NEWARK, Del., Sept. 08, 2022 (GLOBE NEWSWIRE) — The global UV tape market is anticipated to create lucrative growth opportunities during the estimate period of 2022 to 2032 showing a solid 8.6% CAGR. The market size is estimated to be valued at about US$ 512.3 million by 2022 and is expected to reach US$1,168.9 Mr by 2032.
According to historical estimates, the demand for UV tapes grew at a dizzying rate between 2017 and 2021. The consumption of UV tapes is uneven, considering the industries it serves and the demand ranging from electricity and electronics to the building and construction sectors.
The demand for UV tapes is expected to increase during the assessment period and is expected to exhibit a CAGR of 8.6% between 2022 and 2032. The rapid inclination towards working from home is expected to drive the demand of electronic devices worldwide. In addition to this, it is also expected to generate further high demand for semiconductor chips, thereby increasing the sales of UV tapes.
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- The increase in demand for UV tapes is due to its reach in the electrical and electronic adhesives industry, along with the semiconductor process, and is expected to drive the global UV tapes market. According to the estimates published in the latest research report, the global UV tape market has been predicted to be responsible for approximately 7-10% of the global adhesive tape market.
- The UV tape market is expected to benefit from the growing preference for propylene oxide (PO) and polyethylene terephthalate (PET) as carriers over PVC due to their reduced environmental impact.
- Compounds such as PO and PET are able to meet the strict environmental standards surrounding the production of integrated circuits and are easily recyclable, compared to PVC (IC). The market is also expected to grow due to the increasing demand for acrylic adhesive products due to their exceptional adhesive strength.
- Due to the increasing use of static layers by manufacturers, the market is expected to develop at a rapid pace. These static layers also help remove negative charges and protect the wafers from damage. As wafer inspection materials are becoming more sensitive, attributed to their lower thickness, these types of tapes are widely used in cutting and post-grinding applications, which is driving the global market .
- According to World Semiconductor Trade Statistics (WTSS) reports, the global demand for semiconductors is expected to witness an increase of 13.9% by 2022. UV tapes play a crucial role in the semiconductor industry due to their increasing use as adhesive tape in semiconductor manufacturing.
- The Internet of Things (IoT) is expected to be another major development area for semiconductors during the forecast period. Increasing demand for vehicles equipped with airbags, powertrain, telematics and entertainment systems would also boost UV tape sales.
- A growing demand for larger homes with modern and top-notch facilities is seen due to the growing consumer inclination towards luxury living which is expected to drive the need for electronics. Flashing tapes are gaining traction recently as they offer better overall performance and a longer lifespan.
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Dominant players in the UV tape market are focusing on adopting alternative distribution channels such as online platforms to strengthen their presence in various regions of the world. Most of the key players in the market are focusing on sustainability, while other industry players are paying more attention to expanding their existing manufacturing sites to meet the high demand of the semiconductor industry.
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China is expected to dominate the global UV tape market as it is one of the top producers of consumer electronics in the world. It is considered one of the largest electronics manufacturing and supply chain management ecosystems in the world. China is expected to have more than 150 million manufacturing employees and five times as many electronics suppliers as Japan.
Attributing to the advantages offered by UV tapes in the electrical industry, China is expected to create a number of opportunities in the market. The growing adoption of semiconductors in the automotive industry is another reason for the widespread consumption of UV tapes in China.
The automotive sector is expected to drive economic growth in the United States. The growing use of semiconductor chips in air conditioning systems along with radio touch screen infotainment has gained rapid traction which would drive the demand for UV tapes in the US
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UV Tape Market Outlook by Category
By product type:
- Polyolefin (PO)
- Polyethylene Terephthalate (PET)
- polyvinyl chloride (PVC)
- Wafer dice
- Back enamel
- North America
- Latin America
- east asia
- South Asia and the Pacific
- Middle East and Africa
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Table of Contents
1. Executive summary
1.1. Global market outlook
1.2. Demand trends
1.3. Supply trends
1.4. Analysis and recommendations
2. Market overview
2.1. Market coverage / Taxonomy
2.2. Market definition / scope / limitations
3. Key market trends
3.1. Key trends affecting the market
Explore extensive FMI coverage Chemical products and materials Overview of market information:
UV Coatings Market: Global UV Coatings market demand is projected to grow at a healthy 5.2% CAGR between 2021 and 2031. According to the report, the market size reached USD 3.677 billion by 2021 .
UV Absorbers Market: The UV absorbers market which has minimum volatility and maximum thermal stability to stabilize high extrusion temperature polymers is expected to gain traction in the market during the forecast period.
Polyethylene Terephthalate Market: The global polyethylene terephthalate market is expected to reach USD 28.6 billion in 2022, up from USD 27.1 billion in 2021.
UV Cured Coatings Market: The global UV cured coatings market is expected to register a significant CAGR during the forecast period as the demand for UV cured coatings increases over conventional PVC coatings, water-based coatings, powder coatings and high solids coatings.
Polyvinyl Chloride Market: The growth of the global polyvinyl chloride (PVC) market is mainly complemented by high demand in the packaging, automotive, and construction industries.
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