NEW YORK, Feb. 28, 2017 /PRNewswire/ -- Global UV tapes market is expected to reach USD 677.2 million by 2025, according to a new report by Grand View Research, Inc. Growing electronics and semiconductor industries are expected to play key roles in the market growth over the forecast period. Polyolefin was one of the primary raw material used in manufacturing of UV tapes. These tapes were most widely used in 2015 on account of high performance characteristics under extreme heat and pressure conditions.
Growing demand for miniaturized semiconductor and electronic components have driven the market for ICs and micro-chips, further boosting the UV tapes industry. These tapes are used for applications such as back grinding and wafer dicing, in the semiconductor industry.
Further key findings from the report suggest:
Wafer dicing was the most dominant application in 2015 owing to rapid electronics industry growth, as it involves sawing or cutting of wafer into a precise size and shape for use in electronic devices
The back grinding application accounted for over 40% of the industry by value in 2015 due to growing demand for compact-sized and powerful electronic devices such as smartphones and tablets
The polyolefin (PO) UV tapes market was valued at over USD 150 million in 2015 on account of their superior performance as compared to other alternatives such as PVC and PO UV tapes
PVC UV tapes held a share of over 20% by value in 2015, as they are considered eco-friendly and can be easily recycled, thus increasing their popularity over the past few years
Asia Pacific is projected to witness the highest CAGR of over 10% from 2016 to 2025 courtesy growing demand from its booming electronics and semiconductor industries
Electronic powerhouses such as China, Taiwan, South Korea and Japan accounted for the majority of the market in the Asia Pacific region in 2015 due to the presence of major electronics players such as Toshiba, Pioneer, Samsung, Hitachi and Sharp
Central & South America is projected to witness the second-highest CAGR of over 9% from 2016 to 2025 on account of growing demand from emerging countries in this region such as Brazil, Colombia, and Argentina
The industry is consolidated with a limited number of manufacturers and distributors across the world with Furukawa Electric Co. Ltd., Mitsui Chemicals, Lintec Corporation, and Nitto Denko Corporation being the key players in 2015
These players resorted to both, organic as well as inorganic growth strategies, in order to enter new regions and increase their respective market shares
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