The unidirectional tapes market revenue is estimated to reach US$ 203.5 Million by 2022, according to Future Market Insights (FMI). The overall unidirectional tapes market is expected to reach US$ 559.3 Million by 2032, growing at a CAGR of 10.6% for 2022-32.
The automotive and aerospace & defense industries support the market growth by exhibiting consistently high demand for unidirectional tapes. Furthermore, the increasing application of unidirectional tapes in the energy sector is bolstering the demand in the market.
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Besides this, FMI has predicted the application to soar in the manufacturing of windmills and turbines. These tapes are as effective as various alternatives available in the market. Besides which, they are light in weight and highly durable.
Unidirectional tapes increase the efficiency of wind energy generation by reducing the weight of turbines and enabling the manufacturers to produce lighter and longer turbine blades. Lighter and longer blades help in increasing the energy output calculated per revolution.
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.
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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.
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.
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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.
Unidirectional Tapes Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global unidirectional tapes market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals growth projections on the unidirectional tapes market based on fiber (glass and carbon), resin (thermoplastic and thermoset), end use (automotive, energy, aerospace & defense and other industries (sports, leisure, etc.)), across seven regions.
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