The global electronic board level underfill material market size is expected to exceed USD 327.2 million in 2023. Furthermore, with the rise in production and usage of electronic products, the overall sales of electronic board level underfill materials are projected to grow at 5.3% CAGR between 2023 and 2033, surpassing a valuation of USD 548.3 million by the end of 2033.
| Attribute | Key Statistics |
|---|---|
| Estimated Market Size (2023E) | USD 327.2 million |
| Projected Market Size (2033F) | USD 548.3 million |
| Value-based CAGR (2023 to 2033) | 5.3% |
| Collective Value Share: Top 3 Countries (2023E) | 31.1% |
Underfill is typically utilized to spread and redistribute the thermo-mechanical stress caused by the Coefficient of Thermal Expansion (CTE) mismatch between the silicon chip and organic substrate to improve the reliability of a CSP, BGA, or flip chip on an organic board package. These underfills are manufactured from various substances, including epoxy, silica, alumina, silica gel, urethane, and many others.
Electronic board level underfill materials provide mechanical reinforcement to the solder joints and solder balls that connect a chip to a printed circuit board. Thus, they play a key role in extending thermal aging and the lifetime of electronic devices.
Rising usage of consumer electronic products, such as smartphones, tablets, cameras, laptops, etc., worldwide is proving a major impetus to the growth of the electronic board level underfill material market, and the trend is likely to continue during the forecast period.
Over the years, rapid penetration of digitalization and fast internet has resulted in the rapid growth of the smartphone industry. People choose smartphones over other electronic devices like PCs and laptops due to their mobility, usability, and affordable price. This surge in the adoption of smartphones, along with the continuous introduction of new generation smartphones at affordable prices, is expected to act as a catalyst triggering growth in the electronic board level underfill material market.
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The global electronic board level underfill material market is set to expand at 5.3% CAGR between 2023 and 2033, compared to 3.1% CAGR registered during the hand 2022. Growing usage of electronic devices and the ongoing trend of miniaturization and development of multi-feature electronic devices are key factors expected to boost growth in the global electronic board level underfill material market during the forecast period.
The growing propensity towards miniaturization of electronic devices is consistently increasing the number of components on printed circuit boards (PCBs), propelling the demand graph of smaller, thinner, highly integrated printed circuit boards (PCBs) incorporated with flip chip and other advanced technologies. This will continue to generate lucrative growth opportunities for the electronic board-level underfill material market during the assessment period.
Similarly, the booming electronic industry across the world, rapid penetration of digitalization, and rise in the export of electronic products will boost the demand for electronic board level underfill materials over the next ten years.
Rising Investments in Electronics Production to Push Sales of Electronic Board Level Underfill Materials in the Market
The electronic industry is one of the economy's most dynamic sectors, and its meteoric rise has prompted major shifts in funding. The integration of manufacturing networks in the electronics sector has benefited the ASEAN region, allowing for better commerce with bigger Asian economies like China.
China, however, is crucial not as a rival but as a developing market for the Asian electronic sector. China acquires raw materials and components from other Asian nations and then ships them all over the globe. For instance, in January 2016, China's Ministry of Industry and Information Technology, in partnership with an industry group and Ping and Bank, set up a USD 30 billion fund for the electronic industry in China. This fund helps address the issues faced by small and medium-sized electronic manufacturers, which have folded recently. This fund has also expanded the country's technology capabilities and supports the country's significant electronics supply chain. Thus, a rapid surge in electronics production will continue to foster the global electronic board level underfill material market growth during the forecast period.
Increasing Prominence of Miniaturization of Electronic Components to Supplement Market Growth
Miniaturization of electronic devices has increased the number of components on a printed circuit board. This growing trend has increased demand for smaller, thinner, and more highly integrated printed circuit boards (PCBs) populated with flip chip technology. These nanotechnology and microelectromechanical systems (MEMS) are growing in functionality and acceptance in most applications among various industries, such as consumer electronics and others. The current pace of miniaturization of electronic devices will result in a surge in demand for PCBs shortly. Miniaturization of electronic devices, such as laptops, smartphones, consumer electronics, and many more, has led to increased usage of underfills materials in encapsulation and cavity filling type applications, thereby creating growth prospects for the global electronic board level underfill material market.
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Rapid Production and Usage of Electronic Products Fueling Sales in the United States
As per FMI, the United States is projected to account for a significant share of approximately more than 19.4% in the global electronic board level underfill material market in 2023. Rapid growth in demand for electronic devices across the country is expected to propel the country's consumption over the forecast period.
