Evonik Industries (Germany) and SABIC (Saudi Arabia) are the Key Players in the Unidirectional Tapes (UD) Market
The global UD tapes market size is projected to grow from USD 194 million in 2021 to USD 332 million by 2026, at a CAGR of 11.4% during the forecast period. 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 demand has encouraged many companies to adopt various developmental strategies in the UD tapes industry to increase their presence in the market. The growth strategies, such as new product launch and merger & acquisition, were adopted by the players to increase their foothold and maintain sustained growth in the UD tapes market.
UD tapes are mainly used in aerospace & defense, automotive, and sports & leisure industries. In these industries, UD tapes are mainly used for localized reinforcements, lap joining, sleeve winding, repairs, and seam taping purposes. They provide superior properties, such as high tensile strength, high abrasion resistance, wear resistance, high modulus, high strength, high stiffness, low density, chemical resistance, and low creep.
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The market for UD tapes in North America is projected to witness the highest growth during the forecast period due to the rising demand from the US and Canada. This is due to the growth in end-use industries, such as aerospace & defense, automotive, and sports & leisure in these countries. For instance, the aerospace industry is the major consumer of UD tapes in the region. UD tapes are mainly used in wing spars, wing skins, fuselage skin, access panels, rib stiffeners, brackets, conduit, and flooring. Carbon fiber slit tapes are used in aircraft seat frames.
The key players in the UD tapes market are Evonik Industries (Germany), SABIC (Saudi Arabia), Toray Industries (Japan), Hexcel Corporation (US), SGL Group (Germany), and Teijin Limited (Japan). They have adopted various developmental strategies such as acquisitions, new product launches, and agreements to increase share in the market.
Evonik Industries is a key player in the UD tapes market. The company has a strong geographic presence across the globe and a strong segment revenue. It has expertise in specialty chemicals. The company is active in more than 100 countries around the world. It is efficient in providing quality UD tapes. The products are capable of holding firmly and reliably against all the forces with low water absorption, and impressive mechanical properties. Thus, the company’s disruptive innovation in the field of UD tape has helped it sustain itself in the market.
In February 2017, Evonik Industries developed endless fiber-reinforced UD tapes with thermoplastic matrices to the marketable stage. It is now distributing them under the VESTAPE brand. It is manufacturing both glass and carbon fiber tapes using polyamide 12 and specialty high-temperature polyamides.
SABIC is a prominent market player in the market. The company manufactures UD tapes under the brand, UDMAXT. It is highly focused on manufacturing high-quality UD tapes. This has helped SABIC cater to the increasing demand for UD tapes in various end-use industries. The company is also focused on product innovation.
In March 2018, SABIC introduced UDMAX GPE 46–70 tape expanding portfolio of UDMAX UD fiber-reinforced thermoplastic composite tape products. UDMAX GPE 46–70 tapes provide increased mechanical performance while reducing weight. They also help in improving corrosion resistance in the most severe environments.
Related Reports:
Unidirectional Tapes (UD) Market by Fiber (Glass, Carbon), Resin (Thermoplastic, Thermoset), End-use Industry (Aerospace & Defense, Automotive, Sports & Leisure) and Region (North America, Europe, Asia Pacific) - Global Forecasts to 2026
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