Underfill Material Market is expected to reach US$448.3 mn by 2024 at a CAGR of over 8.3% therein; growth of Underfill Material market is primarily dependent on the development of the semiconductor industry
Albany, NY -- (SBWIRE) -- 08/28/2017 -- Global Underfill Material Market: Snapshot
Underfill materials are essentially composite formulations made out of inorganic fillers and organic polymers. These materials are used in semiconductor packaging for improving the thermo-mechanical performance. Underfill materials are being extensively used in semiconductor packaging due to their remarkable thermal stability and reworkability. According to the research report by Transparency Market Research, the global underfill material market is expected to be worth US$448.3 mn by the end of 2024 as compared to US$220.4 mn in 2015. Analysts predict that the global market will expand at a CAGR of 8.3% during the forecast period of 2016 and 2024.
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Booming Electronic Industry Fuels Uptake of Underfill Materials
The market for underfill materials is expected to witness remarkable surge due to the growing demand of mobile electronic products. The soaring demand for lighter, smaller, and faster electronic products is expected to increase the uptake of underfill materials in the near future as they offer the right amount of mechanical strength to solder joints of PCB and improve impact resistance. The key advantage of underfill material is their ability to enhance the thermal cycling resistance, which also improves its overall reliability. The growing demand for flip chip technology and rising popularity of copper pillars are projected to have a positive influence on the robust growth of the underfill material market during the forecast period. The factors holding the market back are the intensifying pressure of downward pricing and expensive cost of materials.
CUF Segment to Progress at 9.5% CAGR 2016–2024
The types of products available in the global underfill material market are capillary underfill material (CUF), molded underfill material (MUF), and no flow underfill material (NUF). Analysts anticipate that the CUF segment will lead the global market during the forecast years. During the forecast years of 2016 and 2024, the capillary underfill material is projected to expand at a CAGR of 9.5%. On the basis of application, the underfill material is segmented into flip chips, ball grid array, and chip scale packaging. Of these, the flip chip segment is likely to garner a share of 52.6 % in the global market. The research report shows that that flip chip segment is likely to dominate the global market in the coming years as well.
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Asia Pacific to Assume Lead as China Exhibits High Demand for Underfill Materials
In terms of geography, the global underfill material market is segmented into Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. Over the forecast years, Asia Pacific is projected to show remarkable progress in the global market as it is likely to register a CAGR of 9.7% in terms of market revenue. The growth of Asia Pacific underfill material market will be dictated by the high uptake of these materials in China-based industries. The booming electronic sector of China and the persistent manufacturing industry of the country are expected to make a significant contribution to the market. Furthermore, Europe and North America will also show a huge demand for underfill materials in the near future. On the other hand, the Middle East and Africa and Latin America are projected to experience relatively moderate growth rate of underfill market during the forecast period.
The important players leading the global underfill material market are Epoxy Technology Inc., Henkel AG & Co. KgaA, H.B. Fuller, Yincae Advanced Material, LLC, NAMICS Corporation, Master Bond Inc., Zymet Inc., Won Chemicals Co. Ltd., and AIM Metals & Alloys LP.