Unidirectional (UD) Tapes Market Size Worth USD 499.0 Million By 2030 | CAGR of 13.6%
The global Unidirectional Tapes Market is forecast to reach USD 499.0 Million by 2030, according to a new report by Reports and Data. This is estimated to grow at a rapid pace over the forecasted period owing to its increasing demand from industries such as aerospace & defence, automotive, and others. The product consists of endless fibres that are embedded into the thermoplastic or thermoset polymer matrix and are oriented in one direction.
Across the globe, industries are implementing techniques to cost-efficiently manufacture parts that have low weight and high mechanical strength. The unidirectional tapes are expected to serve the aims aforementioned and increase demand for various other applications.
The market is estimated to witness high demand owing to its rising application in the lightweight and high-strength components from the automotive industry. Moreover, increasing government pressure on improving fuel efficiency is estimated to drive the demand for lightweight parts, thereby propelling the growth of the product. The unidirectional tapes in automotive are extensively used to provide a solution to problems like aesthetics, safety, and efficiency. The expansion of the automotive industry in developing regions such as India, Indonesia, Japan, China, and others is estimated to boost the market growth in the next few years.
The product processing advantages, including the no emission of volatile matter, shorter cycle time, and the ability to remould is expected to be the key driving factors. Moreover, these tapes are recyclable, which further promotes its application in different end-use industries, including sports goods, transportation, and others. The superior chemical resistance boosts its demand across various industrial applications.
The COVID-19 impact:
The COVID- 19 outbreak has impacted the global economy altogether. Closed foundries and cancelled events in the unidirectional tapes industry is not spared by the rising Coronavirus infections from China. With international trade fairs being cancelled, the infectious disease also has a global impact. The lockdown in several regions has severely impacted the market around the world. Moreover, major players like the Evonik suspending most of its business trips. Their events have been postponed or cancelled. Personal social contact is being kept to a minimum in order to keep the risk of infection as low as possible. The Industries sending its workers to quarantine (those who require) and working with reduced workforce strength will negatively impact the flourishing unidirectional tapes market.
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Further key findings from the report suggest
- Among the end-use industry segment, aerospace and defense are leading the market, and it will continue to dominate the market during the forecasted period owing to the need for technologically advanced and fuel-efficient aircraft.
- Among the resin type segment, presently, the thermoplastics unidirectional tape is leading the market with 58.5% of the global revenue, and it will continue to dominate with an estimated CAGR of 13.8% over the forecasted period.
- North America is presently leading the market, and it will continue to dominate owing to the presence of major aircraft OEMs and manufacturing units of the aerospace industry.
- Across the globe, companies are trying to decrease the effect of global warming and explore the potential of unidirectional tapes to decrease greenhouse gas emissions. The difficulty of recycling glass fiber is a stumbling block, primarily in the automotive and construction sectors, where the pressure to recycle is high.
- BMW has been extensively using unidirectional tapes for reinforcing the roof of its M-series cars. Moreover, these tapes are also being used in F-1 composite chassis of Ferrari's hybrid car, and the CAMISMA projects lightweight seat design. With a rise in the demand for these products in lightweight, high-strength components in automotive applications, the tapes are expected to register a CAGR of 13.8% over the forecasted period.
- Key participants include Evonik Industries, SABIC, Solvay, Hexcel Corporation, Royal Tencate, SGL Group, Teijin Limited, Celanese Corporation, BASF, and Victrex, among others.
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For the purpose of this report, Reports and Data have segmented into the unidirectional tapes market on the basis of resin type, fiber, end-users, and region:
Resin Type Outlook (Revenue, USD Million; 2020-2030)
- Thermoplastic UD tapes
- Thermoset UD tapes
Fiber Outlook (Revenue, USD Million; 2020-2030)
- Glass Fiber
- Carbon Fiber
End-User Outlook (Revenue, USD Million; 2020-2030)
- Aerospace & Defense
- Sports & Leisure
Regional Outlook (Revenue, USD Million; 2020-2030)
- North America
- Asia Pacific
- Latin America
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