New York, USA, Feb. 07, 2023 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global quad-flat-no-lead packaging market is anticipated to grow at a stunning CAGR of 8.8%, thereby garnering a revenue of $1,063 million in the 2022-2031 timeframe. This comprehensive report provides a brief outlook of the current framework of the quad-flat-no-lead packaging market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
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Dynamics of the Market
Drivers: Increasing utilization of consumer electronics like smartphones and tablets across the globe is predicted to be the primary growth driver of the quad-flat-no-lead packaging market in the forecast period. Additionally, growing adoption of quad-flat-no-lead packaging in aviation industry is expected to push the market forward.
Opportunities: Growing research to improve product quality and energy efficiency is anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, rising use of quad-flat-no-lead in consumer electronics manufacturing is expected to help the market grow in the forecast period.
Restraints: Requirement of large initial investments, however, might prove to be a hindrance in the growth trajectory of the quad-flat-no-lead packaging market.
Impact of Covid-19 on the Market
The quad-flat-no-lead packaging market, like many other industries and sectors, experienced a negative impact the Covid-19 pandemic. The semiconductor and IC industry faced a slowdown due to both supply-side and demand-side issues due to the government-ordered lockdowns across the world. The manufacturing of semiconductors was harshly affected due to lack of supply of raw materials, while the demand for finished goods was impacted due to shutdown of automobile and consumer electronics industries.
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Segments of the Market
The report has divided the quad-flat-no-lead packaging market into certain segments based on type, moulding method, terminal pads, industry vertical, and region.
Type: Air Cavity QFN Sub-segment to be Highly Dominant
By type, air cavity QFN sub-segment is expected to be highly dominant during the forecast period. Growing use of air cavity ceramic package for packaging of Si, GaAs, and GaN RF power transistors is expected to help in the growth of this sub-segment.
Moulding Method: Punched Sub-segment to Garner a Significant Market Share
By moulding method, punched sub-segment is expected to flourish immensely by 2031. Punch singulated packages are individually "punched" from moulded strips which make them a more portable and cost-effective alternative than traditional lead frame packages. This advantage of punched packages is predicted to propel the growth of this sub-segment in this forecast period.
Terminal Pads: Fully Exposed Terminal Ends Sub-segment to Flourish Significantly
By terminal pads, the fully exposed terminal ends sub-segment is expected to register huge growth by 2031. The ability of fully exposed terminal ends to resolve both the visible terminal and hidden terminal problem is predicted to drive the growth of this sub-segment.
Industry Vertical: Automotive Sub-segment to Grow Significantly
By industry vertical, automotive sub-segment is expected to gather a huge market share during the forecast period. The wide range of applications of quad-flat-no-lead packaging in automobile technology is expected to help in the growth of this sub-segment.
Market in the Asia-Pacific Region to be the Most Lucrative
By regional analysis, the quad-flat-no-lead packaging market in the Asia-Pacific region is anticipated to be the most profitable by 2031. Presence of leading semiconductor manufacturers in this region and increasing investment in R&D of QFN technology is anticipated to be the main growth drivers of the market in this region.
Prominent Market Players
Some of the key players in the quad-flat-no-lead packaging market are
- Amkor Technology Inc.
- ASE
- Powertech Technology Inc.
- Texas Instruments Incorporated
- NXP Semiconductors
- Tianshui Huatian Technology Co. Ltd
- Microchip Technology Inc.
- JCET Group
- O ChipMOS TECHNOLOGIES INC.
- STATS ChipPAC Pte Ltd
These key players are devising new technologies and smart innovations to gain a prominent position in the global market- Inquire here to grab full report
For instance, in April 2021, NXP Semiconductors, one of the largest semiconductor manufacturing companies in the world, announced the launch of world’s first QFN packaging solution that enables Wi-Fi® 6/6E in smartphones and similar computing devices. This product launch is predicted to put the NXP Semiconductors ahead of its competitors of the market.
Finally, the report also summarizes many crucial aspects of the quad-flat-no-lead packaging market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Quad-Flat-No-Lead Packaging Market:
- Everything You Need to Know About Quad-Flat-No-Lead (QFN) Packaging
- Global Quad-Flat-No-Lead Packaging Market to Observe Widespread Growth with Growing Demand for QFN Package in Compact Electronic Devices
