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Reflective Tape Market Overview
Reflective Tape market is growing at a CAGR of 3.2% during 2022-2027.
Reflective tapes also referred to as security tapes, bounce light back at the
source. Reflective tapes made of polyvinyl chloride and polyester are among the
most user-friendly adhesive tapes. With their simple peel and stick backing,
they're easy to use. Both during the day and at night, reflective tapes are
easily visible. The reflective tape market will benefit from increased demand
for warning signage/reflective light, particularly in dark or dimly lit areas,
to warn people of potential threats. Despite the upbeat outlook, the global
reflective tapes market may be hampered by several factors. A significant shift
toward digitized signage is occurring in developed economies, which is a
significant factor that is likely to have a negative impact on the growth of
the reflective tapes market.
COVID-19 Impact
The construction industry was one of the hardest hit by COVID-19, as
it had already been dealing with a liquidity crisis for more than a year as the
financial sector's non-banking financial institutions collapsed. Several
projects were left unfinished during the pandemic as a result of a lack of
funding. In March 2020, following the guidelines from the District
Administration, AFCONS Infrastructure decided to halt construction of the
World's Highest Railway Bridge "Chenab Rail Bridge". Furthermore,
manufacturers were stranded on raw material orders as a result of the COVID-19
area's lockdown, which had a significant impact on the logistics industry. However,
governments are taking steps to rekindle the construction industry's momentum, owing
to which the prospects for the reflective tape market are expected to gradually
improve as a direct consequence. In June 2021, despite the pandemic and the
elusive private investor, the Indian government has set a lofty goal of
building Rs 15 lakh crore worth of roads in the next two years. Another 8,500
km of projects will be awarded by March 2022, and a total of 11,000 km of the
national highway corridor will be completed. Such projects are set to directly
rekindle the construction industry momentum in the coming years.
Reflective Tape Market Report Coverage |
The report: “Reflective Tape
Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis
of the following segments of the Reflective Tape industry.
By Type: Single
Sided, and Double Sided
By Product Type: Engineer Grade, Intensity Grade, Metalized
Micro-prismatic, Non-metalized Micro-prismatic, and
Others
By Material Type: Plastic (Polyester, Polyvinyl
Chloride (PVC), Nylon, and Others), Rubber, Foam, Silicone, and Others
By Color: Yellow, Silver, Gold, Red, and Others
By Substrate: Ceramic, Concrete, Composites,
Glass, Wood, Metal, and Others
By Application: Parking Lots, Roads & Bridges,
Life Jackets, Helmets, Skateboards, Bollards & Posts, Trucks &
Tractors, Safety Cones, Warehouse Floors, and Others
By End-Use Industry: Building & Construction, Automotive, Textile & Apparel,
Marine, Sports & Leisure, Mining, Oil & Gas, and Others
By
Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and
New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the
World (Middle East, and Africa)
Key Takeaways
- Asia-Pacific dominates the reflective tape market. Increasing building and construction activities in developing APAC countries is fueling the market growth in Asia-Pacific.
- Reflective tapes are expected to become more widely used at construction sites and industrial facilities as a result of stringent government regulations aimed at ensuring the safety of pedestrians and workers.
- An increase in the number of road accidents is driving demand for high-visibility signal tapes (reflective light tapes) as part of accident avoidance and road safety products, which is expected to fuel market growth over the forecast period.
- However, the production of these products is constrained by a number of factors, including volatile raw material prices, product manufacturing regulations, and high research and development costs.
Figure: Asia-Pacific Reflective Tape Market Revenue, 2021-2027 (US$ Billion)
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Reflective Tape Market Segment Analysis – By Product Type
The engineer grade segment held the largest share in the reflective tape
market in 2021 and is forecasted to grow at a CAGR of 2.9% during 2022-2027. It
is the most widely used and least expensive reflective tape. Engineer grade is
popular for vehicle graphics and signs, as well as other applications because
it uses high index glass beads dispersed evenly on a thin flexible film to
create retro-reflectivity. Engineer grade films reflect light at around 75-85
candelas and return it at a wider angle than prismatic tapes. Engineer grade
returns about 30% of the light to the source, with the rest dispersed around
the target, due to the wide dispersion of light. This causes the film to light
up faster than prismatic tapes, allowing it to be seen from a wider range of
angles. As a result, engineer-grade reflective tape is preferred over other
types of tapes, such as pressure sensitive adhesive tapes, resulting in segment
growth.
Reflective Tape Market Segment Analysis – By End-Use Industry
The building & construction segment held the largest share in
the reflective tape market in 2021 and is forecasted to grow at a CAGR of 5.7%
during 2022-2027. This can be attributed to the product's increased use for the
safety of construction workers. Furthermore, these products are designed for
applications that require a high level of visual impact in construction zones,
particularly in potentially dangerous areas. Handrails, low fences, and other
barriers can also be difficult to notice, especially in an unfamiliar parking
lot or driveway. As people navigate a narrow parking lot or a curved driveway,
reflective tape can help to highlight these objects. Additionally, it is frequently
used in airports and railways to improve safety during dawn, dusk, or inclement
weather. As a result, the widespread use of reflective tapes in the building
and construction industry is a major factor driving demand in this industry.
