The unidirectional tapes market income is assessed to arrive at US$ 203.5 Million by 2022, as per Future Market Insights (FMI). The by and large unidirectional tapes market is supposed to arrive at US$ 559.3 Million by 2032, developing at a CAGR of 10.6% for 2022-32.
The car and aviation and protection ventures support the market development by showing reliably appeal for unidirectional tapes. Besides, the rising use of unidirectional tapes in the energy area is supporting the interest in the market.
Other than this, FMI has anticipated the application to take off in the assembling of windmills and turbines. These tapes are all around as compelling as different options accessible in the market. Other than which, they are light in weight and exceptionally strong.
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Unidirectional tapes increment the productivity of wind energy age by decreasing the heaviness of turbines and empowering the makers to deliver lighter and longer turbine edges. Lighter and longer edges assist in expanding the energy with yielding determined per unrest.
The carbon fiber type of the unidirectional tapes is most commonly used in the wind energy sector. These tapes offer higher strength and stiffness without increasing the weight of the system. Manufacturers of unidirectional tapes are expanding their product portfolio by focusing on launches. For instance, ZOLTEK Corporation of Toray Group offers unidirectional tapes that are designed specifically for wind energy applications.
Key Takeaways from Unidirectional Tapes Market
· By fiber, glass fiber segment is estimated to reach the valuation of US$ 126.1 Mn by the end of 2022.
· By resin, the thermoplastic segment is expected to hold 77.5% of value share in 2022.
· The sales of unidirectional tapes in aerospace & defense are projected to expand at a CAGR of 9.6% during the span of the next 10 years.
· By region, East Asia and South Asia are estimated to hold over 50% of the total unidirectional tapes market in the year 2022 owing to their rapidly expanding automotive and aerospace & defense industries.
“The consistent growth of the automotive industry in the last decade has fuelled the sales of unidirectional tapes during the last few years. In addition to this, the rapidly expanding aerospace & defence industries across the globe are expected to fuel the demand for unidirectional tapes through the forecast period 2022-32,” says FMI analyst.
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Rapidly Growing Aerospace & Defense Industry to Drive the Demand for Unidirectional Tapes
The aerospace and defense industries are consistently growing across the globe. The increasing per capita income and rapidly growing urban population are bolstering the aerospace industry.
The rise in the number of aircraft, both private and commercial witnessed in the past 5 years meant higher scope for sales of unidirectional tapes. This rise is mainly because of the change in consumer preference towards air travel despite the higher fare since consumers prefer it to save time.
Furthermore, the defense sector across many countries is growing with the governments increasing their defense budgets. The introduction of new and technologically advanced ammunition and high-tech vehicles and aircraft is boosting the defense industry across the globe.
The unidirectional tapes have many applications in the aerospace & defense industries. These tapes are gaining popularity in these industries for their strength, stiffness and several other properties. The growth of aerospace & defense industries is therefore anticipated to propel the demand for unidirectional tapes during the foreseeable future.
Unidirectional Tapes Market Landscape
Cytec Solvay Group, SABIC and Celanese Corporation are the top players operating in the unidirectional tapes market. Furthermore, Teijin Ltd., Evonik Industries, Barrday Corporation, Toray Group are also some of the noticeable players in the unidirectional tapes market. The Tier 3 players in the market hold 65-75% in the global unidirectional tapes market. In conclusion, the key players contribute to almost 25-35% of the global unidirectional tapes market.
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What Is The Impact Of COVID-19 On The Unidirectional Tapes Market?
The COVID-19 outbreak has considerable repercussions on various end-use industries. The growth in industries like automotive, aerospace & defence and energy among others was severely dampened as a result of the pandemic. To curb the pandemic various governments imposed restrictions on manufacturing and the transportation of goods of non-essential commodities. This also had negative impact on the sales of unidirectional tapes market.
In 2021 after the restrictions were relaxed the end-use industries gradually started to recover. This also facilitated the unidirectional tapes market rebound and the trend is expected to continue through the course of the forecast period.
Unidirectional Tapes Market By Category
By fiber, unidirectional tapes market is segmented as:
- Glass
- Carbon
By resin, unidirectional tapes market is segmented as:
- Thermoplastic
- Thermoset
By end use, unidirectional tapes market is segmented as:
- Automotive
- Energy
- Aerospace & Defense
- Other Industries (Sports, Leisure, etc.)
By region, unidirectional tapes market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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