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Electronic Board Level Underfill and Encapsulation Material Market

Global Market Study on Electronic Board Level Underfill and Encapsulation Material: Rapid Growth of Electronics Industry Fuelling Demand

Electronic Board Level Underfill and Encapsulation Material Market by Product Type (Underfills and Gob Top Encapsulations), Underfill materials typically are epoxies that are loaded with a filler such as silica.

Market Snapshot

Global Electronic Board Level Underfill and Encapsulation Material sales were valued at around US$ 310.7 Million at the end of 2022. The market is projected to register a 5.1% CAGR and top a valuation of US$ 526.3 Million by the year 2033.

Market Value (2022A)

US$ 310.7 Million

Market Estimation (2023E)

US$ 327.2 Million

Market Forecast (2033F)

US$ 526.3 Million

Value CAGR (2023 to 2033)

5.1%

Collective Value Share: Top 3 Countries (2022A)

36.5%

According to Persistence Market Research, Global Electronic Board Level Underfill and Encapsulation Material Market are expected to reach US$ 526.3 Million by the end of 2033. The demand for smartphones, internet infrastructure, wireless devices, laptops, and the rising use of electronics in automobiles are the main factors driving the market expansion. Over the past few years, consumer electronics have grown remarkably and it is predicted that this growth will continue during the forecast period. In turn, this will pave the way for market expansion in the years to come.

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Market Analysis of Electronic Board Level Underfill and Encapsulation Material from 2018 to 2022 Vs Market Outlook for 2023 to 2033

The market has witnessed a growth rate of about 3.0% between 2018 and 2022. The electronic industry is widely regarded as one of the world's fastest expanding. It has undergone significant transformations during the last two decades. COVID-19 wreaked havoc on the electronics sector, which resulted in the sluggish growth of the market.

The year 2022 was marked by global transformations. The Ukraine-Russia conflict, the enduring COVID-19, the skyrocketing cost of living, and growing inflation have all had a significant influence on the global economy, generating uncertainty. The market is expected to witness uncertainty in terms of raw material supply, labor availability, production sites, and soaring prices of raw materials and final goods.

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The growing Electronic Industry is expected to boost the sales

The electronics industry is a vast economic sector that encompasses innovative technology in the manufacturing, industrial, and consumer goods markets. The electronics and electrical sector is a thriving and diverse sector that is expanding rapidly as a result of novel technology inventions and customers' preferences for electronic devices and services.

Nowadays, the electrical and electronics industry is undergoing significant transformations as a result of constant R and D investments, which have resulted in increased manufacturing capacity as well as more value-added products.

In Asia, the electronic industry accounted for between 20%-50% of total exports from the other countries. ASEAN countries produce the high-quality consumer electronics such as televisions, mobile phones, radios, and laptops. Furthermore, the ASEAN region produces more than 80% of the world's hard drives.

Thailand is one of the largest electronic device assembly bases in the Asian region with over 2,300 companies powered by a 400,000 labor force. It is a world leader in the manufacturing of hard drives, semiconductors, and integrated circuits. Thailand is also ASEAN’s prominent electrical appliances production base.

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Notable Growth of Miniaturization of Electronic Components

The miniaturization of electronic equipment has resulted in a rise in the number of components on a printed circuit board. This developing tendency has increased demand for thinner, smaller, and more highly integrated printed circuit boards (PCBs) populated employing flip-chip technology. Nanotechnology and microelectromechanical systems (MEMS) are gaining functionality and acceptance in a wide range of industries, including consumer electronics and others.

The current rate of electronic device downsizing will result in a rise in demand for PCBs in the coming years. The miniaturization of electronic devices like smartphones, laptops, consumer electronics goods, and others has expanded the use of Underfill materials in encapsulation and cavity-filling applications. As a result, the market for Electronic Board Level Underfill and Encapsulation Materials is predicted to rise.

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Growing Consumer Electronics Market is propelling the demand

Being one of the largest and fastest-growing markets, consumer electronics is also one of the fastest-growing. Consumers are constantly searching for innovative and cutting-edge products since tablets, smartphones, and other devices are updated regularly. As a result, the electronics sector primarily develops components and system solutions for many business fields, a trend that will continue and open up investment prospects for various market players.

Similarly, customers spend a significant amount on smartphones on average. This can be attributed to rising disposable income in both developed and developing countries. The release of a new generation of smartphones will also push the demand for electronic board-level to underfill material.

Country-wise Analysis

What is the Growth Outlook of the Electronic Board Level Underfill and Encapsulation Material Market in China?

One of the most vibrant sectors of the economy is the electronic industry. The rapid growth of the electronic sector has resulted in major shifts in investments in the electronic manufacturing industry. China is critical to the Asian electronics market, not as a competitor, but as a developing market. China is a product assembly center, importing diverse components and parts from other Asian countries and exporting them globally.

Electronics has been a Chinese pillar of success, and it is currently the largest industry in China, with annual growth of about 20%. The rapid expansion of the industry is ascribed to the sophistication of China's Information and Communication Technology (ICT) sector as well as increased consumer demand for virtual reality, tech devices, and drones.

China's electronics industry has a competitive edge over other countries producing consumer electronics. China's industrial strength is its robust supplier and supply chain infrastructure, which allows it to fulfill large volume orders with shorter production lead times. Thus the growth of the electronics industry will favor the demand for underfill and encapsulation materials during the projected period.

