by 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 specially designed tapes that can cure under ultraviolet light. They are made of a UV curable adhesive that cures when exposed to UV light. UV tapes offer advantages like instant bonding, moisture resistance and high temperature resistance. They are used in applications like wafer dicing, back-grinding, die attaching and liquid encapsulation.
Market key trends:
One of the key trends in the UV tapes market is the increasing demand from the semiconductor and electronics industry. UV tapes are increasingly being used in wafer dicing, die attaching and packaging in semiconductor manufacturing. They provide instant bonding and release negligible particles during die separation, making them suitable for applications where contamination needs to be avoided. Further, UV tapes cure instantly on exposure to UV light, enabling faster production times in semiconductor manufacturing. This factor is driving higher consumption of UV tapes in the electronics sector.
SWOT Analysis
Strength: UV tapes have high strength and durability to withstand harsh conditions. They offer strong adhesion to various surfaces without needing solvents or heat activation.
Weakness: UV tapes requireUV exposure for curing which increases production time. Frequent exposure to UV light can also damage the tape over time.
Opportunity: Growing demand from automotive and transportation industry for bonding trim components offers an opportunity. Increasing use of UV tapes in commercial printing is another growth avenue.
Threats: Presence of alternative bonding technologies like hot melt poses competition. stringent environmental regulations around VOC emissions act as a threat.
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 industry. UV tapes are widely used in automotive manufacturing for bonding interior and exterior automotive parts.
The Asia Pacific region dominates the global UV tapes market, with a share of over 35% in 2023. Rapid industrialization and growth of end use industries in China and India drives the demand. North America is another major market for UV tapes driven by the well-established automotive industry in the US.
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. Major players are focusing on new product launches with advanced adhesive formulations and capabilities to strengthen their position.
