The India reflective tapes market size is likely to reach USD 304.9 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 2.7% during the forecast period. Increasing product usage in automobiles, driveways, airports, shipyards, home appliances, and safety clothing is expected to propel the market.
Specific regulations regarding the use of reflective materials for vehicles, by the Regional Transport Office (RTO), to avoid accidence is estimated to bolster the demand for the product in automotive applications. In addition, several regulations from the Indian government for enhancing safety in Indian roadways and industrial facilities is anticipated to escalate the growth of the market.
Rising traffic management complications coupled with increasing number of road accidents have led the Indian government to improve country’s road infrastructures, thereby enhancing safety for both vehicles and people. Repair and maintenance are considered as the primary need in the present scenario, which is projected to boost the demand for illuminating reflective strips over the forecast period.
Industry participants compete on the basis of advanced technological innovations and new product development. In addition, companies dominate buyer’s power concerning to prices and availability of raw material for manufacturing final products, which comply with governmental regulations.
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Further key findings from the report suggest:
Engineer grade glass bead reflective tapes are poised to witness a CAGR of 3.0% during the forecast period, on account of properties such as less reflective, affordable, and reflection of light back at a wider angle as compared to other tapes
The automobile segment is estimated to register a CAGR of 2.8% from 2018 to 2025, owing to growing mandates by the Indian government regarding the application of reflective tapes in automobiles in order to increase passenger safety
Major players in the industry are marketing their products by providing extensive product portfolio for catering to demand from diverse sectors, thereby obtaining a competitive edge in the market.
Metalized micro-prismatic reflective tapes were valued at USD 61.9 million in 2017. They are likely to experience significant growth over the coming years owing to their ability to withstand harsh conditions
The clothing application segment is expected to expand at a CAGR of 1.9% owing to surging demand for personal protective clothing
Grand View Research has segmented the India reflective tapes market on the basis of product and application:
India Reflective Tapes Product Outlook (Revenue, USD Million, 2014 – 2025)
Engineer Grade Glass Bead Reflective Tape
High Intensity Glass Bead Reflective Tape
Metalized Micro-Prismatic Reflective Tape
Non Metalized Micro-Prismatic Reflective Tape
India Reflective Tapes Application Outlook (Revenue, USD Million, 2014 – 2025)
Building & Construction