Future Market Insights (FMI), in its report, projects the global electronic adhesives market to register an impressive 7% CAGR during the forecast period 2017 to 2027, in terms of volume. In 2017, the global sales of electronic adhesives will account for 1,423 thousand tons; by 2027 this number is further estimated to reach nearly 2,800 thousand tons. Increasing adoption of electronic components among various end-use sectors such as automobile, medical devices, telecommunications and aerospace are expected to drive adoption of electronic adhesives.
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Increasing Presence of Electronic Component Manufacturers to Propel Market Growth in APEJ
Asia Pacific Excluding Japan (APEJ) will remain the largest market for electronic adhesives, expanding at 8.7% CAGR in terms of volume. Sales of electronic adhesives in APEJ will surpass 700 thousand units in 2017. Market growth in APEJ is primarily attributed to increasing presence of electronic component manufacturers in this region. North America is expected to be the second largest market for electronic adhesives, with sales pegged to surpass 300 thousand units by 2027-end. In addition, market growth in Europe is expected to exhibit 6% CAGR through 2027, in terms of volume.
Electrically conductive electronic adhesives are anticipated to be the most lucrative product in the market, followed by thermally conductive electronic adhesives. FMI’s report projects global sales of these electronic adhesives to surpass 1000 thousand tons by 2027-end, and expand at 9.5% CAGR in terms of volume. In contrast, sluggish volume expansion is estimated for ultraviolet curing electronic adhesives.
Acrylics to be Preferred Material for Electronic Adhesives
Acrylics are expected to be the preferred material for electronic adhesives in the market, registering robust expansion at 13.2% CAGR in terms of volume. Robust adoption of acrylics is attributed to their provision of improved productivity and performance as well as reduction in environmental concerns and costs. In addition, silicones are expected to be the second-most lucrative material for electronic adhesives, followed by polyurethanes.
In terms of volume, demand for electronic adhesives in surface mounting application is estimated to witness fastest expansion at 8.6% CAGR. Global sales of electronic adhesives for surface mounting is projected to increase from 385 thousand units in 2017 to reach nearly 950 thousand units by 2027-end. In addition, conformal coating is estimated to be the second largest application segment of electronic adhesives in terms of volume.
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Expanding Distribution Channel to Drive Market Growth in North America
Distributors form a vital part of supply chain, as prominent players in electronic adhesives market distribute products through major distributors across the globe. With expanding distribution channel, coupled with increasing partnership between leading market players and local distributors in North America are expected to propel market growth in this region.
China plays and indispensable role in APEJ electronic industry, not as a competitor but as a growing market. China forms the product assembly base, importing various electronic components and parts from various Asian economies and exporting them across the globe. In addition, APEJ has contributed majorly to electronics industry by integrating production networks, fostering an enhanced trade. These factors are expected to propel market growth in APEJ.
Key market players identified in FMI’s report include Henkel AG & Co. KGaA, H.B. Fuller Company, 3M Company, Dow Corning Corporation (The Dow Chemical Company), Evonik Industries AG, Dymax Corporation, Bostik SA (Arkema Inc.), Sika AG, Illinois Tool Works Inc., Wacker Chemie AG, Avery Dennison Corporation, Royal Adhesives & Sealants LLC, DELO Industrial Adhesives LLC, Huntsman International LLC, LORD Corporation, Permabond LLC, Panacol-Elosol GmbH, Lohmann GmbH & Co.KG, Bondline Electronic Adhesives, Inc., Jowat AG.
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