The United States is one of the largest consumers of electronic board level underfill materials across the globe. High disposable income and per capita expenditure of Americans is creating a huge demand for electronic devices such as home automation devices, smartphones, laptops, tablets, and various other. This, in turn, will continue to propel sales of electronic board level underfill materials during the forecast period. Similarly, the rise in the transport of electronic products will create growth opportunities for leading manufacturers across the United States during the assessment period.
Availability of Electronic Board Level Underfill Materials at Lower Prices Igniting Growth in China Market
With the rapid expansion of the electronic industry and the presence of product types at cheaper costs, the electronic board level underfill material market in China is poised to grow at a healthy pace of around 6.2% CAGR during the forecast period. Most of the manufacturing companies based in China are focusing on enhancing their market share and presence by offering innovative products in a short time cycle, at low cost, with improved product quality and higher performance.
Demand to Remain High for Underfills in the Market
As per FMI, the underfills segment is expected to dominate the global electronic board level underfill material market during the forecast period, owing to the rising usage of underfills in a wide range of electronic products. In recent years, demand for miniaturized electronic devices has been increasing. With the growing demand for miniature circuit geometries, underfill materials are becoming popular, which is slated to increase demand over the forecast period. Emerging trends reveal that the underfills segment will gain 140 BPS during the forecast period of 2023 to 2033
End Users Prefer Epoxy Based Electronic Board Level Underfills
Among material types, epoxy based material is vastly used as a board level underfill material owing to its properties, such as high CTE (Coefficient of Thermal Expansion), which makes it very efficient to be used as an underfill material.
The epoxy based material segment is estimated to hold the highest value share in 2023 and is expected to gain 380 BPS over the forecast period. However, due to their application in all board types, the Quartz/Silicone and Alumina underfill material segment is also estimated to grow at a significant CAGR.
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Manufacturers of Electronic Board Level Underfill Material are positively engaged in the expansion of their geographic and market presence to cater to the rising demand for the product. They are expanding production facilities and acquisitions/mergers of regional small- and medium level players to achieve domination in the market. For instance,
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 327.2 million |
| Projected Market Size (2033) | USD 548.3 million |
| Anticipated Market Size (2023 to 2033) | 5.3% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value and Tons for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia Pacific; MEA. |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey, South Africa, and Northern Africa |
| Key Segments Covered | Product Type, Material Type, Board Type, and Region |
| Key Companies Profiled | Henkel AG & Co. KGaA; Namics Corporation; ASE Group; MacDermid Alpha Electronic Solutions; Parker LORD Corporation; H.B. Fuller Company; Dow Inc.; ELANTAS GmbH; Zymet; Hitachi Chemical Co., Ltd.; Panasonic Corporation; AI Technology, Inc; Indium Corporation; Sanyu Rec Co., Ltd.; Dymax Corporation; Epoxy Technology, Inc.; Protavic International; YINCAE Advanced Materials, LLC |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Demand for such underfill materials globally is forecasted to surge at 5.3% CAGR through 2033.
The net worth of the global market in 2023 is estimated to be around USD 327.2 million.
The miniaturized electronic devices segment creates higher demand for the overall market.
The overall share of the top 3 countries could be almost 31.1% in 2023.
The United States market is poised to lead with almost 19.4% market share in 2023.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Capillary 5.2. Edge Bonds 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 6.1. Quartz / Silicone 6.2. Alumina Based 6.3. Epoxy Based 6.4. Urethane Based 6.5. Acrylic Based 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Board Type 7.1. CSP (Chip Scale Package) 7.2. BGA (Ball Grid array) 7.3. Flip Chips 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Henkel AG & Co. KGaA 18.2. Namics Corporation 18.3. ASE Group 18.4. MacDermid Alpha Electronic Solutions 18.5. Parker LORD Corporation 18.6. H.B. Fuller Company 18.7. Dow Inc. 18.8. ELANTAS GmbH 18.9. Zymet 18.10. Hitachi Chemical Co., Ltd. 18.11. Panasonic Corporation 18.12. AI Technology, Inc 18.13. Indium Corporation 18.14. Sanyu Rec Co., Ltd. 18.15. Dymax Corporation 18.16. Epoxy Technology, Inc. 18.17. Protavic International 18.18. YINCAE Advanced Materials, LLC 19. Assumptions & Acronyms Used 20. Research Methodology
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Electronic Board Level Underfill Material Market
