Newark, April 24, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 3 billion in 2023 global electronic packaging market will reach USD 18.57 billion in 2033. The process of covering electronic systems or components to ensure their dependability, safety, and functionality is known as electronic packaging. It entails designing, manufacturing, and assembly of coverings for protection made of metal, plastic, glass, ceramic, and composite materials. These materials are appropriate for various electronic packaging applications because they have strength, electrical insulation, thermal conductivity, and lightweight qualities. Printed circuit board (PCB) enclosures, integrated circuit (IC) packages, connectors, and cables are typical instances of electronic packaging. Electronic packaging ensures the dependability and durability of electronic components by shielding them from external factors like heat, moisture, dust, and physical impact. Effectively dissipating heat and avoiding overheating and performance degradation aids in thermal management. Furthermore, insulating electronic packaging materials lessens the risk of electrical shorts and component interference, enhancing the functionality and safety of electronic systems. Electronic packaging makes the creation of stylish, portable, and long-lasting consumer electronics like wearables, tablets, and smartphones possible.
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Key Insight of the Global Electronic Packaging Market
Asia Pacific will dominate the market during the forecast period.
The region is a centre for electronics production, with several facilities located in nations including China, Japan, South Korea, and Taiwan. These nations make significant investments in R&D, resulting in innovative packaging materials and technologies. The area is a favoured location for the manufacture of electronic packaging due to its cheaper labour costs and effective manufacturing techniques. Rising affluence and urbanization have led to the growth of some of the world's largest consumer electronics markets, concentrated in Asia Pacific. Government policy, infrastructural development, and investment incentives all contribute to expanding the electronic packaging industry.
In 2023, the plastic segment dominated the market, with a 47% market share and revenue of 1.41 billion.
The material segment is divided into plastic, metal, and glass. In 2023, the plastic segment dominated the market, with a 47% market share and revenue of 1.41 billion.
In 2023, the consumer electronics segment dominated the market with the largest market share of 37% and revenue of 1.11 billion.
The end-user industry segment is divided into consumer electronics, aerospace and defence, automotive, healthcare and others. In 2023, the consumer electronics segment dominated the market with the largest market share of 37% and revenue of 1.11 billion.
Advancement in market
The announcement of a national strategy for "advanced packaging" by the U.S. government under the CHIPS for America Programme is a significant step in guaranteeing the security and resilience of the advanced electronics supply chain in the United States. According to the U.S. Commerce Department's newly issued "Vision for the National Advanced Packaging Manufacturing Programme" (NAPMP), roughly $3 billion will improve U.S. leadership in advanced packaging.
Market Dynamics
Driver: The growing need for electronics.
Consumer electronics, such as wearables, laptops, and smartphones, demand elegant, portable, and strong packaging solutions to shield fragile parts from environmental dangers. Incorporating sophisticated electrical systems for infotainment in automobiles calls for reliable packaging solutions that are resistant to adverse environments. Electronic packaging is also used in aerospace and defence applications to protect vital components from harsh conditions and guarantee mission success. Electronic devices are used in the healthcare sector for patient monitoring, diagnosis, and treatment, which increases the need for packaging solutions that put safety, dependability, and legal compliance first. Furthermore, packaging solutions that reduce signal interference and promote effective heat dissipation are needed as telecommunications networks expand, including 5G infrastructure and satellite communications. As a result, the growing need for electronic devices in various sectors and applications highlights the significance of electronic packaging. It propels the expansion and advancement of the industry.
Restraints: Expense factors.
Electronic packaging materials made of high-performance materials have better qualities but cost more. Advanced manufacturing techniques also demand large initial investments. The intricacy of the design may increase the cost of production. It may cost more to ensure the dependability and calibre of electronic packaging through stringent testing and adherence to legal requirements. Consequently, the market's expansion will be hampered by cost concerns, including material selection, design, production and manufacturing equipment, procedures, assembling, testing, and inspection. These factors add up to large upfront investment expenditures.
Opportunities: developments extending the use of electronic packaging.
High-performance computing demands and integration requirements are driving breakthroughs and innovations in packaging solutions that can accommodate the complex electronics of the modern day. By giving innovative packaging items lightweight and flexible, cutting-edge materials like graphene and carbon nanotubes contribute to the market's growth. Furthermore, packaging solutions may be quickly prototyped and customized with technologies like 3D printing, which makes it easier to create intricate designs. Over the projected period, the development and growth of the worldwide electronic packaging market will be driven by these technological breakthroughs.
Challenges: Stringent Regulatory standards.
Regulatory compliance in electronic packaging is essential for ensuring electronic products' safety, quality, and environmental sustainability. Environmental regulations restrict the use of hazardous substances like lead and mercury in electronic packaging materials to prevent pollution and promote safe disposal. Waste management regulations require producers to responsibly manage the collection, recycling, and disposal of electronic packaging materials. Product safety standards and labelling guidelines must also be complied with in the economy. Failure to comply with regulations can result in legal consequences, including fines, product recalls, and damage to reputation. Therefore, these regulations may challenge the manufacturers and limit the market's growth.
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Some of the major players operating in the global electronic packaging market are:
• UFP Technologies Inc.
• Infinite Power Solutions
• Holst Centre
• Front Edge Technology
• Excellatron Solid State
• Dordan Manufacturing Company
• Cymbet
• Canatu
• Blue Spark Technology
• AMETEK
Key Segments covered in the market:
By Material
• Plastic
• Metal
• Glass
By End-User Industry
• Consumer Electronics
• Aerospace and Defence
• Automotive
• Healthcare
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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