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"Global Electronic Adhesives Market is estimated to represent a CAGR of ~8% with an estimated market value of ~USD XX Bn in 2019 and is projected to reach ~ USD 11.3 Bn of market value by 2028."
The global electronic adhesives market is prominently driven by a surge in the manufacturing and components of electronics and allied circuits. Electronics adhesives are exponentially growing in its applications in various manufacturing companies in order to offer finished goods to the end-users. These adhesives are mainly utilized for binding the surface mount components, wire tacking and encapsulating components in manufacturing companies.
Manufacturing of adhesives is accomplished by the usage of raw materials such as epoxies, polyurethane, poly-sulfides, and cyanoacrylates, etc., whose cost is higher though used largely. Despite the raw materials high cost the adhesives produced by the usage of these ingredients do have strong bonding characteristics. Thus the electronic adhesives have a rise in the usage in the manufacturing companies for producing high-grade offerings.
Electronic products are miniaturization where there is an increased usage of electronic adhesive when the companies are partnering with each other. However, there is a high usage of electronic adhesives in the manufacturing of electronics and automobile industries. There are advanced safety regulations for the automobile industry contributing to high usage in the usage of the electronic adhesive in order to improve the safety measures in the vehicles.
There is the increased usage of electronic adhesives among advanced solid-state semiconductor technologies in various industries. Such advancement in the production of solid-state semiconductor technologies plunges adhesive applications in the near future to improve the standards of the products. Companies are heavily investing in advanced electronics has substantially propelled the usage of electronic adhesives. The application of electronics adhesives is increasingly advancing because of heavy R&D activities in the electronics industry.
These adhesives are also extensively used among the electronics manufacturers for the coating to protect them from extreme environmental conditions. Moreover, there is the increased usage of two different metals for adhesion in order to prevent from galvanic corrosion of electronic components. Plunge in the growth of the consumer goods market coupled with electronic products is projected to boost the electronic adhesives. There are lucrative opportunities present in electronics adhesives because it is also being used as an alternative among other adhesives due to its unique properties. Though governments are imposing regulatory policies in reducing VOC adhesives due to their non-environmental friendly nature, there is a rise in the demand for electronic adhesives.
The Surge in the Demand for Thermal Conductive Products Segment in the Electronic Adhesive Market:
The electronic adhesives market has increased demand for thermal conductive products for enhancing the performance of electronic products. The market value of the thermal conductive products segment is accounted at USD 1.3 billion in 2019 due to a surge in its demand. This demand is because electronics do generate heat when operated hence need adhesives that could be heat resistant and increase their durability. Thus thermal conductive products constitute of silicon, acrylic and epoxy resins utilized in electronics.
There is high growth in the volume of electrically conductive products segment is estimated to grow at a CAGR of 5.9% by 2028. This surges us because of a rise in the need of offering electronics of the significant function that has electrical conductivity producing heat. Such properties of electrical conductive products do substantiate in efficiency and cost-effectiveness of these products hence rises in the demand of thermally conductive adhesives.
The fast growth of UV curing product segment is expected that could boost the functionality of electronic goods. It is because of their unique property that could insulate and has good thermal conductivity of electronics equipment. The segment constitutes of polyimides, cyanoacrylates, and silicone.
Asia-Pacific to Dominate the Global Market of Electronic Adhesives:
Electronic adhesives are estimated to plunge in the Asia-Pacific market at a high rate during the forecast period. It is especially because of the high industrialization and advancements in electronic goods in recent years. In this region, China is a dominant player in the electronic adhesives market as a consumer as well as a manufacturer globally. There is an enhanced usage of these adhesives among the automobiles as an electronic adhesive such as printed circuit and battery backup is rising its demand in the market. The market for an electric vehicle in China is considered as the leading market encouraging the growth of electronic adhesives applications in this industry.
The growth of electronic adhesives is also in the surge by the southeastern nations of the Asian pacific region because of increased demand for white and brown goods. There is also a plunge in the appliance and the consumer goods market in this region had substantially contributed to the demand for electronic adhesives. This growth rate is expected to be at 8.7% in this region for the appliance and consumer goods market. Whereas Japan accounted for a year on year growth of 1% in the electronic industry, that could attribute to plunge in the electronic adhesives.
Prominent players in the electronic adhesive market are focused on increasing their expansion globally through partnering with other organizations that are listed as follows: 3M Co., Arkema SA, Dexerials Corp., Dow Inc., Elkem ASA, Evonik Industries AG, H.B. Fuller Co., Henkel AG & Co. KGaA, Heraeus Holding GmbH, Hitachi Chemical Co. Ltd., and LG Chem Ltd.
Key segments of the Global Electronic Adhesive market:
- Electrically conductive adhesives
- Thermally conductive adhesives
- UV curing adhesives
- Other adhesives
- Surface-mount devices (chip bonding)
- Potting & Encapsulation
- Conformal Coatings
- North America
- Latin America
- Asia Pacific
- Middle East & Africa