The market for circuit material is expected to register a CAGR of more than 4% during the forecast period. Increasing applications in the electronics sector and the growing need for communication devices in every region are driving the market growth. The availability of copper material has been decreasing and the associated radiation issues are expected to hinder the market growth.
Key Market Trends
Increasing Demand for Electronic Devices
- Circuit materials have been increasingly used in making circuit boards and electronic components lately. Circuit materials find their application in automobiles, smart devices, communication devices, and aerospace electronics.
- Conducting materials mainly produced by the copper. Copper has been helping the electronics industry with its properties for a long time. Copper is a good conductor of electricity, ductile in nature, and even supports electroplating.
- Fiberglass Epoxy is being used in the production of printed circuit boards because of its mechanical and chemical properties. The demand from communication devices is high in recent years, specifically in developing countries.
- Recently, flexible printed circuit boards are witnessing increasing demand from various industries, such as consumer electronics, medical systems, and high-speed digital applications.
- Make in India initiative have boosted the consumer electronics manufacturing industry in India and growth in production of electronic components in India for various applications.
- Growing electronic manufacturing industries in both developed and developing countries and increasing demand for electronics, are expected to drive the market for circuit materials through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the global market, owing to the highly developed electronics sector in China, Japan, and Korea, coupled with the continuous investments done in the region to advance the automobile technology and electronic manufacturing sectors through the years.
- Moreover, electronic devices are being used for various medical purposes and there is also an increase in the demand for other applications, such as sensors, auto-driving cars, cameras, high-frequency devices, and many more, in China and Japan.
- Circuit materials have been mostly used for the manufacture of communication devices around the world. The demand for communication devices is significantly growing in the Asia-Pacific region in current times. According to the Zentralverband Elektrotechnik- und Elektronikindustrie (ZVEI), Asia-Pacific is the largest consumer of electronics compared to any other region in recent years.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), China has more number of automobile manufacturing units and it leads the automobile production in recent years.
- Even though there is a decline in production of automobiles, Asia-Pacific stands number one in production of automobiles in previous years. Automotive manfuacturers including newer electronic components in vehicles due to consumer demand.
- Increasing electronic communication devices require advanced electronic materials and components including circuit materials. The continuous growth of automobiles is expected to drive the market for circuit material through the years to come in the region.
The circuit material market is fragmented in nature with many players competing in the market. Some of the major companies are DuPont, Kingboard Laminates Holdings Ltd, Mitsubishi Materials Corporation, Panasonic Corporation, and Shengyi Technology Co. Ltd, among others.
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