Reflective Sheeting Market - Forecast(2023 - 2028)
Reflective Sheeting Market Overview
Reflective sheeting
market is expected to reach a value of $3.2 billion by the end of the year 2026
after growing at a CAGR of 1.3% during the forecast period of 2021-2026. The
increase in vehicle production in recent years has boosted the demand for
reflective sheeting. Flexible reflecting sheets are also increasing in demand
owing to their properties like easy to use, flexible, and others. Reflective sheeting
is also micro prismatic as it offers high efficiency and low glare light
output. Furthermore, the increase in usage of reflective sheets in protective
clothes has fueled the growth of the overall market. Additionally, the
technological advancements coupled with the superior quality of the reflective
sheeting is also fueling the market growth.
Covid-19 Pandemic
Though the
COVID-19 pandemic has affected almost every end-use industry, the reflective
sheeting market is expected to regain its position in the market by the year
ending 2021. The demand for reflective sheeting is expected to grow in the
upcoming years due to the need for safety clothing in factories since the
production of various products is estimated to grow hugely post the pandemic.
Reflective Sheeting Market Report Co
verage
The report: “Reflective Sheeting Market – Forecast
(2021-2026)”, by IndustryARC, covers an in-depth analysis of the following
segments of the Reflective Sheeting Industry.
By Type: Permanent Sheeting and Temporary
Sheeting.
By Printing
Method: Silk
Screen Printing, UV Printing, Latex Printing, and Others.
By Substrates:
Aluminum, Steel,
Plastics, Fabrics, and Others.
By Grade: Superfine Grade, High Intensity
Prismatic Grade, Engineer Grade, Commercial Grade, and Others.
By Application: Traffic Control Signs,
Work Zone Signs, Delineators, Road Signs, Vehicle Marking Footwear, Personal
Safety, and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France,
Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC
(China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan,
Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South
America) and RoW (Middle East and Africa).
Key Takeaways
- North American market is expected to hold the largest share in the Reflective Sheeting market owing to the increase in government initiative on reflective sheeting. Under the Federal Highway Administration (FHWA) there is a provision called Manual on Uniform Traffic Control Devices (MUTCD), which lays down rules and standards on visibility of traffic signs under section 2A.08, section 2A.09 and section 2A.22.
- The increase in the vehicle sales especially in developing nation is set to increase the demand of reflective sheeting.
- Rising investment in road infrastructure in developing counties is estimated to boost the demand of reflective sheeting.
- Amid the covid-19 pandemic, the reflective sheeting market witnessed a downfall in the growth owing to the various legal and economic restrictions across the globe.
FIGURE: Reflective Sheeting Market Revenue, 2020-2026 (US$ Billion)
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Reflective Sheeting Market Segment Analysis – By Type
Permanent
sheeting segment held the largest share of 61% in the reflective sheeting market
in the year 2020 and is expected to grow at the CAGR of 1.5% during the
forecast period. Permanent sheeting is preferred over temporary sheeting as
they last for a long time and also retains the quality. The relative cost for permanent
sheets is also worth the quality and it also helps in saving time and efforts
of the user since there is no need to replace the sheet often.
Reflective Sheeting Market Segment Analysis – By Printing Method
Latex printing
segment held the largest share of 30% in the reflective sheeting market in the
year 2020. Latex printing is widely used for commercial purposes for printing
signage, wallpapers, vehicle graphics, banners and vinyl. Latex printing method can be used for
printing on both coated and uncoated materials. Latex printing can be done on
various surfaces and also provides flexibility, therefore making it a preferred
method of printing over the other methods.
Reflective Sheeting Market Segment Analysis – By Substrate
Aluminum segment
held the largest share of 25% in the reflective sheeting market in the year 2020.
Aluminum is the most preferred material for using reflective sheeting. Aluminum
is widely used in internal and external lighting applications. Aluminum helps
in evenly distributing light and highly flexible and is mainly used in traffic
signs, in road signs to increase night-time visibility. Aluminum possess good
thermal properties and is very effective in areas where a strength/mass ratio
is required. These properties make aluminum an ideal material in the printing
field.
