UV-cured Acrylic Adhesive Tapes Market is likely to expand at a healthy CAGR of 7.29% during the period from 2016 to 2024
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.
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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.
uv
cured acrylic adhesive tapes marketRise in Electrical and Electronic
Sector to Boost Market
“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.
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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.
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