The barricade tape market, as analyzed by Future Market Insights (FMI), is set for positive development till 2023, with a 2.2% year-over-year rise in global sales. Anticipated to generate $1.13 billion in 2023, the market is on track to reach $1.74 billion by 2033, exhibiting a 4.4% compound annual growth rate between 2023 and 2033. FMI’s projection of heightened competition underscores the top 5 providers capturing 15 to 20% of the barricade tape market in 2023.
Barricade tape, a vital cautionary tool for marking danger zones and restricted areas, is characterized by its visibility, durability, and lightweight design. The market’s notable expansion stems from heightened safety demands across industries like construction, manufacturing, and transportation. The construction industry’s global boom is a primary catalyst, with increasing projects in developed and developing countries. Escalating demand for effective danger zone demarcation and construction site security further propels the need for barricade tape solutions.
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Different coloured barricading tapes are manufactured by key players for indication of different types of dangers or hazards. Also, different types of printed tapes are used to alert people to various types of hazards.
For instance- red/white coloured tape for fire prevention & protective equipment, yellow/black coloured tape for caution, and red coloured tape for serious hazards and dangers.
Availability of a large number of colours in barricade tapes containing different texts for various threats is expected to fuel the demand for barricade tapes. End-users are focusing on providing end-user industries with the best-suited barricade tapes, printed with colours and text, indicating the potential hazards in their respective industries.
Key Takeaways from Barricade Tapes Market
- Barricade tapes with a thickness ranging from 6 to 8mm is expected to record growth at 5% CAGR between 2021 and 2031. Barricade tapes with medium thickness offer cost-effective, durable and lightweight soft barricading solutions for end-use industries across the globe.
- Expansion of building & construction industry across the U.S. will offer a total incremental opportunity of US$ 140 Mn over the next decade.
- Easy availability, flexibility and hassle-free production process makes plastic as most preferred material by barricade tapes manufacturers across the regions. Plastic barricade tape is expected to account for 60% share in 2021.
- Sales of barricade tapes used in industrial end users are anticipated to exhibit growth at 5% CAGR between 2021 and 2031, on the back of favourable stringent regulation for safety of employees and labor.
- Germany is expected to be the largest market for barricade tapes in Europe accounting for almost 20% market share in 2021.
“Upgradation of workplace safety laws, along with the expansion of end-use industries such as automotive, construction, mining, and manufacturing will result in increased demand for barricade tapes across the globe. Moreover, producers of barricade tapes are developing sustainable tapes to woo environmentally conscious consumers across the globe,” says FMI analyst.
Increasing Popularity of Custom-built Barricade Tapes Showcases Intrinsic Growth Potential
In the modern-day, customized products and services are witnessing exponential growth, as people are more attracted towards a product or solution specifically designed to fulfil their needs. Customized products are more in demand as these products are tailor-made as a solution to existing problems faced by end-user industries.
Major manufacturers operating in the global barricade tapes market are eyeing various differentiation strategies to gain competitive edge and maintain dominance in the market. To offer unique versions of barricade tapes, these companies are offering a variety of customized options to end-user industries, in which clients choose the design, material, color and text written on the barricade tapes as per their needs.
Custom-built barricade tapes are expected to create a huge uproar in demand for barricade tapes across all regions and offer lucrative opportunities to the market players.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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