The global UV tapes market is projected to be valued at USD 558.4 million in 2023 and is expected to reach USD 1,297.9 million by 2033, securing a CAGR of 8.8% during the forecast period.
The Popularity of UV Tapes Drives the Global Market
The demand for UV tapes is a significant driver in the global market, attributed to their unique design that cures using ultraviolet light. These tapes are widely utilized across various end-use industries, including healthcare, electronics, and automotive. The growing popularity of UV tapes is due to several factors, including:
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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.
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.
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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.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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