Specular Reflective Material Market - Forecast(2024 - 2030)
Specular Reflective Material Market Overview
Specular Reflective Material Market
size is expected to be valued at US$6.4 billion by the end of the year 2027 and
it is set to grow at a CAGR of 4.6%
during the forecast period from 2022-2027. As described by fresnel’s equation and kramers-kronig transform, specular
reflective material with an index
of refraction of 1 or more, is one of the commonly used mirrors in
various end use industry. Specular
reflective mirrors are also called as dielectric mirror, which provides greater selectivity for
reflection wavelengths and reflectivity, making dielectric mirror suitable for various
applications ranging from optical uses, display technology and space
technology. The specular reflection of a material is also easy to be estimated
with the use of glossmeter,
an instrument which measures the specular reflection of a surface. Furthermore,
the increasing demand from construction sector and automotive sector is one of
the key factors driving the specular reflective material market.
COVID-19 impact
Amid the Covid-19 pandemic, the specular
reflective material market witnessed a major downfall in the growth and demand
owing to the many economical and legal restrictions being imposed by countries
across the world. There were restrictions and bans on export, import and other
inter-country and inter-state activities, which further affected the specular
reflective material market in terms of production, sales and distribution. The
restrictions were in effect for the major part of the year 2020. However, the
restrictions got eased out and the bans were lifted during the beginning of the
year 2021 when the Covid-19 cases were decreasing. The specular reflective
material market is expected to grow by the year end of 2021.
Report Coverage
The report: “Specular Reflective Material Market – Forecast (2022-2027)”, by
IndustryARC, covers an in-depth analysis of the following segments of the Specular
Reflective Material Industry.
By
Product: Polyurethane (PU), Polyvinyl Chloride (PVC), Thermoplastic
Polyurethane (TPU) and Others.
By Form: Film, Fabric, Tape, Reflective Strips and Others.
By End-Use Industry: Building and Construction Industry,
Automotive, Aerospace and Others.
By Geography: North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).
Key Takeaways
- Asia-Pacific market held the largest share in the specular reflective material market owing to the increasing population coupled with the increase in demand for infrastructure facilities is driving the specular reflective material market in the Asia Pacific region.
- The increasing production of glass & ceramic and related products is one of the major factors driving the specular reflective material market.
- The growing demand from the automotive industry is also majorly driving the specular reflective material market.
- Amid the Covid-19 pandemic, the specular reflective material market witnessed a major downfall due to the various restrictions laid down by countries across the globe.
FIGURE: Specular Reflective Material Market Revenue, 2021-2027 (US$ Billion)
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Specular Reflective Material Market Segment Analysis – By Product
Polyvinyl Chloride (PVC) segment held the largest share of 38% in the specular reflective material market in the year 2021. Polyvinyl chloride (PVC) is used in a wide range of applications ranging from window panes, piping, medical devices, cables and wire insulation, flooring, roofing, automotive interiors and many others. The increase in application from these end use industries and applications is further driving the demand for polyvinyl chloride (PVC) in the specular reflective material market. According to Global Construction Perspectives and Oxford Economics report, the global construction industry is estimated to reach US$8 trillion by the year 2030. This will drive the demand for applications in flooring, roofing and window applications, which will further drive the demand for polyvinyl chloride (PVC) in the specular reflective material market.
Specular Reflective Material Market Segment Analysis – By Form
Film segment held the largest
share of 40% in the specular
reflective material market in the year 2021. Specular reflective film is
used on mirrors and other applications like window panels on cars, in windows
of buildings and others. This is driving the demand for specular reflective
film in the specular reflective material market. Specular reflective film is
easy to install and does not require much expertise. Specular reflective film
also has a less index of refraction. Therefore, it can be used even by
commercial users. This is majorly driving the demand for specular reflective
film in the specular reflective material market.
