Electronic Assembly Is Fueling The Growth Of The Uv Tapes Market

 

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.

Market Overview:
UV tapes are pressure-sensitive adhesive tapes that are cured and bonded on substrates with exposure to ultraviolet light. They offer advantages such as moisture resistance, thermal stability, and durability. They are widely used in the electronic assembly industry for bonding of various surface mounted device components.

Market key trends:
One of the major trends in the UV tapes market is its increasing usage in the electronic assembly industry. UV tapes help in automated circuit board assembly processes as they don't leave any adhesive residues during removal. They provide a strong, uniform and residue-free bond which helps in miniaturization of various electronic devices. The growth of smartphones and wearable devices industries are driving the demand for UV tapes from PCB manufacturers. Furthermore, development of UV LED technology that emits UV light in a narrow wavelength range has enabled production of UV tapes that can be cured instantly and precisely at localized areas.

Segment Analysis
The global UV tapes market is segmented by type, material, end-use industry, and region. Based on type, the market is divided into double-sided and regular. Among these, the double-sided segment accounts for the major share in the market and is expected to remain a dominating segment during the forecast period. Double-sided UV tapes provide durability and are more preferable for use in various industries like automotive, electrical & electronics, healthcare, etc. This is the key factor promoting the growth of double-sided UV tapes segment.

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 automotive, healthcare, and transportation industries. UV tapes are widely used in sealing, bonding, and protective masking applications in these industries.

Asia Pacific holds the major share in the global UV tapes market and is projected to remain the fastest growing as well as dominating regional market during the forecast period. This is attributed to massive growth of automotive and consumer electronics industries in countries like China, India, Japan, and South Korea. The demand for UV tapes is high in these industries.

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. The highly competitive nature of the market is prompting companies to invest in new product launches and expand their regional footprint to gain market share.

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