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Reflective Tape Market Growing at a CAGR of 3.2% During 2022-2027

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Reflective Tape Market Growing at a CAGR of 3.2% During 2022-2027

May 04
11:15 2022
Reflective Tape Market Growing at a CAGR of 3.2% During 2022-2027
Reflective Tape Market | IndustryARC
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.

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 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.

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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.

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Reflective Tape Market Challenges

Strict Regulation Pertaining to Reflective TapeReflective 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

PlcAFT 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.

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.

Relevant Reports

Retro-Reflective Materials Market – Forecast 2021 – 2026

https://www.industryarc.com/Research/Retro-reflective-Materials-Market-Research-500284

For more Chemicals and Materials Market reports, please click here

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