Electronic Packaging Market is projected to grow at a CAGR of 5.7% during 2022-2029 | China has emerged as the largest center for electronics manufacturing globally

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Major key companies contributing to the market’s growth include AMETEK Inc., DuPont, UFP Technologies, Inc., Sealed Air Corporation, Dordan Manufacturing Company, DS Smith, GY Packaging, Primex Design & Fabrication, Smurfit Kappa and Sonoco Products Company

ENTERPRISE, Nevada, Nov. 21, 2022 (GLOBE NEWSWIRE) —  DataM IntelligenceElectronic Packaging Market Outlook:

Electronic packaging refers to the enclosures that house various electronic device components like diodes, transistors, semiconductors and ICs to mainframe computers. Electronic packaging is essential to protect electronic components from mechanical shocks, electrostatic discharge and other environmental dangers such as moisture and dust. All major consumer electronic products such as laptops, desktops, television, internet modems, routers and set-top boxes use electronic packaging.

Electronic Packaging Market Size Growth Rate:

According to the DataM market research report, the global electronic packaging market size was valued at USD XX billion in 2021; it is projected to reach USD XX billion by 2029, with growth at a CAGR of 5.7% over the forecast period 2022-2029.

Due to the growing proliferation of electronic goods and increasing global demand for consumer electronics, the market for electronic packaging is growing rapidly. Rising defense spending by world powers is also expected to increase the demand for military-grade electronic packaging used in aircraft and warships.

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Electronic Packaging Market Growth Drivers, Restraints, and Opportunities:

Drivers:

  • Over the past two decades, economic development and rising incomes have fostered greater demand for consumer electronics, especially among emerging countries in regions like Asia-Pacific. Consumer electronics such as smartphones, laptops, tablets, desktops and televisions have become practically indispensable for modern life. The proliferation of advanced electronic technologies has lowered consumer prices, thereby increasing consumer adoption.
  • Furthermore, there is intense competition among consumer electronics manufacturers and major players constantly launch new products to cement their position in the market. Manufacturers include more advanced features in the new generation of smartphones and laptops while keeping costs down. The growing demand for consumer electronics is a key driver for the growth of the global electronic packaging market.

Restraints:

  • Over the forecast period, various factors, such as technological limitations and poor-quality control, are likely to hamper the growth of the global market. Advances in electronic fabrication techniques have led to the development of complex electronic components and assemblies. However, packaging technologies have not evolved fast enough to account for these changes.
  • Poor quality control is also likely to constrain the growth of the market. As prices of electronics have decreased considerably with increasing competition, manufacturers are sourcing packaging from the cheapest vendors to keep production costs down. However, many low-cost electronic packaging vendors have poor-quality control, which could, in turn, affect the performance of the electronics.

Opportunities:

  • Rising industrial automation is expected to provide major global electronic packaging market opportunities during the forecast period. Industrial automation increases productivity, lowers production costs and improves workplace safety. Industrial automation has been adopted in various end-user industries, such as aerospace and defense, automotive, pharmaceuticals, chemicals, food and beverages, oil and gas, mining and minerals and energy and power. 
  • Various industrial automation technologies, such as CNC machines and industrial robots, depend extensively on electronic components. The expansion of manufacturing operations in key countries of Asia-Pacific, such as China and Vietnam, is likely to increase the demand for industrial automation.

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COVID-19 Impact Analysis:

The global electronic packaging market experienced the detrimental effects of the COVID-19 pandemic. Lockdowns and other movement restrictions imposed by governments to control the pandemic drastically impacted electronics manufacturing and hampered demand for electronic packaging. Major manufacturers continued operations in a limited capacity. However, with the relaxing of restrictions from mid-2021 onwards, operations resumed fully and demand for electronic packaging witnessed recovery. The pent-up demand for consumer electronics in the post-pandemic period is likely to augment the growth of the global electronics packaging market.

Recent Developments in the Industry:

  • In October 2022, Sony Corporation announced that it was phasing out plastic packaging for small electronic gadgets weighing less than 1 kg beginning in early 2023.
  • In July 2022, the Ministry of Consumer Affairs, under the government of India, announced new rules for electronic packaging goods. The rules state that newly manufactured consumer electronic goods should carry a QR code containing all the necessary information for the product.

Electronic Packaging Market Segmentation Analysis:

As per the research analysis, the global electronic packaging market is segmented by type into corrugated boxes, paperboard boxes, thermoformed trays, bags and pouches, blister and clamshells, protective packaging and others. The market is segmented by material into plastic, glass, metal, paper and others. The global market is segmented by technology into electronic article surveillance (EAS), radio frequency identification (RFID), through-hole mounting, surface mounting technology (SMD), chip scale packages (CSP) and others. The global market is segmented by application into semiconductor and IC, PCB, piezoresistive stress sensors and others. The global electronic packaging market is segmented by end-user into consumer electronics, aerospace and defense, automotive, industrial, IT and communication, healthcare and others.

