UV Tape Market  Market Expected to Reach $1.0 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “UV Tape Market  Market," The uv tape market  market was valued at $0.5 billion in 2021, and is estimated to reach $1.0 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

UV tape is a self-adhesive, UV resistant, pressure sensitive, UV off tape, dicing tape. It possess strong adhesion, heat, chemical, UV, abrasion resistant, and waterproof quality, due to which it is used in various end-use sectors such as semiconductor, building & construction, automotive & transportation, packaging, industrial, electrical & electronics, and others.

The UV tape has high strength, is easily recyclable, and pertains in the adverse atmosphere, due to which it is widely used in the manufacturing of microchips, ICs, and other semiconductor components. Furthermore, several manufacturers are actively engaged in the manufacturing of polyolefin-based UV tapes due to their growing demand and diversified range of applications in various end-use industries. In addition, growing industrial sectors such as oil & gas, petroleum plants, and chemical plants in both, developed and developing economies are enhancing the need for UV tapes. UV tapes are used as pressure-sensitive tapes and are considered ideal for harsh environment in various industrial sectors. Moreover, UV tape is an excellent source of adhesion, and high resistivity and is applied at cold and hot temperatures, due to which it is used widely on any surface. All these factors are anticipated to drive the demand of the global market..

However, availability of alternative substitute over most expensive UV tapes is expected to hamper the growth of UV tape market. In addition, , government norms and regulation on use of PET based UV tape is expected to act as one of the restraining factors for the growth of UV tape market.

The emergence of UV tape in the electronics and medical industries have enhanced the performance of UV tape during the forecast period. Furthermore, several manufacturers have increased their production capacitates for UV tapes due to its high demand in, semiconductors, marine, electronics and other end use industries. For instance, UV resistant single coated polyethylene tape from Scapa Company, are widely used as safety measures, on shrink-wrapping and storage protection applications within the electronics and semiconductor sectors. This is anticipated to increase the sales of UV tape; thus, creating most lucrative opportunities for the market.

The UV tape market is segmented on the basis of product type, application, and region. By product type the market is categorized into polyolefin based UV tape, polyethylene terephthalate based UV tape, and polyvinyl chloride based UV tape. The polyethylene terephthalate based UV tape segment dominated the UV tape market in 2021, with total share of 44%. PET is thermoplastic, strong, lightweight plastic that is used for packing, food and beverages, industrial, and among others. It has strong adhesion, resistant to chemical, high temperature, and non-toxic, due to which it is most preferred PET based UV tape for various end-use industries.

The growing consumer goods has surged the establishment of chemical industries in both developed and developing economies where PET based UV tapes are widely used for sealing applications in various industrial equipment. Furthermore, growth in the building and construction industry and growing consumer demand for luxurious electronics items such as LCD, cellphone, LCD, IPAD for flat glass, glass cutting protection, circuit board cutting protection, touch screen protection, and optical materials have enhanced the demand for polyethylene terephthalate (PET) based UV tape. It is used as backgrinding dicing process in the electronics industry

By application, the market is divided into, electronics and semiconductor, automotive, flexographic printing, building & construction, and others. The electronics and semiconductors segment dominated the global market in terms of revenue in 2021, with 35% of the total share. The technological advancement in the electronics industry, and growing demand for electronics-based devices have driven the UV tape market. UV tapes are extensively used in etching and cleaning applications during the production and processing system of semiconductors. This is anticipated to enhance the demand for UV tape in semiconductors applications. Furthermore, the recent commercialization of nano-based devices has boosted the market potential for etching tapes. In response to this, the growing usage of semiconductors and integrated chips in the manufacturing of electrical components has driven the various types of UV tape in the market during the forecast period.

Region-wise, the UV tape market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific UV tape market dominated the global market in terms of revenue in 2021, with 50% of the total share and is projected to grow at the highest CAGR of 8.2% during the forecast period. The use of UV tape in sectors such as consumer electrical & electronics, automotive, packaging, building & construction, industrial, and others, is the major key market trend in the Asia-Pacific region.

In addition, countries such as India and Australia are constantly engaged in building highways and high-speed railway tracks, which in turn has led the automotive sector to witness a significant growth. This may foster the demand for UV tape market in the growing automotive sector. Furthermore, the rapid development of industrial sector in countries such as China, India, Indonesia, Malaysia, and others, is further expected to aid the growth of the UV tape market in the Asia-Pacific region. In addition, there is expected to be rise in residential and commercial building & infrastructure projects in countries such as India, Thailand and Japan, where UV tape are widely used for sealing and concrete flooring, indoor and outdoor insulation applications.

Key players operating in the global UV tape market include include, 3M, BASF SE, DuPont, Furukawa Electric Co. Ltd., H.B. Fuller, Henkel AG & Co. KGAA, Lintec of America Inc., Loadpoint, Minitron Elektronik GmbH, Mitsui Chemicals Inc., Nitto Denko Corporation, Pantech Tape Co. Ltd., Scapa, SPS Europe, Inc., and Xiamen Aerchs Tape Solution Co. Ltd.

Key findings of the study:

• By product type, the polyethylene Terephthalate based UV tape  segment is anticipated to grow at fastest CGAR of 7.4% from 2022 to 2031.
• By application, the electronics and semiconductors segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 8.1% from 2022 to 2031.
• By region, Asia-Pacific garnered the highest share of 50% in 2021, in terms of revenue, growing at a CAGR of 8.2%.