The Organic Substrate Packaging Material Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Organic Substrate Packaging Material Global Market Report 2024, The organic substrate packaging material market size has grown strongly in recent years. It will grow from $14.24 billion in 2023 to $15 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to consumer electronics boom, environmental concerns, regulatory standards, market competition, global economic trends..
The organic substrate packaging material market size is expected to see strong growth in the next few years. It will grow to $18.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to electric vehicle market growth, circular economy initiatives, stringent environmental regulations, rising consumer electronics trends, supply chain resilience.. Major trends in the forecast period include integration of nanotechnology in packaging, expansion of applications in healthcare, innovation in material compositions, demand for high-performance and cost-effective solutions, next-gen technologies..
The increasing adoption of self-driving vehicles is expected to propel the organic substrate packaging material market growth going forward. The self-driving vehicles also known as autonomous car refers to a vehicle that is capable of sensing their surroundings and operating without human interaction. The self-driving vehicles require semiconductors for processing and sensing the captured data. The increasing use of semiconductors will increase the demand for the packaging of the semiconductors, which eventually will increase the demand for organic substrate packaging materials. For instance, in 2021, according to a report published by the SMMT, the trade association for the United Kingdom motor industry, connected and autonomous vehicles (CAVs), will boost the UK economy to £62 billion by 2030 and, there will 1 in every 5 miles will be traveled by self-driving vehicles while preventing 47,000+ accidents. Further, according to American Automobile Association, a US-based privately held not-for-profit national member association and service organization, 72% of U.S. adults feel safer in a self-driving car if they can take over the car. Therefore, the increasing adoption of self-driving vehicles is driving the growth of the organic substrate packaging material market.
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The organic substrate packaging material market covered in this report is segmented –
1) By Technology: Small Outline (SO) Packages, Grid Array (GA) Packages, Flat No-Leads Packages, Quad Flat Package (QFP), Dual In-Line Package (DIP), Other Technologies
2) By Application: Consumer Electronics, Automotive, Manufacturing, Healthcare, Other Applications
3) By End-Use: Mobile Phones, FPD (Flat Panel Display), Other End-Uses
Technological advancements are a key trend gaining popularity in the organic substrate packaging material market. Major companies operating in the organic substrate packaging material market are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, Panasonic Holdings Corporation, a Japan-based provider of industrial products and solutions including capacitors, packaging, and sensors, launched a new substrate packaging material, R-1515V, which is expected to improve assembly-level reliability and lower the package warpage. Its optimized mechanical properties lower the residual stress on solder joints, created during reflow assembly, to improve the reliability of IC chips. The new material will allow addressing the critical challenge with the IC chips packaging process by lower thermal expansion.
The organic substrate packaging material market report table of contents includes:
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Top 5 Major Key Players Are:
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