UV-cured Acrylic Adhesive Tapes Market
UV-cured Acrylic Adhesive Tapes Market (Product - Foamed Tapes and Non-foamed Tapes (Thermally Conductive Tapes, Flame Retardant Tapes and Universal Tapes); End User - Automotive, Building and Construction, Aerospace, and Electricals and Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
- Chemicals & Materials
- 155 Pages
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.
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.
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.
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.
Asia Pacific Hotbed of Opportunities in UV-Cured Acrylic Adhesive Tapes Market
Over the past few years, remarkable growth of economies of several countries in Asia Pacific has resulted in the widespread demand for high-performance acrylic adhesive tapes. This, in turn, has driven the vast prospects to players in the global market. Moreover, the demand is expected to be driven by the increasing trend of miniaturized consumer electronic devices in several economies of the region. These device need the application of high-end adhesive tapes.
Manufacturers Making Sizable Investments on R&D Activities
Despite a promising growth rate of the UV-cured acrylic adhesive tapes market, manufacturers of UV-cured acrylic adhesives face price volatility of raw materials. Further, cost of modern machinery used in manufacturing plants has also escalated the cost of production. The twin challenges have led to decline in their profitability.
Nevertheless, players with good financial might are moving forward to tap into the growing revenue potential from the automotive industry. Rise in automotive industry in some parts of the world has also bolstered the prospects for top players in the UV-cured acrylic adhesive tapes market.
On the other hand, most players with a strong foothold are emphasizing on spending on research and development (R&D) activities to meet the demands for key industries. Several players have started consolidating their distribution channels. The landscape is characterized by high degree of consolidation as well as competition. Some of the well-entrenched players in the UV-cured acrylic adhesive tapes market are H.B. Fuller, Avery Dennison Corp., tesa SE, and 3M.
Global UV-cured Acrylic Adhesive Tapes Market: Overview
Acrylic adhesive tapes are formed with an acrylic polymer base that is coated on a backing material or carrier. The adhesive is applied either on one side or both in order to temporarily or permanently join two overlapping materials. One of the techniques used to produce these pressure-sensitive tapes is UV curation, which enables improved manufacturing without requiring solvents.
Typically, foamed tapes have double coating of high-performance acrylic adhesives. Thermally conductive tapes possess properties such as good thermal transfer, insulation and high temperature resistance. Flame retardant tapes are heat resistant and acts a barrier between flames and core system of a material. Universal tapes have single-side coating and are easy to apply with tear-proof systems.
Rising pressure to use chemicals emitting a low content of VOC is the key reason for research and development of UV-cured adhesives and their applications in various industries. Players shifting their focus onto the development of new products is projected to offer significant opportunities in the near future.
Production of UV-cured acrylic adhesive tapes requires specialized machinery with advanced technology for proper application of UV-cured adhesives. Their development and adoption in the market (because of their low to almost zero content of volatile organic compounds (VOCs)) is the result of stringent regulations on the usage of chemicals emitting VOCs.
Global UV-cured Acrylic Adhesive Tapes Market: Scope of the Study
The report estimates and forecasts the UV-cured acrylic adhesive tapes market on the global and regional levels. The study provides forecast between 2016 and 2024 based on volume (million sq. mts./thousand sq. mts.) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage.
The study includes drivers and restraints for the UV-cured acrylic adhesive tapes market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the UV-cured acrylic adhesive tapes market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of UV-cured acrylic adhesive tapes and global average price trend analysis.
The report includes Porter’s Five Forces Model to determine the degree of competition in the UV-cured acrylic adhesive tapes market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users and regions have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for UV-cured acrylic adhesive tapes between 2016 and 2024.
Global UV-cured Acrylic Adhesive Tapes Market: Segmentation
The study provides a comprehensive view of the UV-cured acrylic adhesive tapes market by dividing it into product, application and geography segments. The products have been segmented into foamed tapes and non-foamed tapes. Non-foamed tapes are further classified into thermally conductive tapes, flame retardant tapes and universal tapes. The applications are segmented into automotive, building & construction (B&C), aerospace, electricals & electronics (E&E) and others. These segments have been analyzed based on historic, present, and future trends.
Regional segmentation includes the current and forecast consumption of UV-cured acrylic adhesive tapes in North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). Market segmentation includes demand for consumption in all the regions individually.
Secondary research sources that were typically referred to include, but were not limited to, company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research.
Global UV-cured Acrylic Adhesive Tapes Market: Competitive Outlook
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
Key players profiled in the report include 3M, Avery Dennison Corporation, Denka Company Limited, Henkel AG & Company KGaA, and Shin-Etsu Chemical Co. Ltd. and Others. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
The global UV-cured acrylic adhesive tapes market has been segmented as follows:
End User Analysis