.3. Volatile prices of raw materials
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
4.9. Customer Mapping
4.10. COVID-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Reflective Sheeting Market By Type Insights & Trends
Chapter 6. Reflective Sheeting Market By Application Insights & Trends
Chapter 7. Reflective Sheeting Market Regional Outlook
Chapter 8. Competitive Landscape
8.1. Market Revenue Share By Manufacturers
8.2. Manufacturing Cost Breakdown Analysis
8.3. Mergers & Acquisitions
8.4. Market Positioning
8.5. Strategy Benchmarking
8.6. Vendor Landscape
Chapter 9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/yqgzhx
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