UV-cured Acrylic Adhesive Tapes Market Size to Surge at the CAGR of 7.29% During 2016 to 2024
- Global UV-cured Acrylic Adhesive Tapes Market
The market for UV-cured acrylic adhesive tapes has been exhibiting steady growth in terms of value as well as demand over the recent past thanks to the flourishing automotive and construction sectors around the world. A surge in building and construction activities, particularly in developing economies, has resulted in a steady demand for UV-cured acrylic adhesive tapes. On the other hand, this market has also been positively impacted by the demand for lighter automobiles. The growing trend of miniaturization of electronic devices has also played a major role in the demand for UV-cured acrylic adhesive tapes.
Transparency Market Research reports that in terms of volume, the global market for UV-cured acrylic adhesive tapes will exhibit a 7.07% CAGR from 2016 to 2024. As far as revenue is concerned, the market is poised to witness a healthy 7.29% CAGR over the course of the forecast period, growing from US$370.4 mn in 2015 to US$691.7 mn by 2024.
- Non-foamed Tapes Enjoy Greater Demand while Foamed Tapes Hold Larger Revenue Share
By way of end use, the UV-cured acrylic adhesive tapes market is segmented into building and construction, electrical and electronics, automotive, and aerospace. Accounting for the leading share in terms of demand, the automotive sector emerges as the dominant end-use segment and is anticipated to contribute over US$170 mn by 2024. This can be attributed to the rising demand for lighter automobiles. The demand for UV-cured acrylic adhesive tapes is also rather strong in the electrical and electronics industry.
The information Presented in this Review is Based on Press-Release by TMR
Product-wise, the UV-cured acrylic adhesive tapes market comprises foamed and non-foamed tapes. With thermally conductive tapes, universal tapes, and flame retardant tapes being the most extensively used non-foamed tapes in the world, this segment holds the leading share in terms of demand. However, in terms of revenue, foamed tapes hold the leading share. One of the main factors that lend non-foamed tapes greater demand as compared to foamed ones is the cost benefits offered by the former.