Hermetic Packaging Market Expected to Show Significant Profit by 2028. Asia Pacific Region Will Dominate the Market Scenario - Future Market Insights
Surging demand for packaging materials in military and defense owing to highly advanced chip feature is the prime driving factor.
DUBAI, UAE / ACCESSWIRE / October 13, 2020 / Future Market Insights, Dubai: The hermetic packaging market is expected to rise at a considerable CAGR due to rising needs of consumer electronics. Due to the increment in need for convenient packaging solutions in electronics or military and defense sector, demand is gaining popularity in the market. Asia-Pacific market is likely to witness a surge in production and consumption with presentation of incremental opportunities through 2028.
“Availability of wide range of advanced chip and technologies and higher preference for sustainable packaging solutions across the world, has surged the demand for hermetic packaging. Different end-use industry relies on it to gather proper information about the products and use of it has also helped the manufacturers get an insight about the kind of production this market demands,” says the FMI Analyst.
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Hermetic Packaging Market - Key Highlights
- Hermetic Packaging market is set to surpass million dollars in the upcoming years.
- According to research analysts at FMI, consumer electronics market is expected to expand the need for hermetic packaging at a higher rate.
- RFID enabled transponder is likely to accent revenue of the market due to protection barrier against acid and oil.
- Asia Pacific region is likely to remain the most lucrative region in the upcoming years.
Hermetic Packaging Market - Driving Factors
- Electronic sensors, laser diodes, airbag initiator propellants, and optoelectronic components require a great deal of hermetic packets.
- Use of hermetic packaging is prevalent in military & defense sector. Its use extends in navigation tools, countermeasures and armed vehicles.
- Transponder glass being acid, oil and chemical resistant is widely used in meat and livestock as the chip helps in availing information
- Requirement of hermetic packaging in smartphones, air conditioners and other consumer electronic goods propels market growth.
Hermetic Packaging Market - Key Restraints
- Investment might be expensive, hence, acting as a restraint.
- As it requires advanced technology, manufacturing defects might reduce the quality.
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Expected Impact on Market by Coronavirus Outbreak
This market might have experienced considerable pressure during the early lockdown period but has now gained proper traction due to reliance on consumer electronics like smartphones and laptops owing to work from home facility. In times like these, social distancing and proper hygiene is a must and people are following that. The packaging market has always been in demand and can revive back to a very good position, even better than before. Consumer demanded goods like electronics is driving the market positively and will not witness much of a loss in the coming years.
Key manufacturers are incorporating innovative techniques like acid and oil protecting barriers to enhance market growth. Major players in the market include AMETEK Inc., Amkor Technology Inc., Egide SA, Kyocera Corporation, Legacy Technologies Inc., Materion Corporation, Micross Components, SCHOTT AG, Teledyne Microelectric Technologies and Texas Instruments Inc.
For an instance, key companies are focussing on adopting better technologies and expansion strategies. Manufacturers are also working on expanding product portfolio to achieve better market insights. They are launching unique products and creating new market technologies, mergers and acquisitions.
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SOURCE: Future Market Insights
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