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.
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.
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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.
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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 plcHuawei
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.
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
Relevant Report
Reflective Polarizing Films Market – Forecast (2021 - 2026)
https://www.industryarc.com/Research/Reflective-Polarizing-Films-Market-Research-501531
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