The UV Tapes Market is estimated to be valued at US$ 564 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

UV tapes are pressure sensitive tapes that are activated and cured by ultraviolet light. They offer advantages such as high bonding strength, flexibility, abrasion resistance and durability. UV tapes provide protection, insulation and bonding solutions and find wide usage in electronics, semiconductor, medical devices and transportation industries.

Market key trends:

One of the major trends driving the growth of UV tapes market is the increasing adoption in electronics assembly applications. The miniaturization of electronic components has increased the demand for UV tapes as they require low pressure during surface mounting and provide clear dispensing without stringing. UV tapes also help in improving workflows as they do not require drying time and allow for high-speed, automated processing. They are increasingly being used for touch panel bonding, chip on glass attachment and glass only repair in smartphones and other consumer electronics. The rapid growth of electronics industry, especially in Asia Pacific is augmenting the demand for UV tapes significantly.

Porter’s Analysis

Threat of new entrants: Low barriers of entry due to availability of raw materials and technologies however established players dominate the market.

Bargaining power of buyers: Moderate as buyers have bargaining power due to availability of substitute products however UV tapes fulfill stringent requirements in several industries.

Bargaining power of suppliers: Moderate as suppliers have bargaining power due availability of raw materials however established suppliers cater to demand of major players.

Threat of new substitutes: Low as UV tapes have advantages over substitute products in terms of adhesion strength and durability.

Competitive rivalry: High due to presence of major players competing on basis of product innovation, pricing and customer service.

SWOT Analysis

Strength: UV tapes offer high adhesion strength and durability important for several industrial applications. Technologies enable customization of tapes as per end-use requirements.

Weakness: High price of specialty UV tapes limits their use in cost-sensitive applications. Dependence on crude oil prices for raw materials risks price volatility.

Opportunity: Growing demand from industrial and transportation sectors especially in Asia Pacific due to industrialization. Development of bio-based polymers expands raw material sources.

Threats: Stringent environmental regulations on volatile organic compound emissions during production. Substitution threat from emerging adhesive technologies.

Key Takeaways

The global UV tapes market is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing demand from industrial and transportation sectors in Asia Pacific region. China dominated the Asia Pacific UV tapes market in 2022 and the trend is likely to continue during the forecast period.

Asia Pacific dominated the global UV tapes market in 2022 and is expected to maintain its lead during the forecast period due to rapid industrialization and growth of end-use industries especially in China and India.

Key players operating in the UV tapes market are Furukawa Electric Co. Ltd, Nitto Denko Corporation, Mitsui Chemicals Group, Lintec Corporation, Sumitomo Bakelite Co. Ltd., Henkel AG Co. KGaA and BASF SE. Key players are focusing on new product innovations to strengthen their market position.