Market Overview
The Global Electronic Adhesives Market is projected to grow at 6.5% CAGR during the forecast period.
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Market Dynamics
Increased demand for electronic adhesive in end-use sectors such as electronics and communications is likely to drive the global market. This is due to an increase in the usage of adhesives in the assembly of two dissimilar metals to prevent galvanic corrosion. In the future years, the rising demand for consumer goods, combined with the rapid growth of the electronics industry, is expected to increase demand for electronic adhesives. Other factors contributing to the market's growth include increasing government investments in the development of the electronic industry, as well as increased investment in the retail sector. Electronic adhesives are also utilised in the printing of circuit boards, which are utilised in a variety of applications including automotive, medical devices, cell phones, computer storage, and aerospace.
Furthermore, the growing usage of UV curing adhesives in the screen-printing process for image polymerization, which eliminates the need for ratio mixing and solvent removal, is driving the global need for electronic adhesives. The global market for electronic adhesive is also being driven by rising demand from developing regions around the world. Furthermore, the growing usage of adhesives as a preferred solder replacement, such as isotropic conductive adhesives (ICA), particularly in surface mount devices and flip-chip applications, is presenting attractive prospects for electronic adhesives market players. In addition, the growing demand for electric vehicles is likely to propel the electronic adhesives industry forward.
However, strict laws governing high VOC content in adhesives and volatile raw material prices utilised in the production of electronic adhesives are expected to stifle its global expansion.
Market Segmentation
The global electronic adhesives market is segmented into form, type, and application.
On the basis of the form, the market is segmented into liquid electronic adhesive, solid electronic adhesive and paste electronic adhesive.
On the basis of the type, the global electronic adhesives market is segregated into electrically conducive, thermally conducive, UV curing, and others.
On the basis of the application, the market is further bifurcated into printed circuit boards, semiconductor and the integrated circuit, and others.
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Regional Overview
The global electronic adhesives market is analyzed for five major regions, namely, North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Due to increased industrialization and urbanisation, Asia-Pacific currently dominates the electronic adhesive market and is expected to grow at the fastest rate over the forecast period. Due to the burgeoning electronics sector in the region, China is the largest consumer and fastest-growing market in the worldwide electronic adhesive market. Furthermore, the use of electronic adhesives in the production of electric vehicle components such as printed circuit boards, lithium-ion batteries, and battery pack assemblies is assisting the market's expansion. For example, in 2018, China's electric vehicle (EV) sales totaled USD 1.2 million, representing a 126 percent increase over the previous year, making it the world's largest electric car market, which is predicted to drive demand for electronic adhesives. Due to increased demand for brown and white items in the area, India and Southeast Asian countries are also driving market expansion. According to a report published by the Indian Brand Equity Foundation (IBEF), the appliance and consumer electronics (ACE) market is predicted to develop at a 9 percent compound annual growth rate (CAGR) from 2017 to 2022. This opens up significant potential for participants in the electronic adhesives industry in the region.
In 2018, North America accounted for a significant portion of the market. The market is likely to be driven by rising demand for electronic adhesives in the advanced electronics and telecommunications industries, as well as considerable exports from the United States and Canada. Due to increased demand for consumer electronics such as laptops and smartphones, the United States is the leading country in the region, driving electronic adhesive demand in the region.
The usage of electronic adhesives in electronic applications such as wire coatings, transistor fastening, and diodes, among others, is predicted to drive substantial growth in the European region throughout the projection period. Furthermore, the increased use of electronic adhesives in a variety of automotive applications such as engine status displays, power electronic modules, sensors, and vision systems is likely to support the region's electronic adhesives market growth over the forecast period.
Latin America and the Middle East and Africa are predicted to develop significantly over the projected period, owing to the region's developing electronics sector and rising per capita disposable income.
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Competitive Dynamics
The notable players of the market are 3M Company (US), Alent PLC (UK), BASF SE (Germany), H.B. Fuller Company (US), Henkel AG & Co. KGaA (Germany), Indium Corporation (US), LG Chemical Limited (South Korea), Mitsui Chemicals (Japan), Hitachi Chemicals Company Limited (Japan), The Dow Chemicals Company (US), and Kyocera Chemical Corporation (Japan).
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