Rapidly growing demand in Internet infrastructure, wireless devices, and computers, and increasing use of electronics in automobiles is a vital driving factor for the electronic board level underfill and encapsulation material market. The consumer electronics industry has witnessed significant growth in recent years, and this growth is estimated to persist over the coming years, subsequently ascending the demand for electronic board level underfill and encapsulation material. As such, the global electronic board level underfill and encapsulation material market is estimated to expand at a CAGR of 5.5% by during the forecast period of 2020–2030.
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Key Takeaways from Electronic Board Level Underfill and Encapsulation Material Market Study
- The electronics industry is one of the most dynamic sectors of the economy. Rapid surge in the growth of the electronics industry has boosted investments in electronic manufacturing, and, as such, creating significant demand for electronic board level underfill and encapsulation material across the world.
- Broad network of Internet services with multiple offers and easy subscriptions have led to smartphones replacing laptops as the primary device in consumer electronics. Launch of new generation of smartphones will also drive the electronic board level underfill and encapsulation material market.
- Miniaturization of electronic devices has led to an increase in the number of components on printed circuit boards. This has surged the demand for smaller, thinner, and more highly integrated printed circuit boards, correspondingly propelling the demand for underfill material in encapsulation and cavity filling type applications.
- East Asia accounts for a nearly one-fourth share in the global electronic board level underfill and encapsulation material market. This can be attributed to growing production of consumer electronic products in China and Japan.
- Countries such as India, Taiwan, Thailand, etc., have become strategic locations for electronic devices and semiconductor manufacturers, owing to inexpensive labor, lower shipping costs, and established manufacturing infrastructure. Hence, the market in South Asia & Pacific is expected to witness the highest growth during the forecast period.
- The COVID-19 pandemic hit the operations of the electronics industry, which had an adverse effect on the electronic board level underfill and encapsulation material market. With Asia Pacific now faring better than most regions, the market will gradually get back to its normal growth pace.
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Market Landscape Continues to Remain Moderately Fragmented
The global electronic board level underfill and encapsulation material market is moderately fragmented at global and regional levels. Tier-1 manufacturers account for more than one-third of the market share. Some leading players included in the report are Henkal AG & Co. KGaA and NAMICS Corporation, ASE Group and MacDermid Alpha Electronic Solutions, H.B. Fuller Company, etc. Manufacturers are determined to improve their market share in the electronic board level underfill and encapsulation material market by means of strategic expansion of production and distribution networks in emerging countries across the Asia Pacific region.
Electronic Board Level Underfill and Encapsulation Material Market: Conclusion
Demand for electronic board level underfill and encapsulation material has grown over the years, owing to substantial growth in the demand from electronic devices such as laptops, smartphones, consumer electronics, and many more. The market is occupied by a number of manufacturers. Regions such East Asia and North America hold major shares of the global market. Also, cumulative demand from applications in automotive components is further anticipated to grow in the coming future, catalyzing the growth of the electronic board level underfill and encapsulation material market.
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