The global UV tapes market is estimated to be valued at US$ 558.4 million in 2023 and is anticipated to reach US$ 1,297.9 million by 2033. The market is estimated to secure a CAGR of 8.8% during the forecast period.
The Popularity of UV Tapes Upsurge the Global Market
The demand for UV tapes is a significant drive in the global market due to their design to cure using ultraviolet light. These tapes are widely used in several end-use industries, such as healthcare, electronics, and automotive. The popularity of UV tapes is attributed to various factors, including:
UV tapes are highly adopted due to their various advantages compared to traditional tapes, including chemical resistance. These tapes provide strong bonds, high temperatures, fast curing times, and high chemical resistance. The popularity of UV tapes is rising due to their versatility, durability, and reliability.
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The demand for electronic devices is increasing, surging the adoption of UV tapes. These tapes are heavily used in manufacturing, electronics, semiconductors, and printed circuit boards. These tapes reduce damage to sensitive electronic goods and expand the market size.
The adoption of UV tapes is gaining huge popularity for their eco-friendly nature. These tapes are making the environment more friendly by reducing carbon footprints. Adopting advanced technology, such as UV curing technology, further fuels the global market.
These factors are estimated to continue to drive the global market during the forecast period. Manufacturers are continuing to innovate advanced products to attract more consumers.
Key Takeaways:
· The UV tapes market is estimated to register a valuation of US$ 558.4 million with a CAGR of 8.8% in 2023.
· In the historical period, the market secured a valuation of US$ 512.3 million with a CAGR of 9% in 2022.
· The United States is estimated to secure a share of 31% in the global market during the forecast period.
· With a share of 12.3%, Germany is estimated to drive the global market by 2033.
· Japan is anticipated to drive the global market with a share of 5.1% in the global market by 2033.
How Key Players Uplift the Global Market?
The global market is highly fragmented by the number of key players globally. These players are making innovative, improved, advanced products to satisfy consumers' desires. They are investing huge amounts in research and development activities to develop innovative products to uplift the market size.
Key players are filling their gaps after taking feedback from their genuine consumers to increase their sales. They adopt various marketing strategies to drive the market to another level. These marketing tactics are mergers, acquisitions, collaborations, product launches, and partnerships.
Recent Developments in the Global Market are:
In 2021, Nitto Denko Corporation announced its newly launched UV-curable tapes. These tapes are developed for various medical, electronics, and automotive applications. The company invests in research and development to enhance the performance of its UV tapes.
Key Companies Profiled
BASF SE
Henkel AG & Company
The Furukawa Electric Co. Ltd
Mitsui Chemicals Group
AI Technology Inc.
Denka Company Limited
Ultron Systens Inc.
Nitto Denko Corporation
Lintec Corporation
Sumitomo Bakelite Co. Ltd.
UV Tapes Market by Category
By Product Type:
Polyolefin (PO)
Polyethylene Terephthalate (PET)
Polyvinyl Chloride (PVC)
Others
By Application:
Wafer Dicing
Back-grinding
Others
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa