Over the projected period, the global unidirectional tape (UD) market is anticipated to experience significant growth, with a compound annual growth rate (CAGR) of 12.3%. This surge is forecasted to elevate the market value from US$ 316 million in 2024 to a substantial US$ 1010 million by 2034.
With an increase in the production of electric and hybrid vehicles, the use of automotive adhesive tapes for attaching components in interiors could increase. Additionally, the industry is anticipated to profit from the manufacturers’ growing sensitivity toward automotive aesthetics.
Increased use of unidirectional tapes as a substitute for metals in cars to reduce their overall weight by about 40% is the main factor for market growth. Through the forecast years, sales are also projected to be driven by the fast-rising need for lightweight components in the automotive and aerospace sectors. Additionally, the trend of switching to electric vehicles is anticipated to include the use of lightweight components may probably benefit the industry.
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Key Takeaways from the Unidirectional Tapes Market Study Report
- Based on geographical regions, North America held a global market share of 22.3% in the year 2022. With a 20.5% sales share in 2022, The United States led the global market and is expected to continue its dominant position through 2033.
- The total sales of unidirectional tapes in the whole of Europe accounted for 20.8% of the revenue achieved by the market in 2022 globally. Germany is the leading end-user country for unidirectional tapes in Europe which contributed to 3.9% of the revenue share that year.
- In Asia Pacific region, Japan held a significant market for unidirectional tape producers with a global market share of 5.3% in 2022. Contrastingly, China is observed to be growing at a notable rate in consumption of unidirectional taps and could register a 9.2% CAGR through 2033.
- FMI awards an astounding annual growth of nearly 9.7% for sales of unidirectional tapes in India over the years between 2023 and 2033. Moreover, it is anticipated that the region’s strongly growing aerospace and car manufacturing sectors might help drive up product demand.
Competitive Landscape for the Unidirectional Tapes Market Players
Cytec Solvay, SABIC, Teijin, Evonik, Toray, Celanese, Barrday, Avient, Polystrand, SGL, and Hexcel are some of the prominent players in the global market. Due to the high concentration of industries in North America and Europe, product acceptance is noticeably low in other areas, which restricts market growth.
The United States and other nations in Europe, particularly Germany, the United Kingdom, Belgium, and the Netherlands, dominate the global market consolidation. However, with the emergence of some new competitors who are mostly focused on strengthening their online sales channels, the market is somewhat competitive nowadays.
The fine manufacture of unidirectional tapes is anticipated to be shaped by ongoing research and development in the design and strength of composite materials. To acquire a competitive edge and penetrate new regional markets, several businesses are also increasing their manufacturing capacity. For instance,
- Toray Advanced Composites said in May 2021 that it is going to increase its capacity for producing thermoplastic composite materials. The company aims to further the development of its ‘Cetex’ brand of reinforced thermoplastic composite laminates and unidirectional tapes through this expansion.
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