Electronic Adhesives Market to Reach a Value of US$ 8,107.3 Mn by 2026
Electronic Adhesives Market
The global electronic adhesives market is characterized by the rise in presence of leading players in emerging economies of Asia Pacific. The region provides immense opportunities to companies engaged in production, sale, and distribution of electronic adhesives. Increasing number of market players have been considering expansion into Asia Pacific as a major strategic move to extend reach and strengthen their position in the global market.
The electronic adhesives market is also anticipated to expand due to the rise in demand for compact and lighter components in the electronic 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.
The global electronic adhesives market is primarily driven by the growth in usage of electronic components in several applications such as automotive, consumer electronics, medical devices, imaging devices, and aircraft. Rise in usage of connected devices and increase in trend of miniaturization of electronic devices are also boosting the demand for electronic adhesives. Other factors supporting the electronic adhesives market include rise in disposable income, changing lifestyle of consumers, and increase in consumption of automated appliances.
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In terms of product, the electronic adhesives market has been divided into UV curing, thermally conductive, electrically conductive, and others (including cyanoacrylate and polyamide). The electrically conductive segment dominates the electronic adhesives market. In terms of volume and value, the segment is projected to expand at a rapid pace during the forecast period. The UV curing segment held 32.8% share of the global electronic adhesives market in 2017. It is expected to be a rapidly growing segment during the forecast period. UV curing is used due to environmental demands, and manufacturing yield improvement.
Bases on resin, the global electronic adhesives market has been segregated into silicones, polyurethanes, epoxies, acrylics, and others (including polyester and polyol). Silicones are strong adhesives known for their flexibility and high temperature resistance. Their adhesion to surfaces is average, but their flexibility and durability is excellent. Based on application, the global electronic adhesives market has been classifies into encapsulation, conformal coatings, wire tacking, and surface mounting. Conformal coatings and surface mounting are the leading application segments of the market.
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In terms of region, the global electronic adhesives market has been split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a highly promising region of the global electronic adhesives market. The market in the region is poised to expand at a CAGR of 9.4% during the forecast period. Rise in production of consumer electronics in countries such as India, South Korea, Japan, and China has significantly contributed to the electronic adhesives market 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. Key players account for major share of the market. Prominent players operating in the global electronic adhesives market include Henkel AG & Company KGaA, SIKA Group, 3M, Bostik SA, and H.B. Fuller Company.