As we step perhaps a little tentatively into this new year, it’s not a bad time to take a peek at the latest predictions some of the market’s crystal ball gazers are delivering. And what they forecast might well quicken the pace – and pulse – of many industry players, such are the tidings of joy.
During the forecast period 2015-2020, for example, the global market for electronics adhesives is projected to soar to a new high of US$ 6,297.7 million (by 2020), delivering a substantial compound annual growth rate (CAGR) of 12.1%. The prediction comes in the publication, ‘Electronics adhesives market: Outlook for 2015-2020’.
Electronics adhesives are a class of specialty adhesives that find numerous applications in electronic devices and components used across diverse industries, of course, and, as such, have witnessed increased adoption in electronics assembly and electronics packaging applications, owing to a gamut of functional advantages that they offer. No wonder then that the global demand for electronics adhesives is expected to reach 1.9 million tons by the end of the forecast period.
MATERIALS OVERVIEW
Based on material type, the global electronics adhesives market is segmented into epoxies, polyurethanes, silicones, acrylics and ‘others’ segments. Among the aforementioned – according to Research and Markets, which is offering the full report for purchase on its website (www.researchandmarkets.com) – the acrylics segment is expected to witness the fastest growth, reaching US$1,983 million in value by 2020. The projected market value share of the acrylics segment is 31%, followed by the silicones segment, by 2020. According to Research and Markets forecast, the epoxies and polyurethanes segments are expected to witness a steady growth during the forecast period.
REGIONAL OVERVIEW
So, who are the biggest winners? “Asia Pacific dominates the market for electronics adhesives,” says Dublin-based Research and Markets. “The region accounted for an estimated 60% of the global electronics adhesives market value in 2014 and is expected to further strengthen its position by the end of 2020. Asia Pacific region is followed distantly by Europe and North America, in terms of their share in the global electronics adhesives market. A steady high-single-digit growth is expected to be exhibited by these regions.”
PRODUCT TYPE
Based on the type of electronics adhesives, the market has been segmented into electrically conductive, thermally conductive, UV curable and others. Among these segments, electrically conductive and UV curable segments are expected to dominate the market, with the former accounting for around 40% of market value share by 2020. Thermally conductive adhesives segment is expected to witness a steady growth, registering a robust CAGR of 12.6% during the forecast period.
APPLICATIONS
On the basis of applications, global electronics adhesives market has been segmented into four segments, namely conformal coating, encapsulation, surface mounting and wire tacking. Surface mounting and conformal coating application segments account for the major share in overall electronics adhesives market value, closely followed by the encapsulation segment. The surface mounting segment is expected to witness a robust growth at a CAGR of 14.3% during the forecast period.
DRIVERS AND TRENDS
The rapid technological advancements in electronics industry have resulted in miniaturisation of electronics devices. This, in turn, has resulted in an increase in the number of components mounted on PCBs and a corresponding increase in the amount of adhesives used for bonding or mounting these components. Sighting the increase in the level of competition in the market, the major players have adopted a strategy of offering customised products, based on the needs and specifications of their customers.
“Growing prominence of flexible electronics devices and an increase in use of imaging censors in consumer electronics has, in turn, resulted in an increase in demand for electronics adhesives across the globe,” the report continues. “However, there are certain factors which act as restraints to the growth in electronics adhesives market. Some of these restraints are volatility of raw material prices, government regulations as regards VOC (volatile organic compounds) content in chemical formulations.”
The report also features a competitive landscape, highlighting the key strategies, recent developments and global footprint of the major players operating in the electronics adhesives market. Companies featured in the report are Henkel AG, 3M Company, HB Fuller Company, Evonik Industries, Dymax Corporation and Dow Corning.
HOT MELT ADHESIVES
A separate report available from Research and Markets looks at the ‘Hot Melt Adhesives Market: By Type; By Application; By Geography - Forecast (2015-2020)’, with hot melt adhesives defined as adhesives that melt and flow, on application of heat and solidify on cooling, to give a strong adhesion, with the increasing requirement of new consumer products being the driving force for technological progress for that market.
Based on the types of hot melt adhesives commercially available, the market is categorised into ethylene-vinyl acetate, polyolefin, polyurethanes, polyamides and others. Each type varies greatly and the composition is different with different technical specifications, with the key user segments including the automotive, construction, electronic, packaging, and food and beverage industries, as well as industrial assembly.
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