Selbyville, Delaware, Dec. 05, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Hermetic Packaging Market was estimated at USD 3.7 billion in 2022 and is expected to surpass a valuation of $7.9 billion by 2032, progressing at a CAGR of 7.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Increasing global demand for commercial aircrafts is a key driver behind industry expansion. Air travel is slated to encounter moderate growth over the forthcoming years, primarily driven by the rising buying power of the middle-income population across emerging economies. Robust economic development, favorable demographics, improving living standards, and growing disposable income are bringing air travel within reach for the aforementioned demographic.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/4470
Higher flexibility in design to foster multi-layer ceramic configuration segment growth
Based on the configuration, hermetic packaging market is categorized into pressed ceramic, multi-layer ceramic, and metal can. Multi-layer ceramic segment is anticipated to surpass USD 2.5 billion by 2032. A major chunk of the growth is expected to be driven by the flexible nature of the configuration, which allows for further additions to the packaging. This configuration enables package designer to incorporate electrical enhancements within the packaged body, which is expected to gain considerable traction in upcoming years.
Key reasons for Hermetic Packaging Market growth:
- Increasing military & defense expenditure in the U.S.
- Rising global demand for commercial aircraft.
- Development in the healthcare sector in North America.
Strong demand from electronics sector to fuel reed glass product segment expansion
Based on product, hermetic packaging industry size from reed glass segment is anticipated to surpass USD 470 million by 2032. The growth can be credited to a steady product demand from the electronics sector. Reed glass is used to encapsulate reed switches, which are heavily used in the electronics sector, owing to their ability to open and close electrical circuits without any external mechanical influence. Moreover, the excellent accuracy of the product with regard to glass composition and dimensional tolerances, and its lead-free composition would further augment segment outlook.
High linearity of MEMS switches to bolster the application segment demand
With regards to application spectrum, hermetic packaging market is segmented into photodiode, laser, MEMS switch, transistor, sensor, airbag ignitors, and others. The MEMS switch application segment is expected to depict over 8.5% CAGR from 2023 to 2032, driven by the high Figure of Merit (FOM), high linearity, and low power consumption of these switches. They are used to switch the analog signal’s propagation path and maintain its purity. Many MEMS switches need hermetic packaging before die cutting to reduce the chances of contamination and damage to MEMS switches and consequent single chip handling.
Excellent media resistance of hermetic packages to drive revenues from the medical sector
On the basis of sector, hermetic packaging market from medical sector segment valuation is poised to reach over USD 1 billion by 2032, driven by the multiple benefits of hermetic packaging such as high electric insulation, thermal shock stability, lightweight, excellent media resistance, autoclavability, and temperature stability, among others. The medical industry heavily uses hermetic packages for preventing the contamination of delicate electronic components. They are also used to ensure systematic electronic functionality in hearing devices and pacemakers within the human body, which is likely to foster segment growth.
Growing automotive production and sales to strengthen LATAM hermetic packaging industry share
LATAM hermetic packaging market is slated to grow at over 5.5 % CAGR from 2023 to 2032, owing to the increasing adoption of more advanced technologies in the region’s medical sector. The growth can also be credited to rising production as well as sales of automobiles in the region. Furthermore, industry revenues are also slated to be outlined by a rising demand from the regional defense and military sector.
Request for customization of this research report @ https://www.gminsights.com/roc/4470
Capacity expansion initiatives to shape the competitive landscape
Some hermetic packaging market players include Texas Instruments Incorporated (TII), KYOCERA Corporation, Materion Corporation, Teledyne Advanced Electronic Solutions, and Micross. To accommodate growing demand, many firms are focusing on expanding their manufacturing capacities in recent years.
Partial chapters of report table of contents (TOC):
Chapter 5 Hermetic Packaging Market, By Configuration
5.1 Global market configuration insights
5.2 Multi-layer ceramic packages
5.3 Pressed ceramic packages
5.4 Metal can package
Chapter 6 By Product
6.2 Ceramic-to-metal sealing
6.3 Glass-to-metal sealing
6.4 Passivation glass
6.5 Transponder glass
6.6 Reed glass
Chapter 7 By Application
7.1 Global market application insights
7.2 Lasers
7.3 Photodiodes
7.4 Airbag Ignitors
7.5 MEMS Switches
7.6 Transistors
7.7 Sensors
7.8 Others
Browse Our Reports Store - GMIPulse @ https://www.gminsights.com/gmipulse
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
