Detroit, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Stratview Research announces the launch of a new market research report on Unidirectional Tapes (UD Tapes) Market by Fiber Type (Glass Fiber, Carbon Fiber, and Others), by Resin Type (Thermoset and Thermoplastic), by End-Use Industry Type (Aerospace & Defense, Automotive, Sporting Goods, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
The Global Unidirectional Tapes Market: Highlights
As per Stratview Research, the global UD tapes market is likely to witness an impressive CAGR of 13.1 % over the next five years, driven by a host of factors including organic growth of aerospace and defense, automotive, and sports & leisure industries coupled with increasing composite penetration in structural and semi-structural sections, excellent mechanical performance, and lightweight as compared to rivals including steel and aluminum.
Based on the end-use industry type, aerospace and defense is estimated to hold the largest share of UD tapes market in 2017. Whereas automotive industry, another considerable segment, is likely to be the fastest-growing segment of the market, driven by the demand from premium and electric vehicles.
Among the resin types, thermoplastic UD tape is likely to remain the most dominant segment during the forecast period. Most of the aerospace interior components, such as floor panels, seat frames, and luggage bins, are being manufactured with thermoplastic UD tapes.
In terms of region, North America is projected to remain the most dominant market during the forecast period. Whereas Europe and Asia-Pacific, other major regions, are likely to exhibit excellent growth rates in the coming years.
Key UD tape manufacturers are Evonik Industries, SABIC, Hexcel Corporation, TenCate, Teijin Limited, Celanese Corporation and BASF. Advancement in resin systems, collaboration with tier players and OEMs, and execution of mergers and acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market
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