Portland, OR, Oct. 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global reflective tape market garnered $3.5 billion in 2021, and is estimated to generate $6.8 billion by 2031, manifesting a CAGR of 6.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.5 billion |
| Market Size in 2031 | $6.8 billion |
| CAGR | 6.9% |
| No. of Pages in Report | 340 |
| Segments covered | Material Type, Product Type, End Use Industry, and Region |
| Drivers | Surge in demand for reflective tapes in renewable energy infrastructure, auto components, electric vehicles, and industrial sector |
| Opportunities | Several manufacturers have increased their production capacities for reflective tapes due to its high demand in manufacturing plants, construction sites, factories, and petrochemical sector |
| Restraints | Lack of awareness among people regarding the benefits and usage of reflective tapes Strict government norms and regulations on the plastic-based reflective tape products Fluctuation in the prices of raw material of reflective tapes |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global reflective tape market, owing to implementation of global lockdown which hampered its end use industry and reduced the demand for reflective tape across every sector.
- Reflective tapes are excellent source of adhesion on high temperature and have the ability to self-seal due to which they are widely used on roofing, indoor and outdoor applications. This factor is expected to enhance the demand for reflective tape on indoor and outdoor application in the post-pandemic.
The research provides detailed segmentation of the global reflective tape market based on Material Type, Product Type, End Use Industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on material type, the plastic resin segment held the highest share in 2021, accounting for nearly one-third of the global reflective tape market, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 7.4% from 2022 to 2031.
Based on product type, the double-sided reflective tape segment accounted for the highest share in 2021, contributing to nearly two-thirds of the global reflective tape market, and is expected to maintain its lead in terms of revenue during the forecast period. Moreover, the same segment is expected to manifest the highest CAGR of 7.1% from 2022 to 2031.
Based on end use industry, the building and construction segment accounted for the highest share in 2021, holding around one-third of the global reflective tape market, and is expected to continue its leadership status during the forecast period. However, the automotive segment is estimated to grow at the highest CAGR of 7.3% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the total reflective tape market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 7.8% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading market players of the global reflective tape market analyzed in the research include The 3M Company, Acme Supplies Limited, Aggarwal Brothers, Asian Paints, Bostik, DuPont, H.B. Fuller, Henkel AG and Co., Isoltema Group, Jining Xunda Pipe Coating Materials Co. Ltd., Nitto Denko Corporation, Omega Rubber Industries, Saint-Gobain, Scapa Group plc, and Vijay Agency.
The report provides a detailed analysis of these key players of the global reflective tape market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
