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 Coverage

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)

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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