Specular Reflective Material Market Segment Analysis – By End-Use Industry
Automotive industry held the largest share of 41% in the
specular reflective material market in the year 2021. The increase in
the production of cars and vehicles across the globe is one of the significant
factors driving the specular reflective material market. For instance, according to the International Organization
of Motor Vehicle Manufacturers, the global production of automobile stood at
21,084,417 units during January-March 2021, an increase of 16.9% from
18,036,164 units from January-March 2020. This is driving the need for automotive parts
like rear view glass, interiors, seat coverings and others which is driving the
demand for specular reflective material market in the automobile industry.
Specular Reflective Material Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 45% in the specular reflective material market in the year 2021. The rapid growth of population in countries like India and China coupled with the countries’ high dependence on end use industries like building & construction and automotive industry is driving the demand for specular reflective material as it is used in various applications of these end use industries. In the long-term development plan for automotive industry, the Chinese government set a goal for 2020, to reach and annual sales of 2 million for their new energy vehicles (NEV). Furthermore, the Indian auto-components industry was estimated to be valued at US$49.3 billion during the year 2020. The domestic automobile production in India increased at 6.96% during the year 2019 with a 30.9 million units production of automobile. Additionally, according to International Trade Administration (ITA), South Korea doubled the number of automobile exports to 50,000 units per year to US from the year 2021 according to KORUS FTA. This will majorly drive the demand for specular reflective material market in the Asia Pacific region.
Specular Reflective Material Market Drivers
The Increasing Production of Glass and Ceramic
The increase in production of glass & ceramic and related products is one of the significant factors driving the demand for specular reflective material market. For instance, according to Glass Alliance Europe, the glass production in Europe reached 37.2 million tonnes, an increase of 1.8% compared to the previous year 2018. Likewise in the US, according to the Bureau of Economic Analysis of US, the total value of glass and glass product manufacturing industry was valued at US$3.83 trillion in the year 2020, an increase of 0.26% from the previous year value The increase in production of glass and ceramics is driving the demand for specular reflective material market, as it is commonly used in producing dielectric mirror/products.
Increasing Demand from Automotive Industry
The increase in production of the automotive industry is one of the significant contributors for the growth of the specular reflective material market. Specular reflective material is used in various application of the automotive industry, ranging from the glass panels, rear view mirrors and others. Therefore, the increase in the growth of automotive industry is further driving the demand for specular reflective material market. According to International Organization of Motor Vehicle Manufacturers (OICA), even though the automotive industry production declined by 13.77% in the year 2020 due to the global pandemic, the automobile industry is estimated to bounce back on track in the coming days. This will drive the demand for specular reflective material market during the forecast period.
Specular Reflective Material Market Challenges
Strict regulations related to VOC emission
The production of specular reflective
material releases volatile organic compounds in the environment which is highly
dangerous for the life forms on earth. This is one of the major challenges
faced by the specular reflective material market. There are various regulations
related to VOC emission which is hindering the growth of the specular
reflective material market. In most countries, the limit set for the content of
such volatile organic compounds, like lead is 90 parts per million (ppm) total
lead content, based on the weight of the total non-volatile content of the
paint. Any amount beyond the specified limit will attract legal actions. This
will further hamper the growth of the specular reflective material market.
Specular Reflective Material Market Industry Outlook
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Specular Reflective Material Market. Major players in the Specular Reflective Material Market are:
- 3M
- Zhejiang Gko
- Lambda
- Anometal
- Safe Reflections
- Coats Group plc
- Huawei
- Asian Paints Ltd.
- Avery Dennison
- Nippon Carbide Industries Co., Inc among others.
Acquisitions/Technology Launches
On 06 August 2020, Bemis Associates Inc., a leading manufacturer of thermoplastic films and tapes announced the acquisition of Safe Reflections International LLC. The acquisition will help the Bemis Associates Inc. to strengthen the product portfolio.
