Hermetic Packaging Market Analysis, Size, Revenue Growth, and Competitive Insights to 2032
Hermetic Packaging Market Analysis, Size, Revenue Growth, and Competitive Insights to 2032
Blog Article
The global hermetic packaging market size stood at USD 3.95 billion in 2023. The market revenue is anticipated to rise from USD 4.21 billion in 2024 to USD 7.31 billion by 2032, registering a CAGR of 7.14% from 2024 to 2032.
Hermetic packaging is widely used to protect electronic components from corrosive environments. An increase in research and development initiatives in the aerospace and defense sector is boosting the adoption of hermetic packaging solutions. Rising emphasis on sustainable packaging solutions to reduce environmental issues is propelling market expansion.
The COVID-19 pandemic negatively impacted the market’s growth due to the shutdown of retail stores.
Fortune Business Insights presents this information in their report titled "Hermetic Packaging Market, 2024–2032".
Top Companies in the Hermetic Packaging Market:
- TELEDYNE (U.S.)
- SCHOTT (Germany)
- Amkor Technology, Inc. (U.S.)
- KYOCERA Corporation (Japan)
- Materion Corporation (U.S.)
- Egide (France)
- SGA Technologies (U.K.)
- Complete Hermetics (U.S.)
- Willow Technologies Ltd. (U.K.)
- Mackin Technologies (Japan)
Browse Detail Summary for the Hermetic Packaging Market: https://www.fortunebusinessinsights.com/hermetic-packaging-market-109188
Segments
Increasing Usage of Ceramic Metal Sealing in Implantable Electronic Devices Propels Segment Growth
By type, the market is classified into co-fired ceramic, metal can, epoxy seal, ceramic metal sealing, and glass metal sealing. The ceramic metal sealing segment accounts for the largest hermetic packaging market share owing to the increasing usage of ceramic metal sealing in implantable electronic devices. Growing preference for ceramic packaging over other materials due to its superior hermetic protection is boosting segment growth.
Surging Need for Excellent Heat Dissipation and High Optical Precision in Sensors Boosts Segment Expansion
On the basis of the application, the market is divided into sensors, photodiodes, MEMS, transistors, laser chips, memory, and others. The sensors segment takes the lead in the global market. The surging need for excellent heat dissipation and high optical precision in sensors is augmenting segment growth.
Aerospace & Defense Segment Leads the Market due to Rise in Defense Budgets
In terms of end-use industry, the market is segregated into aerospace & defense, healthcare, automotive, electrical & electronics, telecom, and others. The aerospace & defense segment dominates the global market driven by a rise in security threats, changing political dynamics, and increasing defense budgets. A rise in government and private investments in space exploration is accelerating segment expansion.
From the regional ground, the market is classified into Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa.
Report Coverage
The market research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment and prominent product categories. Moreover, the report offers valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes many factors that have boosted market expansion in recent times.
Drivers and Restraints
Rapid Deployment of Hermetic Packaging Solutions for Protecting Highly Sensitive Electronic Components to Foster Market Growth
The increasing need for hermetic packaging seals in product applications that are vulnerable to harsh environmental circumstances is projected to boost market expansion over the forecast timeframe. The aerospace industry highly prefers hermetic packaging seals in many systems within an airplane. This packaging is highly used to check the integrity of delicate electronics within a box. Rapid deployment of hermetic packaging solutions for protecting highly sensitive electronic components is bolstering market growth.
Nevertheless, the growing preference for other substitutes is hindering the hermetic packaging market growth.
Regional Insights
Increase in the Production of Several Electronic Devices and Components Fueled Market Growth in Asia Pacific
Asia Pacific commands the global market with the increasing production of several electronic devices and components.
North America has the second-largest share of the market. The presence of many aerospace companies and the rapid expansion of the aeronautics industry are the key factors fostering market growth in the region.
Competitive Landscape
Key Players Focus on Increasing Their Customer Base Across Regions
The global market is highly competitive. Some players emphasize offering innovative packaging solutions to make a mark in the global market. These market participants are engaged in innovation and increasing their customer base across regions.
Key Industry Development
- September 2023: SCHOTT AG introduced lightweight microelectronic packages for aerospace. These packages are preferred as RF packages, microwave, and DC converter packages, specifically in aircraft and satellite applications.