According to the research report titled ‘Global Semiconductor Packaging Material Market Size study, by Type (Lead frames, Organic substrates, Ceramic packages, Encapsulation resins, Bonding wire, Die attach material, Other) by Application (Consumer electronics equipment, Commercial electronics equipment, Industrial electronics equipment, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global semiconductor packaging material market is expected to record a robust CAGR during 2020-2027.

Growing acceptance of mobile phones and other communication devices, along with technological advancements, and soaring demand for consumer electronic products are the key factors stimulating global semiconductor packaging material market growth.

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For those unversed, a semiconductor package is a casing made of materials like ceramic or glass, plastics, or metals, that comprises of one or more discrete integrated circuits or semiconductor devices. The packaging allows connection of these devices to external environment like PCBs (printed circuit boards) and safeguards against threats including chemical contamination, mechanical impact, and light exposure.

Rising trend of miniaturization of electronic products, escalating investment in research for nanotechnology, and increasing number of smart city projects are further augmenting worldwide semiconductor packaging material market share.

According to reliable sources, in the US, the President’s 2018 Budget presented in May 2017, offered USD 1.2 billion for National Nanotechnology Initiative, with the intention to encourage innovation and research & development in the field. Furthermore, this allotted amount is anticipated to surge as the President’s Budget of 2020 has urged for USD 1.4 billion, in order to continue investment in early stage applied research, basic research, and technology transfer efforts.

Moreover, rapidly developing electronic sector in emerging economies is predicted to facilitate the business scenario.

Coming to the restraints, fluctuating raw material prices, and hefty initial investment requirements are likely to impede worldwide semiconductor packaging material industry expansion over the forecast timespan.

Citing the regional terrain, North America currently accounts for considerable portion of worldwide semiconductor packaging material industry, creditable to increasing investments in research & development in nanotechnology.

On the other hand, Asia Pacific market is poised to accumulate high returns by 2027, attributable to soaring demand from consumer electronics verticals and escalating production of semiconductors.

Established firms in global semiconductor packaging material market sphere are Hitachi Chemical Co. Ltd., Mitsui High-Tec Inc., Henkel AG & Co. KGaA, Tanaka Holdings Co. Ltd., Toray Industries Corporation, BASF SE, Sumitomo Chemical Co. Ltd., LG Chemical Ltd., Kyocera Chemical Corp., and Alent plc.