The competitive landscape of the global UV-cured acrylic adhesive tapes market is signified by the intense rivalry among 3M, tesa SE, Henkel AG & Co. KgaA, Avery Dennison Corp., and H.B. Fuller, states a new research study by Transparency Market Research (TMR). The leading players are expected to develop their distribution channels in the near future, owing to which the competition between them is likely to deepen substantially.
According to the research report, the global market for UV-cured acrylic adhesive tape reached a valuation of US$0.37 bn in 2015. Researchers project this market to progress at a CAGR of 7.29% during the period from 2016 to 2024 and gain US$0.69 bn in revenues by the end of the period of the forecast. In terms of shipment volume, the market is estimated to touch 149.32 mn Sq. Mts. by 2024 end. UV-cured acrylic adhesive tapes witness a greater demand from the automotive industry when compared to other end users. The trend is projected to remain so in the near future, with the market generating revenues of US$170.39 mn from this sector alone by 2024.
North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe are considered as the key regional markets for UV-cured acrylic adhesives tapes, globally. Led by the increasing demand from Canada and the U.S., thanks to the technologically advanced infrastructure present in these countries, North America is expected to dominate the global market over the forthcoming years, states the research report.
“The market for UV-cured acrylic adhesive tapes is observing exceptional rise in its valuation across the world,” says the author of this research study. The increasing trend of miniaturized electronic devices, such as tablets, portable personal computers, and mobile phones, is influencing the demand for UV-cured acrylic adhesive tapes, substantially across the world.
Over the next few years, the constant growth in the electrical and electronic sector, on account of the increasing reliance of people on electronic devices, is also anticipated to stimulate the uptake of these tapes considerably, states the market report.
High Cost of Advanced Machinery and Price Volatility of Raw Materials to Hamper Growth
On the other hand, the price volatility of raw materials and the significantly high cost of advanced machinery may restrict the growth of this market to some extent over the forthcoming years. However, the surge in the automotive industry, along with the augmenting demand for light automobiles, will support the global market over the forecast period, notes the research study.