Retro-Reflective Materials Market to Grow at a Surprising CAGR of 17.2% by 2030
Retro-Reflective Materials Market Share
Retro-reflective material market size is projected to reach $42.8 billion by 2030, growing at a CAGR of 17.2% from 2021 to 2030
WILMINGTON, DELAWARE , UNITED STATES, February 26, 2024 /EINPresswire.com/ -- The global retro-reflective materials market1 generated $8.6 billion in 2020, and is projected to reach $42.8 billion by 2030, witnessing a CAGR of 17.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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According to the report published by Allied Market Research, the “Retro-Reflective Materials Market by Technology (Ceramic Beads, Glass Beads and Micro-Prismatic), Product Type (Films, Sheets & Tapes, Paints & Coatings, and others), and Application (Traffic control & Work Zone, Safety Apparel, Automotive, Industrials, and Others): Global Opportunity Analysis and Industry Forecast 2020-2030.”
Rapid rise in urbanization & infrastructure, growth of real estate & construction industry, rise in tourism activity, growth of textile and fashion industry drive the growth of the global retro-reflective materials market. However, limited life span of retro-reflective products restrains the market to some extent. On the other hand, huge growth of the tourism sector presents new opportunities in the upcoming years.
Leading players of the global retro-reflective materials market analyzed in the research include 3M ALANOD GmbH & Co. KG, Avery Dennison, Changzhou Hua R Sheng Reflective Material, Coats Group Plc, Asian Paints PPG, Blueocean Solutions, Nanofuel Co. Ltd., Noritake Co. Ltd., SulNOx Group Plc.
Key Findings Of The Study:
On the basis of technology, the micro prismatic segment emerged as the global leader around 49.0% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
On the basis of product type, the films, sheets & tapes segment emerged as the global leader by acquiring around 45.5% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
On the basis of application, the traffic control & work zone segment registered the highest market share of around 41.6% and is projected to maintain the same during the forecast period.
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The report offers detailed segmentation of the global retro-reflective materials industry based on technology, product type, application, and region.
Based on technology, the microprismatic segment held the highest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 17.6% from 2021 to 2030.
Based on application, the traffic control and work zone segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the industrial segment is projected to register the highest CAGR of 18.7% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 18.3% during the forecast period.
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