Albany, NY -- (SBWIRE) -- 10/27/2017 -- The intense competition between 3M, Avery Dennison Corp., Henkel AG & Co. KgaA, tesa SE, and H.B. Fuller signifies the competitive landscape of the global UV-cured acrylic adhesive tapes market, finds a report by Transparency Market Research (TMR). These players together held a share on 80% in this market in 2015.
The rivalry between the leading players is expected to increase in the coming years. TMR recommends these companies to strengthen their distribution channels for their sustenance in the near future.
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As per the research report, the global market for UV-cured acrylic adhesive tapes, which stood at US$0.37 bn in 2015, is projected to rise at a CAGR of 7.29% between 2016 and 2024 and reach a value of US$0.69 bn by the end of the forecast period. Researchers project the market to cross a shipment volume of 149.32 mn Sq. Mts. by the end of 2024. The demand for UV-cured acrylic adhesive tapes is greater from the automotive industry than other end users. With an estimated contribution of US$170.39 mn in revenue by 2024, this segment is likely to remain leading throughout the forecast period.
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North America to Lose Ground to Asia Pacific
In this report, the worldwide market for UV-cured acrylic adhesive tapes has also been studied on the basis of its geographical presence. According to it, Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe are the prominent regional markets for UV-cured acrylic adhesives tapes across the world. Driven by the high demand from the U.S. and Canada, owing to the presence of an advanced infrastructure, North America has surfaced as the key consumer of UV-cured acrylic adhesives tapes, globally.
Although the growth in the North America market for UV-cured acrylic adhesives tapes will remain strong over the forecast period, analysts expect it to lose ground to Asia Pacific on account of the substantial increase in the building and construction activities in emerging Asian economies. Exceeding North America, the market in Asia Pacific is likely to gain an amount of US$224.81 mn in revenues by 2024, states the research report.
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Increasing Trend of Miniature Electronic Devices to Reflect Positively on Demand for UV-cured Acrylic Adhesive Tapes
"The rising the trend of miniaturization of electronic devices, such as portable personal computers, tablets, and cell phones, is having a considerable influence on the demand for UV-cured acrylic adhesive tapes across the world," says the author of this research study. The ongoing expansion in the electrical and electronic industry, thanks to the growing dependence of consumers on electronic devices, is also projected to boost the adoption of these tapes remarkably over the next few years.
In addition to this, the rise in the automotive industry, together with the increasing demand for light automobiles, will reflect greatly on the global market for UV-cured acrylic adhesive tapes over the forecast period. However, the volatility in the prices of raw materials and the high cost of advanced machinery may limit the adoption of these tapes to some extent in the near future, notes the study.
Global UV-cured Acrylic Adhesive Tapes Market Report is available at US$ 5795 -