Press release
Traffic Control Device Tape Market is expected to reach US$ 9.6 Billion in 2032
Future Market Insights
In 2022, the market for traffic control device tape is anticipated to reach US$ 4.1 billion. Tapes for traffic control devices are frequently used to regulate both foot and vehicle traffic. When a road is closed or when there is a hazard, these serve as transient traffic signals to reroute traffic.
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How Are Manufacturers Driving the Asia Pacific Traffic Control Device Tape Market?
The urgent need for barricade tapes in highly populated countries, such as India and China is likely to drive the Asia Pacific traffic control device tape market share in future years. Painting for warning or caution signs is a time consuming process and thus companies are preferring traffic control device tapes to avoid the inconvenience.
The presence of a large number of local manufacturers, especially in China would also create new growth opportunities in Asia Pacific. Besides, the country exports raw materials in other parts of the globe with the availability of low cost materials and labor. This factor would also enable manufacturers to generate more sales in the Asia Pacific market.
Are governmental regulations boosting North America's market for traffic control device tape?
According to predictions, North America will continue to come in second place in the following years, followed by Asia Pacific. It is anticipated that rising automobile production and sales in the United States and Canada will be positive for the local market. Another important aspect that is projected to drive the market is the swift expansion of the logistics and transportation sectors in this area.
Furthermore, it is predicted that in North America throughout the assessment period, the market for traffic control device tapes will increase due to strict government regulations aimed at enhancing road safety. Additionally, raising consumer awareness of accident prevention and driver safety is probably going to help the local market flourish.
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Market Competition
Some of the prominent companies present in the global traffic control device tape market include
Vibac,
3M Company,
Advance Tapes International Ltd.,
Kruse Adhesive Tape, Inc.,
Scapa,
Surface Shields, and
Nitto Denko Corp. among others.
Leading companies operating in the global market are increasingly focusing on introducing new products to fulfill the high unmet demand from end-user industries. Meanwhile, a few other companies are aiming to strengthen their positions in the global market by collaborating with renowned players and acquiring small-scale enterprises.
Key Segments Profiled in the Traffic Control Device Tape Industry Survey
By Material:
Polyethylene
Polypropylene
Nylon
Others
By Product Type:
Adhesive
Non-adhesive
By Region:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa
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About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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