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LIST OF TABLES
1.Global Global Specular Reflective Material Market, By Product Market 2023-2030 ($M)1.1 Polyvinyl Chloride Market 2023-2030 ($M) - Global Industry Research
1.2 Polyurethane Market 2023-2030 ($M) - Global Industry Research
1.3 Thermoplastic Polyurethane Market 2023-2030 ($M) - Global Industry Research
2.Global Global Specular Reflective Material Market, By Product Market 2023-2030 (Volume/Units)
2.1 Polyvinyl Chloride Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 Polyurethane Market 2023-2030 (Volume/Units) - Global Industry Research
2.3 Thermoplastic Polyurethane Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Global Specular Reflective Material Market, By Product Market 2023-2030 ($M)
3.1 Polyvinyl Chloride Market 2023-2030 ($M) - Regional Industry Research
3.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
3.3 Thermoplastic Polyurethane Market 2023-2030 ($M) - Regional Industry Research
4.South America Global Specular Reflective Material Market, By Product Market 2023-2030 ($M)
4.1 Polyvinyl Chloride Market 2023-2030 ($M) - Regional Industry Research
4.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
4.3 Thermoplastic Polyurethane Market 2023-2030 ($M) - Regional Industry Research
5.Europe Global Specular Reflective Material Market, By Product Market 2023-2030 ($M)
5.1 Polyvinyl Chloride Market 2023-2030 ($M) - Regional Industry Research
5.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
5.3 Thermoplastic Polyurethane Market 2023-2030 ($M) - Regional Industry Research
6.APAC Global Specular Reflective Material Market, By Product Market 2023-2030 ($M)
6.1 Polyvinyl Chloride Market 2023-2030 ($M) - Regional Industry Research
6.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
6.3 Thermoplastic Polyurethane Market 2023-2030 ($M) - Regional Industry Research
7.MENA Global Specular Reflective Material Market, By Product Market 2023-2030 ($M)
7.1 Polyvinyl Chloride Market 2023-2030 ($M) - Regional Industry Research
7.2 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
7.3 Thermoplastic Polyurethane Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Specular Reflective Material Market Revenue, 2023-2030 ($M)2.Canada Specular Reflective Material Market Revenue, 2023-2030 ($M)
3.Mexico Specular Reflective Material Market Revenue, 2023-2030 ($M)
4.Brazil Specular Reflective Material Market Revenue, 2023-2030 ($M)
5.Argentina Specular Reflective Material Market Revenue, 2023-2030 ($M)
6.Peru Specular Reflective Material Market Revenue, 2023-2030 ($M)
7.Colombia Specular Reflective Material Market Revenue, 2023-2030 ($M)
8.Chile Specular Reflective Material Market Revenue, 2023-2030 ($M)
9.Rest of South America Specular Reflective Material Market Revenue, 2023-2030 ($M)
10.UK Specular Reflective Material Market Revenue, 2023-2030 ($M)
11.Germany Specular Reflective Material Market Revenue, 2023-2030 ($M)
12.France Specular Reflective Material Market Revenue, 2023-2030 ($M)
13.Italy Specular Reflective Material Market Revenue, 2023-2030 ($M)
14.Spain Specular Reflective Material Market Revenue, 2023-2030 ($M)
15.Rest of Europe Specular Reflective Material Market Revenue, 2023-2030 ($M)
16.China Specular Reflective Material Market Revenue, 2023-2030 ($M)
17.India Specular Reflective Material Market Revenue, 2023-2030 ($M)
18.Japan Specular Reflective Material Market Revenue, 2023-2030 ($M)
19.South Korea Specular Reflective Material Market Revenue, 2023-2030 ($M)
20.South Africa Specular Reflective Material Market Revenue, 2023-2030 ($M)
21.North America Specular Reflective Material By Application
22.South America Specular Reflective Material By Application
23.Europe Specular Reflective Material By Application
24.APAC Specular Reflective Material By Application
25.MENA Specular Reflective Material By Application
26.3M Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Anometal, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Huawei, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Zhejiang Gko, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Lambda, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Safe Reflection, Sales /Revenue, 2015-2018 ($Mn/$Bn)