Albany, NY -- (SBWIRE) -- 02/25/2019 -- The global electronic adhesives market was valued at US$ 3,996.9 Mn in 2017 and is anticipated to expand at a CAGR of 8.3% from 2018 to 2026, according to a new report titled 'Electronic Adhesives Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). The global electronic adhesives market is driven by the rise in demand for electronic adhesives for miniaturization of electronic products.
The global electronic adhesives market is anticipated to expand due to the rise in demand for compact and lighter components in the electronics industry. Additionally, growth in penetration of Internet of Things (IoT) is driving the market. Increase in adoption of connected devices has transformed the way electronic appliances are built, giving players significant opportunities to make the most of this trend. Expansion in the electronics industry has been one of the key forces driving the export-led growth of the newly industrializing economies (NIEs) of Asia Pacific. The shift of electronics industry to Asia Pacific due to the availability of cheap labor, industrialization, and urbanization is expected to augment the demand for electronic adhesives in the region.
Automobile electronics are electrically generated systems that are used in road vehicles. Automobile electronics is becoming popular and is being preferred by consumers due to the increase in advancements in technologies. It enhances engine control and provides higher safety, security, and comfort in a vehicle. Of late, advanced automobiles have evolved as electronic machines with a number of electronic control units (ECUs). These perform operations such as providing driver assistance through navigation system, in-vehicle infotainment through audio-video devices, and enabling internet. Demand for consumer electronics has been rising significantly in Asia Pacific, Latin America, the Middle East, and large parts of Africa. This is propelling the electronic adhesives market in these regions.
Request to view Brochure Report:
Petrochemicals, solvents, and plasticizers are key raw materials employed in the manufacture of adhesives. However, most raw materials such as solvents and resins are petrochemical derivatives. Furthermore, aromatic compounds such as benzene and toluene are prominent industrial solvents used in a wide range of industries. Broad usage of petrochemicals in the production of adhesives as well as other specialty chemicals affects their overall market price. Depletion of crude oil sources is another factor leading to price volatility in the global market. These factors have caused substantial fluctuations in prices of primary petrochemical derivatives in the last few years. This is projected to affect the demand and supply of raw materials required in adhesives.
Based on product, the electronic adhesives market has been segmented into UV curing thermally conductive, electrically conductive, and others (cyanoacrylate and polyamide). The electrically conductive segment dominates the global electronic adhesives market. In terms of volume and value, the segment is projected to expand at a rapid pace during the forecast period. UV curing is expected to be a rapidly growing segment of the market during the forecast period. UV curing is used due to environmental demands and manufacturing yield improvement.
In terms of application, the global electronic adhesives market has been classified into encapsulation, conformal coatings, wire tacking, and surface mounting. Surface mounting is the major segment of the market. It is likely to continue its dominance throughout the forecast period. The surface mounting segment is projected to hold 35.2% share of the global electronic adhesives market by the end of the forecast period. This can be ascribed to the rise in demand for PCB-based electronic devices in various sectors such as automotive, consumer durables, and industrial. Conformal coatings and surface mounting are the leading application segments of the global market.
Request for Customization @
Based on region, the global electronic adhesives market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is projected to be a rapidly growing region of the global electronic adhesives market during the forecast period. The market in the region is poised to expand at a CAGR of 9.4% during the forecast period. Increase in production of consumer electronics in countries such as India, South Korea, Japan, and China has contributed significantly to the demand for electronic adhesives in Asia Pacific. The market in the region has been expanding at a substantial pace owing to the high economic growth rate, development in manufacturing industries, presence of cheap labor, and increase in number of electronic adhesives-based application patents.
High degree of competition exists among players operating in the global electronic adhesives market. The market is dominated by large players and is moderately consolidated. Prominent players account for major share of the market. Key players operating in the global electronic adhesives market include Henkel AG & Company KGaA, SIKA Group, 3M, Bostik SA, and H.B. Fuller Company.