Reflective Tape Market Segment Analysis – By Geography
Asia-Pacific region held a significant share in the reflective tape market in 2021 up to 37% and is forecasted to grow at a CAGR of 4.8% during 2022-2027, owing to spiraling demand for reflective tape from the APAC growing building and construction sector. The building and construction sector is expanding in Asia-Pacific countries, owing to rising urbanization and population growth. According to the India Brand Equity Foundation (IBEF), the Ministry of Road Transport and Highways built 2,284 kilometers of national highways in June 2021, compared to 1,681 kilometers in June 2020. China completed the construction of a strategic highway connecting Pad Township in Nyingchi city and Baibung in Medog County in May 2021. Shanxi Electric Power Engineering Co Ltd assisted Thailand in the construction of a solar-powered parking lot in September 2020. The Capital Development Authority (CDA) board approved six multi-story parking plazas in Islamabad's major business districts in April 2021, with a total parking capacity of approximately 3,500 vehicles. The Asian Development Bank and the Government of India signed a US$2.5 million project readiness financing (PRF) loan in June 2021 to support project preparation and design activities to upgrade major district roads in Sikkim, improving connectivity to important towns, rural areas, pilgrimage, and tourist destinations in the northeastern state. With the increasing building and construction activities in APAC, there was an upsurge in the demand for reflective tapes in 2021, thereby boosting the market growth.
Reflective Tape Market Drivers
Increasing Construction of Warehouses
In warehouses, reflective tape can be a highly effective and visible way to mark out either safety areas or hazards. Reflective tapes can be used to create clearance zones around high-voltage equipment, mark drop hazards, and demarcate emergency exit paths in warehouses. Warehouse construction projects are on the rise all over the world. For illustration, the Sharjah Research Technology and Innovation Park (SRTIP) announced new warehouse projects in December 2021, as part of a partnership with the private sector represented by Al Midfa Investments Group (L.L.C), to establish and develop 15 warehouses with special technical specifications and various sizes at the SRTIP. The project's construction will begin in the first quarter of 2022 and is expected to be completed in the second quarter of the following year, 2023. Levi Strauss & Co., a denim company, announced in April 2021 that it will construct a warehouse logistics property in Germany to meet the Cradle-to-Cradle sustainability standard. The project is scheduled to be completed in 2023. The demand for reflective tape is gradually increasing as a result of these projects. As a result, the growing number of warehouses serves as a market driver for reflective tape.
Thriving Automobile Sector
The demand for these products in automobiles, such as body trim
attachment, paint jobs, and bumper repair, is increasing as traffic congestion
and the number of road accidents increase. To avoid accidents during foggy and
hazy weather, the Regional Transport Office (RTO) has issued guidelines for
attaching reflective tapes that glow at night. The front and back of vehicles
are covered with these tapes. According to the Organisation Internationale des
Constructeurs d'Automobiles (OICA), global heavy truck production increased by
5.0 percent from 4,152,408 in 2019 to 4,361,421 in 2020. As a result of the
booming automobile industry, demand for reflective tapes is expected to rise,
propelling the reflective tape market forward. Due to poorly parked stationary
vehicles and slow-moving vehicles causing several road mishaps, especially in
foggy weather conditions, the traffic wing of the Ludhiana police decided to
install reflective tapes on heavy vehicles such as tipper trucks, tractor-trailers,
and garbage trucks in December 2021. Government initiatives like these are
accelerating market growth.
Reflective Tape Market Challenges
Strict Regulation Pertaining to Reflective Tape
Reflective tape, for illustration, is governed by several standards:
AS/NZS 4602:1999 is a standard that was published in 1999. EN471:1994 'High
visibility warning garments' combines material specifications and garment
design, while EN471:1994 'High visibility safety garments' refers to the
materials covered. Although the concepts are similar, the Australian Standards
differ in detail. In December 2020, the International Road Federation (IRF)
urged the government to ensure that a motor vehicle rule requiring the
installation of reflectors and tapes on vehicles is strictly enforced to
prevent accidents involving stationary vehicles. In a letter to Road Transport,
Highways, and MSMEs Minister Nitin Gadkari, the International Road Federation
(IRF) expressed grave concern about the rising number of crashes involving such
vehicles and urged immediate action. IRF requested that Rule 104 of the Central
Motor Vehicle Rules (CMVR) be strictly enforced, which mandates the installation
of reflectors and reflective tapes on all types of commercial vehicles in the
country. The market for reflective tape is expected to be stifled by such
stringent regulations.
Reflective Tape Industry Outlook
Technology launches,
acquisitions, and R&D activities are key strategies adopted by players in
the market. Reflective tape market top 10 companies include:
- The 3M Company
- Scapa Group Plc
- AFT Company
- Creative Safety Supply, LLC
- Adhere Industrial Tapes Ltd
- Denka Company Limited
- Avery Dennison Corporation
- ORAFOL Europe GmbH
- DM Reflective Material India PVT LTD
- Albea S.A.
Recent Developments
- In January 2020, Oralite reflective tapes have been introduced by ORAFOL. Six new reflective garment tapes have been released by the company, each of which improves the wearer's visibility and safety while also improving user comfort. ORALITE GP 030P, ORALITE GP 090P, and ORALITE GP 095P are the new perforated tapes.
Relevant Reports
Retro-Reflective Materials Market - Forecast 2021 –
2026
Report Code: CMR 84707
Specular Reflective Material Market Forecast 2022 To 2027
Report Code: CMR 59412
For more Chemicals and Materials Market reports, please click here