New York, USA, Jan. 16, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global semiconductor packaging market is expected to gather $52,271.6 million by 2028 and rise at a stable CAGR of 7.0% in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the semiconductor packaging market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Since the last few years or so, there has been a growth in the utilization of consumer electronics which is predicted to be the primary growth driver of the semiconductor packaging market in the forecast period. Additionally, the development of advanced consumer electronic products where complex integration of semiconductors is required is predicted to help the market grow substantially in the forecast period.
Opportunities: The growing adoption of 3D semiconductor packaging technology is predicted to offer numerous growth opportunities to the market in the forecast period. Furthermore, a surge in the adoption of (IoT) Internet of Things and artificial intelligence (AI) in consumer electronics and telecommunication is anticipated to push the market forward.
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Restraints: However, according to market analysts, high capital investments required in semiconductor packaging might become a restraint in the growth of the semiconductor packaging market.
Impact of Covid-19 Pandemic on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The semiconductor packaging market, too, faced tremendous negative impact of the pandemic. Disruptions in the global supply chains led to a massive decline in the production of semiconductors which decreased the growth rate of the market during the pandemic years.
Segments of the Market
The Research Dive report has fragmented the semiconductor packaging market across different segments such as packaging platform, packaging material, end user, and region.
Packaging Platform: Flip Chip Sub-segment to be the Most Dominant
By packaging platform, the flip chip sub-segment is expected to be the most dominant sub-segment and generate a revenue of $24,903.7 million by 2028. The rise in demand for high-performing electronics for retail and commercial uses is expected to boost the growth of the sub-segment in the forecast period.
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Packaging Material: Organic Substrate Sub-segment to be the Most Profitable
By packaging material, the organic substrate sub-segment of the semiconductor packaging market is predicted to be the most profitable one and garner a revenue of $16,486.2 million by 2028. The increase in demand for portable electronic devices such as smartphones, audio devices, tablets, etc., is predicted to boost the growth of the sub-segment in the forecast period.
End User: Consumer Electronics Sub-segment to Have the Highest Market Share
By end user, the consumer electronics sub-segment is expected to be the most dominant and generate a revenue of $15,826.2 million by 2028. A rise in the disposable incomes of people across the globe is predicted to boost the demand for consumer electronic products which is expected to boost the growth of this sub-segment in the forecast period.
Market in the Asia-Pacific Region be the Most Lucrative
By regional analysis, the semiconductor packaging market in Asia-Pacific region is predicted to register a revenue of $19,078.5 million by 2028, thereby being the most lucrative one. The well-established industrial and economic base of this region and the presence of major electronics manufacturing companies are predicted to be the main drivers of the market in the forecast period.
Prominent Market Players
Some prominent players in the semiconductor packaging market are
- Intel Corporation
- Microchip Technology Inc.
- GlobalFoundries U.S. Inc.
- 3M
- Amkor Technology Inc.
- Taiwan Semiconductor Manufacturing Company Limited
- Applied Materials Inc
- Advanced Semiconductor Engineering Inc.
- SPTS Technologies Ltd.
- SÜSS MICROTEC SE
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
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For instance, in May 2022, APACT, a semiconductor testing provider, announced the acquisition of ATsemicon’s packaging business. ATsemicon is a leading semiconductor testing company and this acquisition by APACT is predicted to help the company to establish itself as a leader of the industry in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Semiconductor Packaging Market:
- Semiconductor Packaging: Basic Types, Functions, and Covid-19 Impact
- Strategic Collaborations and Technological Advancements to Fuel the Growth of the Global Semiconductor Packaging Market by 2028
