Reflective Tape Market worth USD 402 million by 2034, growing at a CAGR of 2% | Future Market Insights, Inc.
NEWARK, Del, July 01, 2024 (GLOBE NEWSWIRE) -- The reflective tape market in 2024 is valued at around USD 296 million and is anticipated to reach USD 402 million by 2034. The global demand for luminous tapes is expected to witness a considerable CAGR of 2% during the period between 2024 and 2034.
In addition to the development in material science, increasing concerns over accident safety are projected to surge the need for products featuring reflecting tapes, which will spur demand for safety products for safe and secure transportation.
The demand for reflective tape is expected to increase significantly due to several variables that are connected to road safety. Authorities are enforcing harsher limits as traffic congestion and accidents become more commonplace. Regional transportation offices are requiring reflective films to be applied on cars, especially the front and rear, to improve visibility in low-light situations such as fog and haze.
Slow-moving trucks and improperly parked stationary cars are a serious safety risk, particularly in foggy conditions. Regional authorities are pushing hard for reflective tapes to be used on buses, dump trucks, and trailers to reduce this risk. This pattern indicates that using reflective materials to increase road safety is becoming more and more prevalent.
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The automobile sector has a strong need for reflective tapes as a result of this increased emphasis on visibility. Reflective tape applications have become increasingly popular, serving a variety of purposes from improving the looks of body trim to streamlining accident repairs with reflective components. This pattern offers the reflective tape industry a significant window of opportunity, especially when combined with tighter laws and increased public awareness of safety.
“Reflective tapes are likely to see a considerable expansion in the market in the next years as the need for enhanced nighttime and low-visibility vehicle conspicuity increases,” says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Reflective Tape Market Report:
- In the past period, the reflective tape market grew at a 3.2% annual pace. From USD 261 million in 2019 to USD 288 million in 2023, the market value increased dramatically.
- Single-sided tapes are predicted to take the lead in the market over the projected period based on the kind of product. In 2024, the category is predicted to reach a share of 64%.
- In 2024, building and construction applications are expected to command a dominant 46% of the market.
- Throughout the projection period, the industry in the United Kingdom is anticipated to grow at a rate of 3.8%.
- China and India are the top achievers in the Asia Pacific region, with CAGRs of 5.7% and 6.4%, respectively, throughout the projection period.
Competitive Landscape
To take advantage of profitable expansion prospects, major companies in the reflective tape industry are increasingly focusing on unexplored markets in developing and undeveloped nations. These businesses are leading the way in creating tapes that are highly visible from a distance, hoping to lower the number of traffic accidents and satisfy customers who are concerned about safety. These companies are improving road safety and appealing to a wider audience, including industries like automotive, construction, and personal safety, by offering enhanced reflective materials.
The increasing need for safety solutions and the possibility of substantial market development in these areas are the driving forces behind their deliberate entry into emerging countries.
In October 2023, DuPont introduced DuPont Liveo MG 7-9960 Soft Skin Adhesive, a high-adhesion, low-cyclic silicone adhesive for wound care dressings and medical device attachment, suitable for sensitive and fragile skin.
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Key Players of the Reflective Tape Industry
- Bostik
- Isoltema Group
- H.B. Fuller
- Jining Xunda Pipe Coating Materials Co. Ltd
- Saint-Gobain
- 3M Company
- DuPont
- Henkel AG
- Omega Rubber Industries
- Nitto Denko Corporation
- Avery Dennison Corporation
- ALANOD GmbH & Co. KG
- ORAFOL Europe GmbH
- NIPPON CARBIDE INDUSTRIES CO. INC.
- Daoming Reflective Material India Pvt. Ltd.
- Coats Group Plc
- Yeshili New Materials Co. Ltd.
- SKC Co. Ltd.
- Reflomax
- Changzhou Hua R Sheng Reflective Material Co. Ltd
- Scapa Group Plc
- AFT Company
- Creative Safety Supply, LLC
- Adhere Industrial Tapes Ltd
- Denka Company Limited
- DM Reflective Material India Pvt. Ltd.
- Albea S.A.
- Nanolux
- Reflexite (a division of ORAFOL)
Key Segments of the Reflective Tape Industry
By Product Type:
Based on the product types, the industry is divided into single-sided reflective tape and double-sided reflective tape.
By Tape Type:
In terms of tape types, the industry is segregated into engineer grade reflective tape and high intensity reflective tape.
By Application:
Grounded on the application of tapes, the industry is categorized into building and construction, automotive, sports and leisure, marine, clothing, and others.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
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About the Packaging Division at Future Market Insights.
The packaging team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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