Press release
Reflective Tape Market Analysis and Value Forecast Snapshot by End-use Industry 2018-2028
Reflective tapes, also known as security tapes, reflect light back. Reflective tapes are one of the most user-friendly adhesive tapes. They are convenient to use with their simple peel and stick backing. Reflective tapes are easily visible, both during the day as well as at night. Reflective tapes are basically made from a technological blend of glass droplets, prisms and metals, which create an extremely reflective surface.
Intensifying demand for warning signage, especially in dark or dimly lit areas, to warn people from potential threats will give a boost to the reflective tape market.
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Global Reflective Tape Market Dynamics
One of the key drivers expected to fuel the global reflective tapes market is rising applications of reflective tape in automotive & building and construction industries, especially in the emerging economies of Asia Pacific region. Frequent variations in security related features has paved the way for growth in customized requirements. This provides variety in sizes & colors to fit any unique requirement. Attributed to these above factors, the market for reflective tapes is expected to witness healthy CAGR over the forecast period.
Despite the positive outlook, there are certain factors which might hamper the global reflective tapes market. Developed economies are witnessing a sharp shift towards digitized signage, which is an important factor likely to have a negative impact on the growth of the reflective tapes market. The global reflective tape market is segmented into seven regions: Latin America, North America, Eastern Europe, Western Europe, Middle East and Africa (MEA), Asia Pacific Excluding Japan (APEJ), and Japan.
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Owing to the well-established construction and automotive industries, the North America region is presently leading the market for reflective tapes across the globe. Asia Pacific is expected to display double-digit growth over the forecast period as a result of rapid industrialization in emerging economies, such as China & India. Moreover, the market for reflective tapes in Middle East & Africa region is witnessing high demand from the construction industry.
However, the Latin America market, over the last five years, has seen an economic slow-down in countries, such as Brazil, Venezuela, Argentina, etc., and hence, the market for reflective tapes in this region is projected to witness sluggish growth. Finally, summing the above regional scenario, the market for reflective tapes is projected to witness healthy rate of growth over the forecast period.
The report on reflective tape is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The reflective tape report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The reflective tape report also maps the qualitative impact of various market factors on market segments and geographies.
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