PUBLISHER: Grand View Research | PRODUCT CODE: 1404613
PUBLISHER: Grand View Research | PRODUCT CODE: 1404613
The India reflective tapes market size is expected to reach USD 340.5 million by 2030, registering a CAGR of 2.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. 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.