Electronics Adhesives Market 2022 Global Industry Share, Growth, Drivers, Emerging Technologies, and Forecast Research Report 2030

 

The electronic Adhesives Market size is forecast to reach $5.3 billion by 2030, after growing at a CAGR of 6.5% during 2022-2030. Electronic adhesives are used for circuit protection and electronic assembly applications such as bonding components, wire tacking, and encapsulating electronic components. The use of electronic adhesives in manufacturing components for electric vehicles such as printed circuit boards, lithium-ion batteries, and battery pack assemblies are facilitating the growth of the market. The growing adoption of surface mounting technology to replace welding and soldering is one of the prominent trends in the electronics industry, shaping the demand for electronics adhesives.

Report Coverage

The report: “Electronic Adhesives Market - Forecast (2022-2030)” covers an in-depth analysis of the following segments of the Electronic Adhesives Industry.

• By Type: Thermal Conductive, Electrically Conductive, Ultraviolet-Curing and Others.
• By Resin Type: Epoxy, Cyanoacrylates, Polyamides, Phenolic, Silicones, and Others (Acrylics, and Polyurethane)
• By Application: PCB’s, Semiconductor, and Others
• By End-User Industry: Consumer Electronic (Wearable Devices, LEDs & TVs, Smart Phones & Tablets, Computers, Laptops, and Others), Healthcare, Energy & Power (Solar, Wind, and Others), Telecom Industry, Transportation (Automotive (Passenger Vehicles, Light Commercial and Heavy Commercial Vehicles), Marine, Locomotive, and Aerospace), Oil & Gas, Chemical, Pulp & Paper, and Others.
• By Geography: North America, South America, Europe, APAC, and RoW

Key Take away

In 2020, North America held the largest share after APAC. Due to the growing demand for electronic adhesives in the electronics and telecommunication industry. The US hold the largest share in the region over the forecast period.

The growing adoption of electric vehicles is expected to provide a major growth opportunity for the market.

The emission of Volatile Organic Compounds (VOC’s) may deter the market's growth during the forecasted period.

COVID-19 has hindered the market growth owing to the disruption of the supply chain and worldwide lockdown.

Electronic Adhesives Market Segment Analysis - By Type

The electrically Conductive segment held the largest share of more than 30% in the electronics adhesives market in 2020. Electrically Conductive are used in various industry verticals such as aerospace, automotive, medical, and telecom products. Electrically conductive is an excellent solution for making electrical contacts on PCBs and other temperature-sensitive substrates, as their curing temperature is below the soldering temperature. An increase in demand for Anisotropic Conductive Adhesives (ACA) in LCD connections, PCBs, and bonding antenna structures further boost the demand for the market. Electric conductive is also used in the LED industry for their capacity to serve as stable electrical contacts by absorbing mismatches, which will likely boost the market's growth for the forecasted period.

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Electronic Adhesives Market Segment Analysis - By Resin Type

Epoxy segments held the largest share of more than 25% in the market in 2020. Epoxy is widely used in electronic applications, either in two-part or single-part heat cure products. Epoxy has good resilience against environmental and media influences, it has a dry and non-tacky surface which is perfect to be used as a protective coating and is widely used in adhesives, plastics, paints, coatings, primers and sealers, flooring, and other. Curing epoxy adhesives can take place either at room or elevated temperature or through photoinitiators and UV light. Modern photoinitiators also react to the special UV spectrum of LED light sources, so that newly developed epoxide resin adhesives can be cured with both UV and UV LED light. Some epoxies exhibit optical properties and diffraction indexes, making them useful for applications in precision optics, lens bonding, and information technology, which will further boost the market's growth.

Electronic Adhesives Market Segment Analysis - By Application

The printed Circuit Boards (PCBs) segment held the largest share of more than 35% in the market in 2020. Electronic adhesives are used as a conformal coating in PCBs. The adhesive is used in wire tracking, potting & encapsulation of components, conformal coatings of circuit boards, and bonding of surface mount components. PCBs are highly reliable, cheap, have less chance of short circuit, are easily repairable, and are compact in size. The growing uses of laptops, smartphones, and household appliances coupled with developing living standards further drive the growth of PCB. Whereas, the growing uses of PCB’s in automotive, industrial & power equipment, control & navigation systems, and aerospace monitoring also contribute to the market growth. According to Aerospace Industries Association (AIA) report, in 2018, aerospace and defense exports amounted to $151 billion, an increase of 5.81% from the previous year, and civil aerospace accounted for the majority of exports with $131.5 billion.