  • Based on end-user, the consumer electronics segment is estimated to grow at the highest CAGR of XX% during the forecast period (2022-2029). Consumer electronics are rapidly increasing in size and complexity as major companies continue to launch more advanced versions to stay ahead in the face of intense competition.
  • Various types of materials are used for the packaging of consumer electronics. Premium gadgets mainly use metal packaging, while lower-end and economical models use plastic packaging. Companies are also undertaking measures to increase the application and popularity of alternative packaging materials such as ceramic.

Geographical Classification:

The global electronic packaging market is segmented into major countries: North America, Europe, South America, Asia Pacific and Middle East and Africa.

North America Electronic Packaging Market:

  • North America is a highly developed region with a concentration of many strategic industries. The region generates significant demand for electronic packaging from aerospace and defense industries, mainly to meet the demands of U.S. armed forces, which rely on deploying the latest technologies to maintain their dominance. Given current geopolitical tensions, many new provisions are being developed for onshore critical electronics manufacturing in U.S.
  • For instance, in October 2022, U.S. passed the CHIPS and Science Act, which allocates US$280 billion to bolster U.S. semiconductor production, increase R&D and create high-tech development clusters. SK Hynix, a South Korean semiconductor manufacturer, announced in August 2022 that it would break ground on a new U.S. packaging plant in early 2023. The North American electronic packaging market is expected to witness significant growth in the upcoming years.

Europe Electronic Packaging Market:

  • The European electronics industry has declined in recent years due to outsourcing production to Asia-Pacific. However, many products, such as high-end medical devices and industrial automation equipment, are still manufactured in the region.
  • Although efforts are ongoing by various European countries to attract more electronic manufacturing, they are unlikely to succeed in the short term. The European electronic packaging market is expected to generate subdued growth during the forecast period.

Asia Pacific Electronic Packaging Market:

  • Asia-Pacific is a rapidly industrializing region that has become the primary hub of global electronics manufacturing. China has emerged as the largest center for electronics manufacturing globally; however, in recent years, rising production costs have prompted multinational companies to shift production to other countries such as Vietnam, India, Thailand and Indonesia.
  • South Korea, Japan and Taiwan are major production centers for advanced electronics. With rising global demand, electronics manufacturing across Asia-Pacific will likely expand significantly. The Asia-Pacific electronic packaging market will experience major growth during the forecast period.

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Competitive Analysis:

The major players in the global electronic packaging market are adopting various strategies to stay ahead and generate growth in the face of growing competition. Some key strategies include new product launches, upgrading existing products, patenting new packaging designs, developing new packaging materials and entering into joint ventures and collaborations with other competitors or electronic manufacturers.

Some of the Major Companies Leading the Global Electronic Packaging Market:

Major key companies contributing to the market’s growth include AMETEK Inc., DuPont, UFP Technologies, Inc., Sealed Air Corporation, Dordan Manufacturing Company, DS Smith, GY Packaging, Primex Design & Fabrication, Smurfit Kappa and Sonoco Products Company.

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Additional Benefits Post Purchase:

1) Unlimited Analyst support for a period of 1 year.

2) Any query with regard to the scope offered will be addressed within 24- 48 hours.

3) An excel sheet with market numbers will be provided separately.

The Full Report has the below insights:

  • The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable projections about market size during the forecast period (2022-2029).
  • Visualize the composition of the global electronic packaging market segmentation by product type, application, end-user and regions, highlighting the key commercial assets and players.
    • By Type: Corrugated Boxes, Paperboard Boxes, Thermoformed Trays, Bags and Pouches, Blister and Clamshell, Protective Packaging and Others
    • By Material: Plastic, Glass, Metal, Paper and Others
    • By Technology: Electronic Article Surveillance (EAS), Radio Frequency Identification (RFID), Through-Hole Mounting, Surface Mounting Technology (SMD), Chip Scale Packages (CSP) and Others
    • By Application: Semiconductor and IC, PCB, Piezoresistive Stress Sensors and Others
    • By End-User: Consumer Electronics, Aerospace and Defense, Automotive, Industrial, IT and Communication, Healthcare and Others
    • By Region: North America, South America, Europe, Asia Pacific and Middle East and Africa
  • Identify commercial opportunities in the global electronic packaging market by analyzing trends and co-development deals.
  • The report also covers data insights on various industry forces such as porter’s five forces analysis, supply chain analysis, pricing analysis regulatory analysis.
  • Excel data sheet with thousands of data points of global electronic packaging market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players
  • The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.

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