NEWARK, Del, March 22, 2023 (GLOBE NEWSWIRE) -- The hermetic packaging market is to advance from 2023 to 2033, at a 4.2% CAGR, reaching a market worth of US$ 5.2 billion by the end of 2033, up from US$ 3.4 billion in 2023.
Rising hermetic packaging demand from a range of end-use sectors, including defense, aerospace, and military applications, for delicate electronic parts, is one of the primary reasons for pumping up the market revenue.
Market's Leading Determinants of Growth
The rise in consumer electronics hermetic packaging demand and widespread adoption of hermetic packaging in numerous end-use industries are the key factors in the market's revenue growth.
Growing middle income, evolving lifestyle tastes, and an increase in the use of smart electronic gadgets are a few main determinants of market revenue growth. The market is to increase as a result of rising consumer electronics and product technological advancements.
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Challenges Curtailing the Evolution of the Global Hermetic Packaging Market
Many adverse aspects are stifling the global hermetic packaging market expansion. One of the primary reasons projected to have a detrimental influence on market revenue growth over the forecast period is the availability of alternative packaging alternatives.
Despite its improvement, this packaging solution faces competition from a variety of substitutes thought to be protective and trustworthy. Plastic packing is one of these alternatives used in military and defense as a protective sealing technique when components are in too harsh temperatures.
Opportunities for Market
The aerospace industry uses hermetically sealed terminals, headers, and connectors in many aircraft systems. Hermetic connectors, for example, keep fragile electronics in a flight data recorder or black box intact. Hermetic connectors are used to detect and prevent fuel seepage in fuel systems and gasoline tanks.
Increasing global hermetic food packaging demand for commercial aircraft, technical improvements, and rising industrialization are just a few of the important reasons that are projected to offer profitable business prospects for both established players and new entrants in the industry.
North America has the Market's Maximum Revenue Share
North America appeared as the significant regional market in 2023, with a significant revenue share. The region's increased defense spending in nations such as the United States, the existence of prominent aircraft manufacturers, and a well-developed medical industry are all supporting revenue growth in the North America hermetic electronic packaging market.
Asia Pacific Maintains its Top Spot in Revenue CAGR
Asia Pacific hermetic packaging industry is likely to grow at a rapid pace. Increasing hermetic seal demand from a range of end-use verticals such as automotive, telecommunications, and military & defense is likely to fuel market expansion in Asia Pacific.
Key Takeaways
- Together, East Asia, South Asia, and Oceania are to account for 38% of the global hermetic electronic packaging market in 2023.
- Due to significant regional end-use sectors' high hermetic packaging sales, North America is to account for 24.7% of the global market.
- In 2023, Europe is projected to hold a 29.6% share of the global hermetic food packaging market.
- Latin America and the Middle East and Africa are to hold 4.7% and 3.1% of the hermetic food packaging market share, respectively, in 2023.
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Market Competition Analysis for Hermetic Packaging
The intense rivalry in the hermetic packaging market is fairly strong owing to the existence of some prominent hermetic packaging manufacturers such as AMETEK Inc., Amkor Technology Inc., Egide SA, Kyocera Corporation, Legacy Technologies Inc., Materion Corporation, Micross Components, others.
These manufacturers have a competitive lead over their competitors thanks to their ability to continuously improve their products and services. The hermetic packaging manufacturers can gain a solid presence in the hermetic seal market through strategic alliances, mergers and acquisitions, and research and development initiatives.
Strategy and Objectives of Leading Companies
- Launch
In April 2020, NanoRetina revealed successful preliminary results for its NR600 Artificial Retina Device, which used glass laser bonding technology from SCHOTT Primoceler. NanoRetina has made a significant step forward in developing a retinal implant that could provide a solution to degenerative vision loss. For the ultra-miniature, all-glass encapsulation of the device, SCHOTT Primoceler's hermetic glass wafer micro bonding was utilized.
- Expansion
Schott AG expanded its product offering in 2020 by launching a range of hermetic goods and introducing its breakthrough HEATAN technology.
Key Segments
By Hermetic Seal:
- Epoxy Hermetic Seals
- Glass-to-Metal (GTM) Hermetic Seals
- Ceramic-to-Metal (CTM) Hermetic Seals
- Glassware Sealings
- PTFE Sealing Rings
- O-Rings
- PTFE Sleeves
By Configuration:
- Multilayer Ceramic Packages
- Metal Can Packages
- Pressed Ceramic Packages
By Application:
- Semiconductor Electronics
- Thermostats
- Optical devices
- Switches
- Microelectromechanical Systems (MEMS)
- Electrical or Electronic Parts
- Batteries
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
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Table of Content
1. Executive Summary | Hermetic Packaging Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
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