Global Reflective Sheeting Market Report to 2030: Increasing Use of Reflective Sheeting for Autonomous Vehicle Navigation Drives Growth

DUBLIN, April 3, 2023 /PRNewswire/ -- The "Global Reflective Sheeting Market by Type (Micro Prismatic, Micro Glass Bead, and Others), Application (Road Signs, Vehicles, Transport and Communication Facilities, and Others), and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global market for reflective sheeting was valued at USD 3.34 billion in 2021, and is projected to achieve a revenue compound annual growth rate (CAGR) of 2.4% during the forecast period.

Companies Mentioned

3M

Avery Dennison

Nippon Carbide Industries Co. Ltd

ORAFOL Europe GmbH

REFLOMAX

Viz Reflectives

Daoming Optics & Chemicals

Changzhou Hua R Sheng Reflective Material Co. Ltd.

Yangzhou Tongming Reflective Material Co. Ltd

Yeshili NEW Materials Co. Ltd

The market growth is attributed to several key factors, including the rising demand for reflective sheeting in road signs and construction work, the growing adoption of reflective sheeting in safety clothing, and the increasing use of reflective sheeting in factories to enhance the scanning range of barcodes.Reflective sheeting is a highly versatile retroreflective material that is widely used to improve nighttime visibility of high-visibility clothing, traffic signs, and other objects, ensuring that they can be seen safely and effectively in low-light conditions. In recent years, these sheets have been extensively utilized in various applications such as motion pictures, autonomous vehicle navigation, and as a material for increasing barcode scanning range in factory settings.

Retroreflective sheeting redirects light from an approaching vehicle's beams back to the source, making traffic signs, construction equipment, commercial trucks, rail cars, emergency vehicles, and slowly moving vehicles all clearly visible, thereby driving high demand for these sheets in these applications.The need for high-visibility signal sheets to prevent accidents and enhance road safety has become increasingly critical, especially given the rise in traffic accidents worldwide. According to the World Health Organization (WHO), approximately 1.3 million people die in traffic accidents each year, and many more suffer non-fatal injuries or disabilities, resulting in significant economic losses for countries. As a result, the demand for reflective sheeting has surged, and this trend is expected to drive the market's revenue growth.Market Dynamics

Driver:

Increasing Use of Reflective Sheeting for Autonomous Vehicle NavigationReflective sheeting is increasingly being utilized to provide a clear way for autonomous vehicles to navigate visually. For instance, SpaceX's Hypertube test track uses strips of retroreflective tape to provide navigation inputs to prototype hyperloop pod vehicles.

Autonomous vehicles face many challenges in recognizing traffic signs, especially in real-world scenarios. Smart traffic signs composed of reflective material could provide more signals for future systems that combine lidar and visual pattern recognition to recognize key traffic indicators.

Moreover, the growing trend of autonomous vehicles is expected to create high demand for reflective sheeting in the forecast period. According to research, the self-driving vehicle market is growing by 16% annually worldwide, and by 2040, 66% of China's passenger-kilometer cars will be automated.Restraint:

Volatility in Raw Material PricesFluctuating and volatile prices of commodities such as reflective aluminum, copper, glass beads, and micro prisms are major factors that are hindering the market's revenue growth. In addition, the volatile and rising prices of raw materials increase the production cost of reflective sheeting. Furthermore, the constant modification of stringent environmental regulatory laws focused on the use of low-impact content and product recycling is expected to constrain revenue growth of the market.

Key Topics Covered: Chapter 1. Market SynopsisChapter 2. Executive SummaryChapter 3. Indicative MetricsChapter 4. Reflective Sheeting Market Segmentation & Impact Analysis4.1. Reflective Sheeting Market Segmentation Analysis4.2. Industrial Outlook4.2.1. Market indicators analysis4.2.2. Market drivers' analysis4.2.2.1. Rising demand for reflective sheeting in road signs4.2.2.2. Rising adoption of reflective sheeting in safety clothing4.2.2.3. Rising demand for reflective sheeting in construction work4.2.2.4. Growing trend to use reflective sheeting for autonomous vehicle navigation4.2.2.5. Rising use of reflective sheeting in factories to enhance scanning range of barcodes4.2.3. Market restraints analysis4.2.3.1. Low levels of advanced driving alerts4.2.3.2. Absence of fluorescent lighting4.2.3.3. Volatile prices of raw materials4.3. Technological Insights4.4. Regulatory Framework4.5. ETOP Analysis4.6. Porter's Five Forces Analysis4.7. Competitive Metric Space Analysis4.8. Price Trend Analysis4.9. Customer Mapping4.10. COVID-19 Impact Analysis4.11. Global Recession InfluenceChapter 5. Reflective Sheeting Market By Type Insights & TrendsChapter 6. Reflective Sheeting Market By Application Insights & TrendsChapter 7. Reflective Sheeting Market Regional OutlookChapter 8. Competitive Landscape8.1. Market Revenue Share By Manufacturers8.2. Manufacturing Cost Breakdown Analysis8.3. Mergers & Acquisitions8.4. Market Positioning8.5. Strategy Benchmarking8.6. Vendor LandscapeChapter 9. Company Profiles

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