Albany, NY -- (SBWIRE) -- 12/29/2017 -- The global underfill materials market is dominated by two key players viz. Henkel AG & Co. KGaA and NAMICS Corporation who collectively exercise a virtual monopoly in the market. They are increasingly wary of expanding their reach within the market, and are now channeling their resources towards capturing the markets in the emerging economies.

The high level of consolidation within the market is an intimidating factor for new market players who have to bear the brunt of overruling competition. However, there are stupendous unexplored opportunities within this market which can be exploited by the newly venturing firms.

Some of the domains that could reap benefits for the nascent players include micro-mechanical devices, 3D devices and systems, and power devices. A trend anticipated to surface in the run for market share is the introduction of advanced product designs that incur low costs and hence, broaden profit margins.

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A report by TMR estimates that the period from 2016 to 2024 would uplift the market from worth US$236.5 mn in 2016 to a respectably high worth US$448.3 mn by the end of 2024. The CAGR approximated for this forecast period comes to 8.3% reflecting the growth stakes of the market.

Based on application, chip scale packaging is expected to outdo other applications including flip chip and ball grid, and this success of the former owes to the increased miniaturization in electronic devices. On a geographical footing, Asia Pacific is expected reign over other regions registering a CAGR of 9.7% in terms of revenue over the forecast period.

Advancements in Electronics to Magnify Market Growth
The miniaturization of electronic devices is an important parameter that fuels the demand of the underfill materials. Furthermore, electrical performance is also optimized through the use of underfill materials, while the densities of interconnected circuits can be enhanced by employing these materials. These factors have been a prominent driver for the growth of the global underfill materials market.

The progressive demand for smartphones, tablets, and laptops across the world has been a standpoint of development for the market. The semiconductor producers have to encompass the dependability of flip chip packages, which pushes the market for underfill materials.

The various electronic packaging hacks such as thermal cycling, chip footprint, and solder bumps are inherently reliant on underfill materials, thus, skyrocketing the market to fruition. The demand for nimble, sturdy and compact circuit boards for effectuating embeds in consumer gadgets is another prominent factor contributing to the growth of the market for underfill materials.

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High Costs of Induction Could Alleviate Demand
The expenses incurred by inducting the use of underfill materials in the framework of various industries are exorbitantly high. There is a need to harness economical packaging solutions, and the high costs of the underfill materials ironizes the market. Hence, the market could face severe obstructions from this end.

However, the voluminous usage of these materials in the semiconductor industry will keep retaining the charm of the market. The expanding applicability of portable electronic devices in several domains of national integrity such as military and aerospace is bound soar the market high. The budget within these mammoth-sized industries is herculean, which is another factor consolidating the growth prospects of the market.