The reflective materials market is estimated to gain a positive growth trajectory across the assessment period of 2017-2025 on the back of the rising demand from numerous applications in solar panels, architectural glasses, apparel, safety vests, belts, raincoats, shirts, footwear, etc. All these factors will invite positive growth for the reflective materials market during the forecast period.
· The growing regulations for workplace safety and prevention of industrial hazards are increasing the growth prospects of the reflective materials market to a considerable extent. The rising need for safer construction activities is further helping the reflective materials market to gain extra stars of growth. All these aspects bode well for the growth of the reflective materials market.
· Research and development activities are crucial for the growth of the reflective materials market. The players invest extensively in these activities for developing new formulations and upgrading their products. These factors help in generating revenues, eventually increasing the growth rate of the reflective materials market.
· Strategic collaborations have an important part in the growth of the reflective materials market. The players are involved in mergers, acquisitions, and partnerships for strengthening their foothold in the reflective materials market, ultimately boosting the growth opportunities.
Global Reflective Materials Market: Overview
Reflective materials, manufactured from different optical quality glass beads measuring three fourth the size of human hair, are packed together densely and coated with aluminum. The process transforms each glass bead into a convex mirror. Light hitting the glass bead is reflected back towards the source, unlike in a normal flat mirror where the reflection is only on the opposite side of the image. Therefore, a mirror build with reflective glass beads displays the image on every side.
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Typically, reflective materials are made by leveraging microprismatic technology or glass bead technology. The glass beads technology mostly finds application in the textile industry since it is flexible and easy to store. The technology uses millions of high performance glass beads that reflect light effectively in all directions because of their spherical shape. The microprismatic technology, on the other hand, consists of retro-reflective microscopic prisms formed on a polymeric film. They help to produce a bright reflective appearance on accessories and garments.
Global Reflective Materials Market: Trends and Opportunities
Spurring demand for reflective materials is the growing demand from end-use industries such as construction for materials having high visibility. Such materials offer greater visibility and hence safety in low light conditions resulting from fog, snow, and darkness after nightfall. Fabric made of reflective materials also find use in safety and traffic management.
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Despite solid demand from different sectors, the market currently has to contend with a few headwinds resulting from the supply and demand gap and fluctuating prices of raw materials. However, the market is still anticipated to grow on the back of the rising usage of reflective materials in manufacturing solar panels, windows, architectural glasses, and various apparels, namely sportswear, shirts, shoes, vests, fashion, jackets, belts, armbands, signs, safety vests, backpacks, badges, belts, and raincoats.
Product-wise, the key segments of the global market for reflective materials are reflective coating, reflective sheet, reflective film, reflective tape, reflective fabrics, reflective inks, etc. At present, the segment of reflective coatings is seeing maximum demand in the market due to their widespread usage in the textile industry, where flame retardant reflective apparels are much in demand.
End-use industries pushing up demand for reflective materials are textile, construction, automotive, etc. Among them, the construction industry is a major growth driver. Demand for reflectors, display panels, and lightening lenses drives the market.
Global Reflective Materials Market: Regional Outlook
Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa are some of the key geographic segments in the global reflective materials market. Asia Pacific, of them, is a leading region which is being driven mainly by India and China. Latin America and the Middle East and Africa are also fast emerging as prominent regions because of the surging demand for reflective materials from construction, automotive, and textile industries.
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Companies Mentioned in the Report
The global market for reflective material is characterized by stiff competition because of the presence of quite a few local companies in the market. In order to surge ahead of rivals in such a competitive environment, savvy players are seen focusing on leveraging latest technologies to facilitate product development. In this manner, they are hoping to improve sales and therefore up their profit margins. Some of the key players competing in the global reflective materials market are ORAFOL Europe GmbH, 3M, Alanod GmbH, and Avery Dennison Corporation.
