LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global reflective materials market to grow at a CAGR of close to 5% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the increasing demand for fire-resistant reflective tapes as one of the key emerging trends in the global reflective materials market. There is a significant demand for fire-resistant (FR) reflective tapes. Their unique designs have the capability to handle heat and are flame resistant. They offer high visibility and resistance to harsh conditions. In industrial laundry conditions, these tapes undergo rigorous tests. FR reflective tapes improve safety by enhancing visibility in low-light conditions (night time) and extreme weather conditions. These tapes consist of fluorescent materials and provide daytime and low-light visibility of protective clothing. They are also used in several industrial applications. The increase in the demand for FR reflective tapes is expected to be a major driver for demand for reflective materials.
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In this report, Technavio analysts highlight the growing construction industry as a key factor contributing to the growth of the global reflective materials market:
Growing construction industry
In the construction industry, the use of reflective materials is increasing due to the rising concern for safety and energy saving. For example, fabrics, road signs, barricade, and devices are coated with reflective materials as they enhance visibility and reduce the number of accidents. Moreover, coating exteriors of building walls and roofs with reflective materials bring down the internal temperature of the building as light is not absorbed. Since the last decade, there has been a remarkable growth in the global construction industry and is expected to grow further during the forecast period.
According to a senior analyst at Technavio for paints, coatings, and pigments, “Countries such as the US, China, and India are the market leaders. However, in China, the construction market is expected to show a dip in the housing construction segment. The shift of the Chinese economy into a consumer- and services-driven economy has led to new types of construction in healthcare, education, social infrastructure, retail, and other consumer end-markets. During the forecast period, the construction market in India is expected to grow at twice the rate of China.”
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Global reflective materials market segmentation
This market research report segments the global reflective materials market into the following applications (coatings, fabrics, sheets, and paints and inks), end-users (construction, automobiles, textiles, and electronics) and key regions (the Americas, APAC, and EMEA).
Of the four major applications, the construction segment held the largest market share in 2017, accounting for nearly 36% of the market. The market share for this application is expected to increase by 2022. The fastest growing application is automobiles, which will account for nearly 30% of the total market share by 2022.
APAC was the leading region for the global reflective materials market in 2017, accounting for a market share of nearly 39%. By 2022, APAC is expected to continue dominating the market and register the highest market growth.
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