How the Indian Market will perform in Electronic Board Level Underfill and Encapsulation Materials Market?

In the competitive electronics business environment, manufacturing companies are focusing to enhance their market share and presence by offering innovative products in a short time cycle, at low cost, with improved product quality as well as higher performance. To meet this growing market demand for small, thin, and less expensive electronic devices, the electronic manufacturing industry has been shifting towards South Asia Pacific, which is becoming a primary manufacturing site for the industry.

According to India Brand Equity Foundation, India, considered a popular manufacturing hub, has grown its domestic electronics production from US$ 29 billion in 2014-15 to US$ 67 billion in 2020-21. The electronics sector of India contributes around 3.4% of the country's Gross Domestic Product (GDP). The government has committed nearly US$ 17 billion over the next six years across four PLI Schemes: Semiconductor and Design, Smartphones, IT Hardware, and Components.

Growth in the Indian consumer electronics market can be attributed to rising household demand, changing consumer lifestyles, increased access to finance, and increased disposable incomes. The government's deliberate reduction in the import bill, as well as government and corporate investment, are projected to augment the market's robust demand.

Category-wise Insights

Which Material Type is expected to lead the Market during the forecast period?

In terms of material type, an epoxy-based segment is estimated to be growing at the highest CAGR owing to its better chemical properties. Underfill materials typically are epoxies that are loaded with a filler such as silica. It helps to reduce thermal stress on the solder joints and interconnections in integrated circuits.

The segment is estimated to be the most attractive segment in terms of both market share and growth rate. The epoxy-based material is expected to hold the highest share for the year 2023.

Which Product Type is anticipated to witness a surge in demand?

Underfill materials are increasingly popular as the demand for microcircuit geometries grows, and demand is expected to rise over the projected period. The Underfills segment holds a higher market value share and it is expected to grow with the highest growth rate over the forecast period.

Edge bond technique for Underfills is estimated to be growing at the highest CAGR owing to their low cost, fast processing, improved mechanical reliability, and better rework ability. Underfills segment is expected to be the most attractive segment in terms of market share and growth rate.

Competitive Landscape

The market for Electronic Board Level Underfill and Encapsulation Material is moderately fragmented, with many international manufacturers present. The top players control more than one-third of the global market. The industry is highly competitive due to the presence of numerous global and regional companies.

The market for underfill and encapsulation materials at the electronic board level is quite competitive. Manufacturers are expanding their global footprints to reach the widest possible customer base. Additionally, ongoing efforts are being made to enhance the cost and performance criteria for various applications. Due to the abundance of electronic component makers in the Asia Pacific region, manufacturers are concentrating on expanding their manufacturing and distribution networks there.

For Instance:

  • In May 2020, Parker Lord Corporation signed a strategic partnership with Brightwater United Aero Group for enhancing customer support throughout the world.
  • In June 2020, Dymax Corporation introduced its new product Multi Cure -9037-F an encapsulate for printed circuit board assembly.
  • In February 2017, Zymet introduced a new edge bond adhesive for CSP (Chip Scale Packaging) of enhanced reliability under collaboration with Portland State University and Cisco.

Industry Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

  • US$ Million for Value
  • Tons for Tons

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East
  • Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Association of Southeast Asian Nations
  • Gulf Co-operation Council Countries
  • Türkiye
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Product Type
  • Material Type
  • Board Type
  • Region

Key Companies Profiled

  • Henkel AG and Co. KGaA
  • Namics Corporation
  • ASE Group
  • MacDermid Alpha Electronic Solutions
  • Parker LORD Corporation
  • H.B. Fuller Company
  • The Dow Chemical Company
  • ELANTAS GmbH
  • Zymet
  • Hitachi Chemical Co., Ltd.
  • Panasonic Corporation
  • AI Technology, Inc.
  • Indium Corporation
  • Sanyu Rec Co., Ltd.
  • Dymax Corporation
  • Epoxy Technology, Inc.
  • Protavic International
  • YINCAE Advanced Materials, LLC

Pricing

Available upon Request

Key Segments Covered in Market Research

By Product Type

  • Underfills
    • Capillary
    • Edge Bonds
  • Gob Top Encapsulations

By Material Type

  • Quartz/Silicone
  • Alumina Based
  • Epoxy Based
  • Urethane Based
  • Acrylic Based
  • Others

By Board Type

  • CSP (Chip Scale Package)
  • BGA (Ball Grid array)
  • Flip Chips

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • Henkel AG and Co. KGaA
  • Namics Corporation
  • AI Technology, Inc.
  • Protavic International
  • H.B. Fuller Company
  • ASE Group
  • Hitachi Chemical Co., Ltd.
  • Indium Corporation
  • Zymet
  • YINCAE Advanced Materials, LLC
  • LORD Corporation
  • Sanyu Rec Co., Ltd.
  • The Dow Chemical Company
  • Epoxy Technology, Inc.
  • Panasonic Corporation
  • Dymax Corporation
  • ELANTAS GmbH

- Frequently Asked Questions -

The Global market for Electronic Board Level Underfill and Encapsulation Material is estimated to be valued at over US$ 310.7 Million as of 2022.

The market is estimated to reach a valuation of US$ 526.3 Million in 2033.

The market of Electronic Board Level Underfill and Encapsulation Material is projected to witness a value CAGR of 5.1% from 2023 to 2033.

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