Global UV tapes market worth $437.9 million by 2020

The global UV tape market is projected to be worth $437.9 million by 2020, according to the latest report by Future Market Insights. Increase in demand for consumer electronics coupled with miniaturization of electronic devices is driving the demand for semiconductors that leads to growing demand for UV tapes.

As of 2014, Asia-Pacific is the most prominent UV tapes market across the globe and is expected to remain the leading destination throughout the forecast period. The presence of world’s top 10 leading semiconductor foundries in Taiwan and China are the prime reason behind UV tapes market dominance in Asia Pacific.

APAC is anticipated to witness highest CAGR globally during the forecast period. Taiwan is estimated to account for 68.1% of APAC UV tapes market by the end of 2015. Globally, UV tapes market in Asia Pacific is forecasts to witness highest CAGR growth in terms of value, followed by Europe and North America. However, Europe and North America are expected to witness a drop in their market share by the end of 2020.

Among product type, polyolefin-based UV tapes are expected to register highest growth followed by polyvinyl chloride (PVC) and polyethylene terephthalate (PET). While polyolefin-based UV tapes are projected to be the largest market segment by the end of forecast period, PVC is anticipated to witness 1.5X growth in its revenue by the end of forecast period. Wafer Dicing and back-grinding are the key application of UV curable tapes.