In Global news, the electronic adhesives industry is expected to produce a higher compound annual growth rate, this growth will provide numerous opportunities for key market players to finance research and development in the market. The global electronic adhesives market has been evaluated to total $7.8 billion by 2022, in part to their enhanced conductive and thermal properties, along with growing preference regarding soldering systems, per a recent study.
One of the major contributing factors for industry growth in the last few years has been the miniaturization of electrical components; This latest trend relates to the replacement of existing printed circuits boards (PCBs) with multi-chip modules and is projected to initiate market growth as well. In addition, recent developments in the semiconductor technologies, which are utilized in industrial and consumer applications, is likely to stimulate market growth thanks in part to wider product application scope.
The electronic adhesives market has been loosely categorized into three major segments based on the application type including surface mount devices, potting and encapsulation, along with conformal coatings. Surface-mount devices are one of the fastest growing segments in the electronic adhesives industry, generating substantial profits in the last few years. Expanding popularity of electronic adhesives within the surface mount devices segment is being attributed to the surge in electronic manufacturing sectors in the Asia Pacific and European regions. The conformal coatings segment is witnessing substantial advancement due to the rising requirement for protective circuit boards to deliver resistance to corrosion and abrasion.
The growing utilization of electronic adhesives across different industry verticals includes telecommunications, consumer electronics, and automotive. Additionally, the global electronic adhesives market is being estimated to increase at a compound annual growth rate of 13.25% spanning the forecast period of 2017-2023, this data comes from a report from Research and Markets.
Regionally speaking, North America is anticipated to grasp the major market share, whereas the Asia-Pacific is considered the fastest rising market due to the budding electronics industry within India and China. Growing use of consumer electronics, one of the major contributors in endorsing the expansion of the electronics industry, is supposedly further powering the growth of the global electronic adhesives market.