WELLESLEY, Mass., Sept. 04, 2018 (GLOBE NEWSWIRE) -- Rising demand for printed circuit boards and rapid growth in the automobile and electronics industry are helping to boost growth of the thick film materials market, according to a new report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 10.8% through 2023, when it could be worth more than $31.9 billion, as outlined in the report Thick Film Materials: Global Markets to 2023.
Major players in the market include Lord, Heraeus Holding, DuPont, Ferro, Sumitomo Metal Mining, Sun Chemical, Noritake, Henkel, Novacentrix, Indium, Arraycom and Vorbeck Materials.
Research Highlights
- By application, growth in the market will be led by photovoltaic materials, which expect a CAGR through 2023 of 11.2%, followed by LTC at 10.9% and automotive at 9.6%. By size, photovoltaic applications will dominate the market, with an estimated 2023 value of $11.2 billion.
- In 2017, thick film had a 48% share of the overall film market, followed by thin film at 34.9% and nano film at 15.2%.
- By product, growth in the market will be led by dielectric paste, with a CAGR through 2023 of 12.1%, followed by resistor paste at 10.6%. By size, the market will also be led by dielectric paste, with an estimated 2023 value of $5.8 billion, followed by conductor paste at $4.8 billion.
“The United States should continue to remain a leading player as it brings new technologies to the market,” the report’s authors noted. “Improving economic conditions and introduction of new products into the market are expected to drive the growth of thick film materials in the region. Growth for thick film materials is also observed in Europe and Rest of World as economic conditions continue to improve.”
Market Restraints Include High Costs and Need for Investments in R&D
Although growth overall is projected to be steady, several factors are restraining the industry, the report adds. Chief among them is the high cost of thick film materials, which include gold and silver. Increases in these and other raw materials will add to the final cost of products. Meanwhile, consumer demands for new products with better features means that large investments are needed for research and development activities.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.