Wilmington, Delaware , April 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Solder Materials Market by Product (Bar, Wire, Paste, and Others), Process (Wave/Reflow, Screen Printing, Robotic, and Others), and End-use (Automotive, Consumer Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "solder materials market" was valued at $4.6 billion in 2022, and is estimated to reach $7.1 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
Prime determinants of growth
The solder materials market is expected to show promising growth potential in the foreseeable future, driven primarily by the increase in demand for electronic devices and advancements in the electronics industry. Despite the challenges posed by the volatility in raw material prices and environmental concerns associated with lead-based solder materials, the solder materials market is poised for significant growth due to the increasing demand for electronic devices and the expansion of the renewable energy sector.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $4.6 Million |
| Market Size In 2032 | $7.1 Million |
| CAGR | 4.5 % |
| No. Of Pages In Report | 250 |
| Segments Covered | Product, Process, End-Use, And Region. |
| Drivers | Expansion Of The Automotive Industry. Growth Of Electronics Sectors. |
| Opportunity | Renewable Energy Sector Growth. |
| Restraint | Volatility In Raw Material Prices. |
The wire segment to maintain its lead position during the forecast period.
By product, the bar segment accounted for the largest share in 2022, contributing to more than two-fifths of the global solder materials market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 4.1% from 2023 to 2032. Solder bars are a critical component in the electronics manufacturing process, providing a reliable and efficient method for soldering electronic components onto printed circuit boards and creating strong and durable solder joints. With the increasing demand for electronic devices and the expansion of the electronics industry, the solder bar market is expected to witness significant growth. The transition towards lead-free solder bars and the development of advanced solder alloys will further drive the market growth, offering new opportunities for innovation and product development in the solder materials industry.
The robotic segment to maintain its lead position during the forecast period
By process, the wave/reflow segment accounted for the largest share in 2022, contributing to nearly half of the global solder materials market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 4.2% from 2023 to 2032. Wave soldering and reflow soldering are essential soldering processes in the electronics manufacturing industry, each with its own specific applications and advantages. With the increasing miniaturization of electronic devices and the shift towards lead-free soldering, reflow soldering is becoming more widely used for its ability to provide high-quality, reliable solder joints for surface-mount components and fine-pitch components on modern printed circuit boards.
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The automotive segment to maintain its lead position during the forecast period
By end-use, the consumer electronics segment accounted for the largest share in 2022, contributing to more than two-thirds of the global solder materials market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 4.4% from 2023 to 2032. Consumer electronics includes a wide range of electronic devices used by individuals in their daily lives, including smartphones, laptops, tablets, televisions, gaming consoles, wearables, and home appliances. Soldering is a crucial process in the manufacturing of consumer electronics, as it is used to assemble and connect the electronic components on printed circuit boards (PCBs).
Asia-Pacific to maintain its dominance by 2032
By region, in 2022, Asia-Pacific held the highest market share in terms of revenue accounting for more than half of the global solder materials market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 4.7% from 2023 to 2032. The solder materials market in the Asia-Pacific region is witnessing significant growth due to the strong electronics manufacturing industry, technological advancements, government initiatives, and increasing demand for consumer electronics, automotive electronics, and advanced electronic devices. Despite the challenges posed by the volatility in raw material prices and environmental concerns associated with lead-based solder materials, the market offers lucrative opportunities for manufacturers, suppliers, and distributors in the region to capitalize on the growing demand and expand their presence in the fast-growing and dynamic electronics manufacturing industry in the Asia-Pacific region.
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Leading Market Players: -
- Indium Corporation
- Alpha Assembly Solutions
- Kester
- Senju Metal Industry Co., Ltd.
- AIM Solder
- Weller Tools GmbH
- Nihon Superior Co., Ltd.
- MG Chemicals
- Balver Zinn
- Qualitek International, Inc.
The report provides a detailed analysis of these key players in the global solder materials market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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