The Hermetic Packaging Market Valuation Would Surpass $5.5 Billion by 2027, as per Global Market Insights Inc.
The growth of the hermetic packaging market is driven by surging military & defense expenditure, mounting demand for reliable packaging solutions in medical applications, and the expanding automotive sector.
SELBYVILLE, Del., Aug. 23, 2021 /PRNewswire/ -- According to the recent research report by Global Market Insights Inc., the Hermetic Packaging Market was estimated at $3,137 million in 2020 and is slated to exceed $5.5 billion by 2027, registering a CAGR of 8.6% from 2021 to 2027. The report offers an in-depth assessment of market size & estimations, competitive scenario, major investment pockets, wavering market trends, drivers & opportunities, and top winning strategies.
Hermetic packaging refers to a packaging method that creates an airtight seal on any object. Due to its ability to prevent moisture formation or any keep out contaminants, hermetic packaging has found extensive applications across varied industry verticals, particularly semiconductor, military & defense, healthcare, and automotive, among other sectors. These packaging solutions are extensively used in healthcare, as hermeticity is crucial in medical packaging. As a result, the rapid development of the healthcare sector is likely to accelerate hermetic packaging market growth in the forthcoming years.
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Passivation glass configuration is estimated to account for 15% of the hermetic packaging market share by the end of 2027. Passivation glass powder has a specifically designed material composition, wherein the alkali content is kept at the lowest level to realize high insulation resistance. This type of configuration is widely utilized in sinter glass rectifiers and diodes, glazing of high voltage varistors, and wafer passivation (like diodes and thyristors), which is anticipated to facilitate product demand in the future.
Key reasons for hermetic packaging market growth:
- Prevalent usage in electronics packaging.
- Shifting consumer preference for hygienic packaging solutions.
- Escalating product uptake in automotive sector.
2027 forecasts show the medical segment retaining its dominance:
With respect to industry, the medical segment is expected to hit USD 850 million valuations by 2027. In the medical sector, hermetic packaging is primarily used to protect delicate electronic components against contamination. Hermetic packaging offers various advantages, such as autoclavability, temperature stability, high electric insulation, thermal shock stability, superior media resistance, and lightweight, among others, which is speculated to foster the hermetic packaging market outlook over the study timeline.
Europe to continue its top status in terms of revenue:
Based on region, Europe is expected to grow at a CAGR of more than 8.5% through the forecast period. Increasing military & defense spending, along with robust aerospace capabilities, is slated to propel product demand in the region. Moreover, focused research & development activities in the medical industry and growing luxury & automated vehicle sales in Europe are also foreseen to accelerate the hermetic packaging market revenue in the coming years.
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Impact of COVID-19 pandemic on hermetic packaging market:
The COVID-19 pandemic has elevated consumer focus on hygienically packaged products due to the threat of exposure to the novel coronavirus. Notably, there was a prevalent demand for airtight packaging in medicines, medical electronics, and other essential products across the healthcare sector to maintain the integrity of contents. Consequently, escalating consumer demand for hygienically packaged products has significantly fueled product adoption across diverse industries during the pandemic.
Leading market players:
Texas Instruments Incorporated, SCHOTT AG, Teledyne Technologies Incorporated, AMETEK Inc., and Amkor Technology are some key manufacturers operating in the hermetic packaging industry.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Hermetic Packaging Market Overview - 2027
SOURCE Global Market Insights Inc.
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