Reflective Sheeting Market Segment Analysis – By Grade
Engineering
grade segment held the largest share of 32% in the reflective sheeting market
in the year 2020. Further, the segment is expected to rise at the CAGR of 1.2%
during the forecast period. Engineering grade reflective sheeting is
extensively used in all road hoardings, sign boards, traffic signs, parking
signs etc. It comes under permanent sheeting category and is also
cost-effective. Thus, the highest use in traffic signs and hoardings on the
road makes the engineering grade the most demanded grade of reflective
sheeting.
Reflective Sheeting Market Segment Analysis – By Application
Traffic control
signs segment held the largest share of 38% in the reflective sheeting market
in the year 2020. The growth of automobile industry has led to the increase in
production of vehicles which has in turn given raise to the need for
manufacturing traffic boards and traffic control signs to avoid accidents and
road mishaps. The estimated production of automobile vehicles in units amount
to 92 million for the year 2019. The more the number of vehicles, the more is
the need for safety regulation on the road. This hugely drives the reflective
sheeting market.
Reflective Sheeting Market Segment Analysis – By Geography
North America
market held the largest share of more than 33% in the reflective sheeting
market in the year 2020. The demand for reflective sheeting in North America
was high due to the increase in government initiatives and investments in
manufacturing reflective sheets in the region. Under the Federal Highway
Administration (FHWA) there is a provision called Manual on Uniform Traffic
Control Devices (MUTCD), which lays down rules and standards on visibility of
traffic signs under section 2A.08, section 2A.09 and section 2A.22.
In 2019, the
total vehicle sales recorded at 20.8 million in the North American region. The
car sales in US over the last 14 years is quite consistent. The US contributed
about 84% of the total cars sales in North America in 2019. The production of new
vehicles in North America is set to increase due to rise in demand. This has
given the need for maintaining the road infrastructure for managing and
controlling the road accidents and mishaps. This eventually has led to the
increase in the use and demand of reflective sheeting in the US region.
Asia Pacific market followed North America closely in terms of demand for reflective sheeting. The increase in demand for Reflective Sheeting in the APAC region could be associated to the growing concerns such as traffic violations, traffic congestion and road accidents in countries like India and China.
Reflective Sheeting Market Drivers
Rise in investment by various governments in road infrastructure and Strict traffic rules
Governments of most of the developing countries are investing more in the road infrastructure for the development of the country. For instance, the government of India has granted Rs.5.35 Lakh crore (US $741.51 million) for road infrastructure development, which is set to be completed by 2022. The increase in investments like these is hugely driving the reflective sheeting market. The traffic rules in almost every country have become strict. This is to avoid any road mishap or accidents, which has been in the rise in the past few years. The US records a 36,000 and odd cases of accidents every year. Since the trend has been in the rise for the past few years, there has been strict rules imposed by the Federal Highway Administration (FHWA) on safety by using reflective sheeting on road to minimize the cases.
Rising vehicles on road
One of the main drivers of
reflective sheeting market is the rise in the number of vehicles on the road.
With the advent of technology and globalization, there has been an increase in
the economic activities and trades across the globe. The present generation has
become highly dependent on travelling for various purposes. This has led to the
increase in the number of vehicles on the road, which in turn has increased the
need for reflective sheeting to enable smooth functioning of the activities on
the road.
Reflective Sheeting Market Challenges
Restraining behaviour of reflective sheeting
Using reflective
sheeting during harsh weather conditions such as fog or heavy rains can block
the view and not allow individuals to see through the sheets. This might cause
various mishaps and accidents, which is highly dangerous for individuals using
this in their vehicles. Therefore the use of reflective sheeting is not very
common, to avoid such accidents. This is a major factor which is expected to
hamper the growth of Reflective Sheeting market. Usage of Reflective Sheeting
under conditions might not prove economical.
Reflective Sheeting Market Landscape
Innovation, expansion,
product development, acquisitions and mergers are some of the key strategies
adopted by players in the Reflective Sheeting Market. Major players in the Reflective
Sheeting Market are Avery Dennison, Lianxing Reflective, Daoming Optics &
Chemicals, Nippon Carbide Industries Co., Changzhaou Hua R Sheng Reflective,
3M, Reflomax, Oraful, Yeshili Reflective Materials and Alsafety among others.
Acquisitions/Technology Launches
- In January 2018 Avery Dennison and Suma America joined hands together to form partnership for producing advanced solutions for traffic sheeting products.
- In September 2020 Reflomax successfully launched its new reflective film for license plate in South Korea.
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