The global hermetic packaging market is expected to reach USD 5.03 billion by 2025, according to a new report by Grand View Research, Inc. Utilization of hermetic packages is expected to grow significantly as a result of increasing application scope from healthcare and aeronautics & space application.
The capability of the product to protect electronic components from temperature, pressure, and liquids is expected to drive the market over the forecast period. The telecom industry utilizes fragile & complex materials in various applications such as trunk lines and metros which require efficient packaging, thereby augmenting the demand.
Central & South America accounted for a share of over 5.0% in 2016 Growing population and rising consumer willingness to spend is expected to increase the demand for electronic devices, thereby having a positive impact on the hermetic packaging industry. In addition, high military expenditure of USD 24.6 billion by Brazil in 2015 is likely to drive the market growth further.
U.S. hermetic packaging market revenue, by product, 2014 – 2025 (USD Million)
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Further key findings from the report suggest:
- Reed glass segment accounted for a market share of over 7.0% in 2016 due to increasing utilization in reed switches in automobile and aeronautics & space
- Aeronautics & space application is expected to witness significant growth due to increasing investment in space research across various regions
- Healthcare application accounted for a share of over 10.0% in 2016 as a result of increasing usage of hermetically packed medical implants such as pacemakers and monitoring devices
- Middle East & Africa is anticipated to grow at a CAGR of over 5.0% from 2017 to 2025 on account of increasing global tension, which is fueling the defense expenditure, particularly in Saudi Arabia and UAE
- Hermetic packaging market is characterized by presence of large number of players and extensive R&D in order to develop efficient products. Material technology is also expected to play a major role in development of the market over the forecast period.
- In February 2017, Amkor acquired Nanium S.A, a semiconductor packaging, assembly, and testing company. The acquisition supported Amkor to strengthen its business position in wafer level packaging of electronics. In May 2017, Kyocera launched ceramic based RFID package with an embedded antenna which strengthened the company’s business position in the hermetic packaging sector.
For more information: http://www.grandviewresearch.com