Electronic Adhesives Market Segment Analysis - By End-User Industry

The Consumer Electronics segment held the largest share of more than 30% in the electronic adhesives market in 2020. Rapid urbanization and an increase in the development of new technology have propelled the demand for consumer electronics. As per the United Nations, 55% of the world’s population lives in urban areas, which propel the demand for consumer electronics. The growing demand for lightweight and portable equipment such as smartphones, laptops, and digital cameras is playing a significant role in boosting the demand for the market. As per a report released by Nexdigm Private Limited, a private company, the global electronics industry is expected to reach $7.3 trillion by 2025, which will significantly propel the demand for the market during the forecasted period.

Electronic Adhesives Market Segment Analysis - By Geography

Asia-Pacific held the largest share of more than 45% in the electronic adhesives market in 2020. China, India, and Japan are the major contributors to the growth of the electronic adhesives market in APAC. The large consumer base, developing manufacturing sector, and increase in middle-class population along with smart city projects are major factors for the market growth. As per the Indian Brand Equity Foundation (IBEF) report released in 2020, electronics manufacturing in India is expected to reach $163.14 billion by 2025, and demand for electronics hardware in India is expected to reach US$ 400 billion by 2024. The shifting of production lines to the APAC region for the low cost of production and the ability to serve the local emerging market is another factor for the growth of the market in the region.

Electronic Adhesive Market Drivers

Growing Need for Miniaturized Electronic Products

Growing demand for low-cost, reliable, and miniaturized electronic devices from consumers propel the market's growth. The increasing demand for miniaturized products has led to the development of smaller electrical components, which occupy less area. The need for smaller and thinner consumer electronics devices is a new trend among consumers. The surface mount technology helps in using and assembling much smaller components, thus facilitating a smaller, portable, and lightweight electronic device. Pocket calculators, smartwatches & other wearable devices are some of the examples. Such miniature devices will further drive the demand for electronic devices and in return will boost the demand for the electronic adhesives market as they are used in manufacturing these devices.

Introduction of 5G Network

Introduction 5G networks are planned to increase mobile broadband speeds and added capability for 4K/8K video streaming, virtual reality (VR) or augmented reality (AR), Internet of Things (IoT), and mission-critical applications. The introduction of 5G will boost the telecommunication industry, with better coverage, and internet speed, which also create a demand for the electronic adhesives market as they are used in manufacturing telecom devices. 5G will transmit data ten times faster than 4G and is set to take hold in 2020. This will spark a revolution in many industries such as electronic, energy, medical, automotive, defense, aerospace and others, which will boost the market's growth. 5G will impact the viewing experience for the consumer, with its VR & AR which will further boost the demand for the consumer electronic industry, which in return will boost the demand for the electronic adhesive market.

Electronic Adhesive Market Challenges

Technological Changes & VOC Emission

The market is facing challenges due to technological changes. Shorter leads can damage temperature-delicate components in several applications and to overcome such obstacles electrical components should be assembled after soldering. However, this hampers productivity due to higher costs of production and time consumed in the manufacturing process. Growing concern over the emission of volatile organic compounds (VOCs) is expected to hamper the market growth over the coming years. During the manufacturing of electronics adhesives, VOC is discharged that may pose health and environmental concerns. VOCs are the major contributors to smog and ozone formation at low atmospheric levels.

The emergence of COVID 19

The COVID-19 pandemic continues to unfold everyday with a severe impact on people, communities, and businesses. And the Electronic adhesives market was no exceptional, as the global production facilities of the electronics, parts have been reduced due to the logistics slowdown and unavailability of the workers. Furthermore, various e-commerce sites had discontinued the delivery of non-essential items which included electronics devices, which affected the electronic industry.

Electronic Adhesive Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the electronic adhesives market. In 2020, the market of electronic adhesives has been consolidated by the top 10 players accounting for xx% of the share. Major players in the electronic adhesives market are BASF SE, Panacol-Elosol GmbH, 3M Co., H.B. Fuller Co., Henkel AG & Co. KGaA, Hitachi, Ltd., Mitsui & Co., Ltd., Bostik, Inc., Chemence Inc., tesa SE, Parker Hannifin Corp., Meridian Adhesives Group, among others.

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