September 08, 2022 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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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.
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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.
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UV Tapes Market Outlook by Category
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3.1. Key Trends Impacting the Market
Explore wide-ranging Coverage of FMI’s Chemicals & Materials Market Insights Landscape:
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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