Retro-reflective materials are available in various forms, such as films, sheets & tapes, paints, inks & coatings, among others. These materials are used primarily for safety purposes and thus have a wide range of applications in traffic control & work zones, for conspicuity, & fleet, & vehicle registration, and personal safety, among others. The main purpose of retro-reflective materials is to ensure safety by offering enhanced retro-reflectivity in low light and nighttime conditions. These retro-reflective materials are manufactured using microprismatic, glass beads, and ceramic bead technologies. The retro-reflective materials market is projected to reach USD 12.49 Billion by 2023, at a CAGR of 17.5% from 2018 to 2023.
Key players operating in the retro-reflective materials market are focused on the adoption of inorganic and organic growth strategies to strengthen their market positions. These companies have adopted partnerships, expansions, acquisitions, and new product developments as key growth strategies between January 2016 and December 2018 to strengthen their footholds in the retro-reflective materials market.
Major players operating in the retro-reflective materials market include 3M (US), Avery Dennison (US), ORAFOL (Germany), Dominic Optical (China), Changzhou Hua R Sheng Reflective Material (China), Coats Group (UK), Nippon Carbide Industries (Japan), Paiho Group (Taiwan), Asian Paints PPG (India), and Reflomax (South Korea). These companies have a strong presence in the retro-reflective materials market and are undertaking efforts to improve their business strategies and product portfolios.
3M (US), one of the leading manufacturers of retro-reflective materials, is focused on the adoption of key growth strategies, such as partnerships, new product developments, and acquisitions to enhance its presence in the retro-reflective materials market. In May 2017, the company launched a new retro-reflective film that enhances visibility in low light conditions. In May 2017, 3M entered into a partnership with the Michigan Department of Transportation (MDOT) to offer various roadway solutions for I-75 Modernization project of Michigan. Through this partnership, 3M is expected to provide products, such as advanced all-weather lane markings, retro-reflective signs, 3M reflective materials for worker safety for this I-75 Modernization project. The partnership has helped 3M enhance its brand image in the retro-reflective materials market.
In August 2017, ORAFOL (Germany) acquired a graphic distributor having significant presence in Melbourne, Perth, and Adelaide (Australia) and thus became the sole supplier of ORAFOL products catering to the retro-reflective and graphic markets in Australia. In June 2017, ORAFOL (Germany) expanded its retro-reflective solutions business in the Asia Pacific by establishing a new warehouse in China. The new facility is expected to help the company provide uninterrupted supply of its retro-reflective products to the high demand and growing retro-reflective market in China.
Retro-Reflective Materials Market by Technology (Microprismatic, Glass & Ceramic Beads), Product Type (Films, Paints), Application (Traffic & Work Zone, Conspicuity, Fleet & Vehicle Registration, Personal Safety), and Region - Global Forecast to 2023
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