Electronic Adhesives Market Estimated to Flourish By 2021
Electronic adhesives are a part of the electronic components used in the manufacture and assembly of electronic circuits and products. They are mainly used in wire tacking, binding the surface-mount components, and encapsulating components. Raw materials used in the production of electronic adhesives include silicones, epoxies, polysulfides, polyurethanes, and cyanoacrylates.
Based on type, electronic adhesives market is segmented into four categories: thermal conductive, electrically conductive, UV curing, and others. Among these, electrically conductive and thermally conductive are the leading segments of the electronic adhesives market. The UV curing adhesives segment is experiencing the fastest growth in recent times. Electrically conductive adhesives are considered as a substitute for traditional tin-lead solders due to their improved thermal and conductive properties. Based on form, the electronic adhesives market is classified as solid, liquid, and paste. On the basis of application, the market is segmented into semiconductor & IC and printed circuit boards. Electronic adhesives are used as conformal coating in printed circuit boards.
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Miniaturization of existing electronic products resulting in increasing usage of adhesives and merger and acquisition of key companies are some of the major factors responsible for the growth of the electronic adhesives market. Moreover, rise of the automobile sector globally is increasing the demand for electronic adhesives. This is because electronic adhesives find their application in collision avoidance systems, engine status displays, power electronic modules, anti-theft systems, and LED packaging. However, huge installation costs involved in product assembly and lamination & packaging of advanced machinery are hampering the growth of the electronic adhesive market. Matured market for electronic adhesives in developed countries and fluctuations in currency exchange rates are the other factors hindering the growth of the market. Moreover, high product costs is also restraining the growth of the market to some extent.
On the other hand, advancement in technology coupled with implementation of safety regulations for electronic applications is expected to drive the growth of the electronic adhesives market in the near future. Implementation of new solid-state semiconductor technologies in industrial and consumer applications is likely to accelerate the growth of the market in the years to come. Companies are investing more on R&D activities for the use microelectronic devices in niche applications. This, in turn, is expected to impel the growth of the electronic adhesives market.
Asia Pacific is the leading market for electronic adhesives, with major development in India, China, and Japan. The market for electronic adhesives across the Rest of the World (RoW) has witnessed the fastest growth in the recent times due to growing economies in Brazil and Russia, which has resulted in increasing buying of end products which use electronic adhesives.
Some of the key players operating in the electronic adhesives market are BASF SE, The Dow Chemicals Company, Alent Plc, Henkel Ag & Co. KGaA, Alent Plc, KYOCERA Chemical Corporation, Hitachi Chemical Co., Ltd., H.B. Fuller, LG Chem Ltd., 3M Company, Indium Corporation, and Mitsui Chemicals, Inc.
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