The global 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.
UV tapes, also known as ultraviolet tapes, are pressure-sensitive adhesive tapes that activate their adhesive properties upon exposure to UV light. They find usage across various industries such as semiconductor & electronics, masking/marking, healthcare, automotive, paper & printing. UV tapes are environment-friendly and emit lower volatile organic compounds (VOCs) as compared to other conventional adhesive tapes. They offer advantages such as ease of application, longer shelf-life, cleaner removability and compatibility with a variety of surfaces.
Market key trends:
One of the key trends in the UV tapes market is the usage of advanced UV-curable pressure-sensitive adhesives. Manufacturers are focusing on developing advanced UV adhesives with low-toxicity, high adhesion strength and quick curing properties. These advanced adhesives enable fast production speeds and reduce downtime. They also emit minimal VOC and offer cleaner removability as compared to solvent-based adhesives. This trend is expected to gain traction over the forecast period with growing environmental regulations.
Threat of new entrants: The UV tapes market has moderate threat of new entrants due to high initial capital investment requirements and technology expertise. However, the growing demand provides opportunities for new players.
Bargaining power of buyers: Buyers have moderate to high bargaining power. This is due to availability of substitutes like heat cured tapes and presence of many established players.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw material suppliers are fragmented. They lack strong brand identity and market differentiation.
Threat of new substitutes: Threat from substitutes like heat cured tapes is moderate as they provide good bond strength and work efficiently in many applications. However, UV tapes dry faster without creating heat.
Competitive rivalry: The market has several global players offering diversified product portfolios. Players compete based on pricing, quality, product development to gain market share.
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 electronics and automotive industries. UV tapes provide strong, durable and clean bonding to various materials used in these industries.
Asia Pacific dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to robust adoption of UV tapes by various end-use industries including electronics, automotive and healthcare in emerging economies like China and India. Moreover, growth of the packaging industry is also driving market growth in the region.
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 adopting strategies like new product development, mergers & acquisitions to strengthen their market presence. For instance, in 2021 Lintec Corporation launched a new high-performance UV curable coating film for optical applications.