Electronics adhesives refer to substances that are widely used to fix or bind two or more electronic components together. Electronics adhesives are also known as specialty adhesives, as they are used for the assembly and packaging of electronic components in various industries across the globe. The growing demand for electronic devices worldwide is one of the primary factors propelling the global electronics adhesives market.
In 2014, the global market for electronics adhesives was worth US$3.23 bn. The market is estimated to reach a value of US$6.4 bn by the end of 2020, registering a 12.10% CAGR between 2015 and 2020.
Expanding Application Sectors to Encourage Growth of Global Electronics Adhesives Market
By material type, the electronics adhesives market has been classified into silicones, epoxies, acrylics, and polyurethanes. Among these types, the acrylic segment is estimated to grow at a fast pace, exhibiting a strong 20% CAGR between 2015 and 2020. This segment is expected to hold a 40% share in the global electronic adhesive market by the end of 2020. Some of the key types of electronics adhesives in the global market are ultraviolet curing, thermally conductive, electrically conductive, and others.
By application, the global market for electronics adhesives can be divided into wire tacking, conformal coating, surface mounting, and encapsulation. The surface mounting segment is expected to hold a 31% share in the global electronics adhesives market and lead the market in the next few years. This segment is estimated to reach a value of US$1.8 bn by the end of 2020, registering a healthy 11.40% CAGR between 2015 and 2020. The growing demand for PCB-based electronic devices in diverse sectors, including the consumer durables and automotive industries, is anticipated to drive the surface mounting segment throughout the forecast period.
Asia Pacific to Register 12.90% CAGR 2015-2020 thanks to Low Cost of Labor
By geography, the global electronics adhesives market can be categorized into the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. Among these regions, Asia Pacific is expected to witness speedy growth in the next few years, exhibiting a 10% CAGR between 2015 and 2020 in terms of volume. Whereas, on the basis of volume, the market will register a 12.90% CAGR between 2015 and 2020. The rapid growth of this region can be ascribed to the strong presence of electronics manufacturers in this region, especially in India, China, and South Korea. In addition, the low labor costs and the abundance of raw materials and technological expertise are some of the key factors estimated to accelerate the growth of the electronics adhesives market in Asia Pacific in the forecast period.
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The prominent players engaged in the global market for electronics adhesives include H.B. Fuller Company, Dow Corning, Henkel AG & Co. KGaA, 3M Company, Dymax Corporation, and Evonik Industries AG. In order to establish a strong position in the global market, the key players are focusing on offering customized solutions considering the requirements of individual consumers. This trend is expected to contribute towards the growth of the overall market in the near future.