TAGS: Epoxy Adhesives Polyurethane Adhesives Acrylic Adhesives
Verified Market Research (VMR) anticipates that the electrically conductive adhesives market size was valued at USD 2,413.02 Million in 2020 and is projected to reach USD 4,515.37 Million by 2028, growing at a CAGR of 8.37% from 2021 to 2028.
The rise in usage of electrically conductive adhesives in electronic circuits is anticipated to drive the global electrically conductive adhesives market during the forecast period.
Growth Due to Miniaturization in Electronic Devices
In recent years, the use of technologically advanced electronic devices has increased. As a result, the use of sophisticated adhesive materials with conductivity and strength that are compatible with electronic circuits is increasing, ensuring that conductivity is maintained when linked to an electronic component.
The overall electrically conductive adhesive market is growing due to the trend of miniaturization in electronic devices. Manufacturers are concentrating on producing reliable and small electronic devices while reducing material and manufacturing costs. Manufacturers can build lighter, thinner, faster, smaller, more powerful and energy-efficient consumer and industrial electronic systems by using adhesives. Over the projected period, manufacturers are likely to spend in R&D efforts to reduce overall costs and increase the eminence of the Electrically Conductive Adhesive market.
In addition to this, electrical vehicles are self-contained through electric generators (to convert fuel to electricity), solar panels or a battery. An electric vehicle is an alternative to fuel-based vehicle which itself is a major growth factor expected to boost market growth. Moreover, the trend of reduction in vehicular emission due to stringent rules and regulations in several countries and the growth of public charging infrastructure in China, Norway, France, and other developed countries are further expected to drive the market growth.
Furthermore, technological advancements in electric vehicles and proactive government initiatives are expected to create various opportunities for the growth of the market. However, the global electrically conductive adhesive market’s growth is being stifled by fluctuating raw material costs.
Demand for Isotropic Conductive Adhesives
Based on Morphology, the market is bifurcated into Isotropic conductive adhesives, anisotropic conductive adhesives. Isotropic conductive adhesives accounted for the largest market share and is projected to grow at a CAGR of 7.64% during the forecast period.
Isotropic conductive adhesives (ICA) are electrically conductive in all directions. They’re employed in applications like chip contacting and electrically conductive SMD bonding. Metal/epoxy composites with high loading exceeding the percolation threshold for electrical conduction are known as isotropic conductive adhesives.
Filler Material to Grow at 9.46% CAGR
On the basis of filler material, the global electrically conductive adhesives market has been segmented into silver fillers, copper fillers, carbon fillers, others. Silver Fillers accounted for the largest market share and is projected to grow at the highest CAGR of 9.46% during the forecast period.
Thermosetting resin and electrically conductive filler have been used to make high-performance conductive adhesives. Because of its high conductivity, silver has become a popular electrically conductive filler.
Based on application, the market is segmented into automotive, consumer electronics, biosciences, aerospace, others. Automotive accounted for the largest market share of and is projected to grow at a CAGR of 8.90% during the forecast period.
The market for electronically conductive adhesives is expanding due to rising demand for electronic adhesives in the automotive electronics sector. Due to the use of complex electronic components that are susceptible to electromagnetic radiation, these adhesives are widely used in the automotive industry.
Based on chemistry, the market is segmented into epoxy based, silicon-based, polyurethane based, acrylic based, others. Epoxy Based accounted for the largest market share and is projected to grow at the highest CAGR of 8.88% during the forecast period.
Electrically conductive epoxy adhesives are frequently used to link components in vehicle radar and camera systems. As a result, electrically conductive adhesives, such as ADAS sensors, have a wide range of uses in electronic assembly (Radar, LiDAR, Camera, ADAS data modules, and ECUs).
Highest Growth in Asia Pacific Region
On the basis of geography, the global electrically conductive adhesives market is classified into North America, Europe, Asia Pacific Latin America, and Middle East and Africa. Asia-Pacific accounted for the largest market share and is projected to grow at the highest CAGR of 9.83% during the forecast period.
China is quickly becoming one of the largest markets for electrically conductive adhesive, both in terms of consumption and production, accounting for slightly more than half of the total market in Asia Pacific. Factors such as rising urbanization and increased connectivity, as well as the use of modern technology in the manufacture of safety and infotainment systems, are driving up demand for printed circuit boards.
Source: Verified Market Research