UV Tapes Market to Reach US$ 1,168.9 Mn by 2032 Owing to its Widespread Application in the Electrical and Electronics Industry | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Increasing usage of semiconductor chips in air conditioning systems, as well as radio touchscreen infotainment has gained traction, which would propel the demand for UV tapes. The U.S. is expected to thus remain one of the leading countries in North America and is set to hold nearly 13.9% of value share in the UV tapes market
NEWARK, Del, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The global UV tapes market is anticipated to create lucrative growth opportunities throughout the estimation period from 2022 to 2032 by showcasing a robust CAGR of 8.6%. The market size is estimated to be valued at about US$ 512.3 Mn in 2022 and is predicted to reach US$ 1,168.9 Mn by 2032.
According to the historical estimations, demand for UV tapes grew at a lightning-fast speed between 2017 and 2021. The consumption of UV tapes is uneven, considering the industries it serves and the demand ranging from electrical and electronics to building and construction sectors.
The demand for UV tapes is predicted to surge over the assessment period and is set to exhibit a CAGR of 8.6% between 2022 and 2032. Rapid inclination towards working from home is expected to drive the demand for electronic devices all over the world. In addition to that, it is also anticipated to further generate a high demand for semiconductor chips, therefore increasing sales of UV tapes.
Surging demand for UV tapes is due to its reach in the electrical and electronics adhesives industry, along with in the semiconductor process, and is predicted to drive the global UV tapes market. As per the estimations published in the latest research report, it has been anticipated that the global UV tapes market is accountable for about 7-10% of the overall adhesive’s tapes market.
The UV tapes market is anticipated to benefit from the surging preference for propylene oxide (PO) and polyethylene terephthalate (PET) as carriers over PVC owing to their reduced environmental effect.
Compounds like PO and PET are capable of meeting the stringent environmental standards which are revolving around the production of integrated circuits and are easily recyclable, in comparison to the PVC (ICs). The market is also projected to grow owing to the increasing demand for acrylic adhesive products due to their exceptional adhesive strength.
Due to the rising use of static layers by manufacturers, the market is expected to develop at a lightening fast pace. These static layers also help in eliminating negative charges and safeguarding wafers from harm. Since wafer inspection materials are becoming increasingly sensitive attributing to their lower thickness these types of tapes are widely used throughout dicing and back-grinding applications, which is boosting the global market.
As per the reports by World Semiconductor Trade Statistics (WTSS), the global semiconductor demand is expected to witness a 13.9% surge in 2022. UV tapes play a crucial role in the semiconductor industry owing to their increasing utilization as a semiconductor manufacturing adhesive tape.
The internet of things (IoT) is projected to be yet another significant development area for semiconductors throughout the forecast period. Increasing demand for vehicles equipped with airbags, powertrain, telematics, and infotainment systems would also push sales of UV tapes.
Surging demand for bigger homes with modern and top-notch facilities is witnessed due to the surging inclination of consumers toward luxury living is anticipated to drive the need for electronics. Flashing tapes are gaining traction recently as they provide better all-around performance and longer lifespans.
Dominant players in the UV tapes market are focusing on adopting alternative distribution channels such as online platforms to strengthen their presence across various regions worldwide. Most of the key players in the market are concentrating on sustainability, whereas other industry players are paying more heed to expand their existing manufacturing sites in order to meet the high demand from the semiconductor industry.
More Insights into the UV Tapes Market
China is expected to dominate the global UV tapes market since it is one of the leading producers of consumer electronics in the world. It is considered to be one of the largest electronics manufacturing ecosystems and supply chain management in the whole world. China is expected to garner over 150 million manufacturing employees and five times more electronic suppliers than Japan.
Attributing to the advantages offered by UV tapes in the electrical industry, China is projected to create an array of opportunities in the market. The surging adoption of semiconductors in the automobile industry is yet another reason for the widespread consumption of UV tapes in China.
The automotive sector is projected to fuel economic growth in the United States. Increasing use of semiconductor chips in air conditioning systems along with radio touchscreen infotainment has gained rapid traction which would propel the demand for UV tapes in the U.S.
UV Coatings Market: Demand in the global UV coatings market is projected to increase at a healthy 5.2% CAGR between 2021 and 2031. As per the report, the market size reached US$ 3,677 Mn in 2021.
UV Absorbers Market: UV absorbers Market having minimal volatility and maximal thermal stability to stabilize high extrusion temperature polymers are expected to gain traction in the market over the forecast period.
Polyethylene Terephthalate Market: The global market for polyethylene terephthalate is forecast to reach US$ 28.6 Billion in 2022, up from US$ 27.1 Billion in 2021.
UV Cured Coatings Market: The global UV cured coating market is expected to register the significant CAGR over the forecast period as the demand of UV cured coating is increasing over the conventional PVC coatings, waterborne coatings, powder coatings, and high-solids coatings.
Polyvinyl Chloride Market: Global polyvinyl chloride (PVC) market growth is primarily complemented by elevated demand in packaging, automotive and construction industries.
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