Future Market Insights
One of the primary tasks involved in night driving is to identify an object, traffic signs, and other items apparently. The retroreflective material helps in enhancing the conspicuity of objects, signage, vehicle safely marking, traffic visibility, other road safety applications, and high visibility clothing during nighttime. Retroreflectivity is an optical phenomenon which defines the ability of an object to the backward return of light to its source. Retroreflectivity is attained through various reflections within a retro-reflector. It helps the eye observe objects in low light conditions when irradiated by a light source. Thus, retroreflective material improves the contrast of an object for an observer located near to the light source. For the traffic safety systems, the retroreflective material is used for measuring distance, and identify the road signage. Additionally, the retroreflective material is also used to enhance the scanning range of barcode labels in factory settings up to 50 feet away as well as for personal protective equipment to protect against health and safety hazards.
Retroreflective Material Market:Drivers and Restraints
Rising demand for personal protective equipment owing to increasing prevalence of respiratory as well as communicable diseases and expanding demand for improving safer navigation on the road are the primary factor driving the growth of the global retroreflective material market. Moreover, enhancement in traffic safety systems and advancement in retroreflective technologies are some of the prominent factors fueling the growth of the retroreflective material market over the forecast period. However, availability of alternative material in the market, rigorous regime regulations related to employee safety, and limited service life may limit the growth of the retroreflective material market during the forecast the period.
Retroreflective Material Market:Segmentation
The retroreflective material market has been classified by technology, application, and end-user industry.
Based on technology, the retroreflective materialmarket is segmented into the following:
Glass Spheres or Beads
Cube Corner Reflector or Prismatic
Based on application, the retroreflective materialmarket is segmented into the following:
Personal Protective Equipment
Hand & Arm Protection
Foot & Leg Protection
Face & Eye protection
Traffic Safety Systems
Vehicle Safety Markings
Based on the end user industry, the retroreflective materialmarket is segmented into the following:
Oil & Gas Industry
Construction & Manufacturing Industry
Retroreflective Material Market:Overview
Retroreflective material market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is anticipated to perform well soon owing to improve and upgrade road safety, expanding demand for air-purifying respiratory protective equipment to protect employees from harmful gasses, and vapors. Additionally, rising awareness, the introduction of novel retroreflective products, and improvement in traffic safety systems are the factors that can propel the market revenue growth of retroreflective material in the near future. Based on end user industry, construction & manufacturing segment is projected to lead the global retroreflective material market over the forecast period attributed to rising demand to work in the risky environment include demolition, erection, repair, drilling, digging, blasting, land clearing, concreting, and others. On the basis of application, hand and arm protection are projected to be the highest revenue growth sub-segment among other personal protective equipment during the forecast period owing to rising concern of hand-arm vibration syndrome (HAVS) which is caused by vibration damages.
Retroreflective Material Market: Region-wise Outlook
Depending on the geographic region, the retroreflective material market is classified into seven key regions: North America, Eastern Europe, Latin America, Western Europe, Japan, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is expected to be the leading markets in the global retroreflective material market followed by Europe, and Japan is owing to high economic growth rate, strong demand for personal protective equipment in construction and manufacturing industry, and established research and development infrastructure. The market in Asia-Pacific is projected to have the fastest growth due to high traffic related accidents, expanding production capacity of personal protective equipment, and increase in investments. Moreover, developing construction and healthcare industry, and growing safety concern from chemicals along with body fluid contamination are some of the factors which are anticipated to rise the increase of retroreflective material market throughout the forecast period.
Retroreflective Material Market:Key Players
Some of the prominent players in the retroreflective materialmarket are ORAFOL Europe GmbH, Satra Technology Centre Ltd., SATRA Technology Europe Ltd., 3M, Nippon Carbide Industries Co., Wagner-Tech-Textil GmbH, and others.
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