Increasing Government Regulations to Provide Tailwinds to Reflective Fabrics Market, Opines Fact.MR
Published : 07 Apr 2021 Industry: Chemical & Materials
Strict regulations being brought into action by various government bodies and organizations across regions is set to bolster demand for reflective fabrics and provide higher growth opportunity to the market over the long-term forecast period. Also, growing inclination towards the incorporation of reflective fabrics as a low-impact material for urban heat island effect and inclusion in fashion apparels and accessories will open new avenues for manufacturers in the future.
However, failure of reflective fabrics in being durable for a long time is expected to turn the tables and hamper market growth to some extent. On the other hand, constant growth in R&D expenditure on reflective fabrics is set to overcome this restraint and provide a driving force to the demand for reflective fabrics over the coming years.
As per Fact.MR analysis, the global reflective fabrics market is set to expand at a noteworthy CAGR of more than 7% through 2031.
Key Takeaways from Market Study
- The global reflective fabrics market is anticipated to add 2.X value in 2031 as compared to 2021.
- Construction end-use captures a governing share in the demand for reflective fabrics, and is set to create US$ 404 Mn opportunity over the next ten years.
- Cloth is the fastest-growing product segment in this market, owing to rapid growth of inclusion in the fashion industry all across the world.
- North America is set to dominate market revenue in 2021, and is expected to gain 83 BPS in its market share by 2031.
- Glass beads and ceramics are anticipated to lose around 246 BPS over the forecast period of 2021-2031.
- The United States of America, China, and India are key countries governing demand for reflective fabrics.
“Market growth is set to trace its moves in accordance with the growth of end-use industries, with the construction industry leading the way,”says a Fact.MR analyst.
Fragmented High Potential Market: Competition Tuning Factor
Key manufacturers of reflective fabrics are 3M Co., Avery Dennison Corporation, Doaming Optics and Chemicals, Hangzhou Chinastars Reflective Material Co., Ltd., Orafol Europe GmbH, Reflomax, Roadstar Reflective Material Co., Ltd., Safde Reflections Inc., Schoeller Textiles AG, and Viz Reflectives. The market is fragmented with more than a hundred players positioned all across the globe.
Growing demand for reflective fabrics from various end-use industries and complying with guidelines making reflective fabrics compulsory have allowed the market valuation to grow to new heights in the past half-decade. Despite the market being fragmented, higher potential of the product will attract new players to this space.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global reflective fabrics market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of reflective element (glass beads and ceramics and micro prismatic), product (cloth, tapes, sheets & films, and others), application (apparel & accessories, transportation, roadside facilities and decorations, and others), and end use (construction, aviation & aerospace, oil, gas & petroleum, maintenance, mining, and others) across six major regions of the world (North America, Latin America. Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemicals & Materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the Chemicals & Materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Chemicals & Materials Division