According to the new market research report “Unidirectional Tapes (UD Tapes) Market by Fiber Type (Glass, Carbon), Resin (Thermoplastic, Thermoset), End-use Industry (Aerospace & Defense, Automotive, Sports & Leisure), and Region (North America, Europe, Asia Pacific) – Global Forecasts to 2025″, is projected to grow from USD 151 million in 2020 to USD 256 million by 2025, at a CAGR of 11.1%. There has been wide acceptance of UD tapes in various industries such as aerospace & defense, automotive, sports & leisure, which is expected to drive the market. The increasing use of UD tapes in primary & secondary structures of commercial aircraft and the high demand for commercial aircraft are driving the UD tapes market in the aerospace industry.
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The thermoplastic resin segment accounts for the larger share of the overall UD tapes market. These tapes are used in a large number of industries, including aerospace & defense, automotive, and sporting goods. They are widely used in the aerospace & defense industry due to their toughness, high strength, moisture absorption resistance, high-performance properties, and ability to survive under high temperature conditions.
Glass fiber dominates the global UD tapes market owing to its ease of processing and manufacturing as compared to carbon fiber, which is very difficult to process. Glass fiber-based UD tapes are used in a number of industries such as automotive, industrial engineering, and high-performance sports equipment. They are produced in large volumes for structural components of automobiles and for applications in sports and aerospace & defense industries.
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The unidirectional tapes (UD Tapes) market is estimated at USD 145.3 million in 2017 and is projected to reach USD 316.3 million by 2023, at a CAGR of 13.79%. The growing demand for UD tapes from end-use industries, such as aerospace & defense, automotive, and sports & leisure, is driving the UD tapes market. This factor has encouraged many companies to adopt various developmental strategies in the UD tapes industry. New product launch accounted for the largest share of all the strategies adopted by the market players between 2015 and January 2018. This growth strategy was adopted by the players to increase their foothold and maintain sustained growth in the UD tapes market. Evonik Industries (Germany), SABIC (Saudi Arabia), SGL Group (Germany), and Victrex (UK) are some of the leading UD tapes manufacturers who have adopted this strategy to develop their businesses, globally.
Besides new product launch, companies also adopted the strategy of expansions to expand their market share and distribution network. These strategies accounted for a significant share of the overall growth strategies adopted by the players in the UD tapes market between 2015 and 2018.
Evonik Industries (Germany), SABIC (Saudi Arabia), SGL Group (Germany), and Victrex (UK) are the most prominent players in the UD tapes market. These companies have mainly adopted new product launch and expansion strategies in the past three years to achieve growth in the UD tapes market.
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Evonik Industries engages in the specialty chemicals business, globally. The company operates through four business segments, namely, resource efficiency, nutrition & care, performance materials, and services. It primarily manufactures specialty chemicals for applications in the animal nutrition, consumer goods, and healthcare sectors. Evonik Industries manufactures UD tape VESTAPE, which offers good mechanical properties, reduced thermal expansion, low shrinkage, and can withstand the highest loading requirements. In February 2017, Evonik Industries introduced endless fiber-reinforced UD tapes under the VESTAPE brand. The company is manufacturing both glass and UD tapes using polyamide 12 and specialty high-temperature polyamides.
SABIC is a diversified chemical company. The company operates through three main segments, namely, chemicals, metals, and agro-nutrients. It has a strong customer base and operates in many countries of Europe, North America, APAC, South America, and the Middle East. UD tapes are manufactured by SABIC’s Fiber Reinforced Thermoplastics (FRT) business. It is a SABIC affiliate company based in the Netherlands. The company manufactures UD tapes under UDMAX brand. In March 2018, SABIC introduced UDMAX GPE 46–70 tape, expanding the portfolio of UDMAX UD fiber-reinforced thermoplastic composite tape products.
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