UV-cured Acrylic Adhesive Tapes Market: Overview
The UV-cured acrylic adhesives tapes market has been prospering on the back of the demand for high-performance and long-life acrylic adhesive tapes in range of tacking applications. Most prominently, continuous utilization of UV-cured acrylic adhesive tapes in the automotive, and electrical and electronic applications has been the harbinger of good prospects. UV-cured acrylic adhesives are highly sought after for joining of high-energy surfaces. Growing uptake of such adhesive tapes in varied outdoor applications, such as joining of metals, is boosting the market. The use of UV-cured acrylic adhesive tapes in making lighter automobiles is one of the key growth drivers. A favorable driver for the rapidly rising demand for UV-cured acrylic adhesive tapes comes from the increasing trend of miniaturization of electronic devices.
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The global UV-cured acrylic adhesive tapes market stood at US$370.4 mn in 2015 and is projected to rise to US$691.7 mn by the end of 2024. Vis-à-vis revenue, the market is expected to rise at 7.29% from 2016 to 2024. Makers of UV-cured acrylic adhesives focus on improving the peel adhesion and probe tack values, to meet the needs of various end-use industries. They are unveiling tapes that are more environmentally resistant than their predecessors.
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Automotive Sector Key Growth Accelerator; Lighter Vehicles Impart Growth Momentum
Industries where UV-cured acrylic adhesive tapes are utilized are building, construction, automotive, aerospace, and electrical, and electronics. Vis-à-vis demand, the contribution of the automotive sector to the global UV-cured acrylic adhesive tapes market is highest—more than US$170 mn by 2024-end. Rising demand for lighter automobiles is one the key driving factors fueling growth in this segment. On the other hand, the utilization of UV-cured acrylic adhesive tapes in the electrical and electronics has been considerably on the rise.
Two major product categories that see extensive demand comprise foamed and non-foamed tapes. A substantial growth of the UV-cured acrylic adhesive tapes market comes from the sales of non-foamed tapes. This is attributed to the substantial demand for universal tapes, flame retardant tapes, and thermally conductive tapes. However, foamed UV-cured acrylic adhesive tapes contribute to the major revenue share of the market. On the other hand, cost benefits of foamed UV-cured acrylic adhesive tapes has driven the popularity for so long. Manufacturers are aiming at improving the rheological and cross-linking properties of UV-cured acrylic adhesive tapes. This will allow them to meet a wide diversity of demands.
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North America Leads UV-cured Acrylic Adhesive Tapes Market in Terms of Consumption
The various regions that contribute growth avenues to the players in the UV-cured acrylic adhesive tapes market are Latin America, Asia Pacific, Europe, the Middle East and Africa, and North America. Of these, North America led the global market in terms of consumption in 2015. The North America UV-cured acrylic adhesive tapes market is estimated to garner a CAGR of 6.38% from 2016 to 2024.
Countries notably the U.S. and Canada have seen the vast utilization of UV-cured acrylic adhesives in infrastructural development applications. Meanwhile, Asia Pacific is expected to surpass all other regions, given the sheer pace of strides that the construction sector has taken in recent years. This alone has resulted in an extensive uptake of UV-cured acrylic adhesive tapes. By 2024-end, the regional market is anticipated to touch valuation of US$224.8 mn.
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