WLCSP Electroless Plating Market to Reach $2.88 Billion, Globally, by 2027 at 5.9% CAGR: Allied Market Research
Growing need for micro electric devices and circuit miniaturization and surge in demand for WLCSP electroless plating against traditional plating due to better shielding properties drive the global WLCSP electroless plating market
PORTLAND, Oregon, May 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "WLCSP Electroless Plating MarketBy End-Use (Automotive, Electronics, Aerospace, Machinery, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global WLCSP electroless plating industry garnered $1.77 billion in 2019, and is estimated to reach $2.88 billion by 2027, registering a CAGR of 5.9% from 2020 to 2027.
Drivers, Restraints, and Opportunities
Growing need for micro electric devices and circuit miniaturization, surge in demand for WLCSP electroless plating against traditional plating due to better shielding properties, and cost-effectiveness of WLCSP electroless plating drive the global WLCSP electroless plating market. However, fluctuating raw material prices and sluggish growth of the semiconductor industry restrain the market growth. On the other hand, growing demand for WLCSP electroless plating from the healthcare industry and aerospace verticals create new opportunities in the coming years.
Several major market players have halted the production of WLCSP electroless plating amidst the lockdown.
During the coronavirus pandemic, the revenue generated from the electronics segment will be reduced for a few months as electronics components and consumer electronics manufacturers have stopped their production amid lockdown. However, it will rebound quickly as market resumes.
The demand for WLCSP electroless plating has experienced a downfall during the coronavirus pandemic due to the negatively-affected supply chain amid lockdown.
The COVID-19 pandemic is receding slowly in countries such as China and India and governments are now lifting the lockdown to start the industrial activities. This is likely to be a huge opportunity for several WLCSP electroless plating manufacturers in these countries to grow and generate maximum revenue
The Electronics Segment to Maintain Its Leadership Status in terms of Revenue throughout the Forecast Period
Based on end use, the electronics segment accounted for more than three-fifths of the total share of the global WLCSP electroless plating market in 2019, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to the growing need for advanced packaging in the electronics industry. However, the automotive segment is estimated to generate the fastest CAGR of 8.4% from 2020 to 2027. This is due to surge in adoption of advanced driver-assistance systems (ADAS), electrification of vehicles, and growing demand for microcontrollers in the automotive industry.
The Nickel Segment to Maintain Its Leadership Position during the Forecast Period
Based on type, the nickel segment accounted for more than half of the total share of the global WLCSP electroless plating market in 2019. This is attributed to the properties of electroless nickel plating for WLCSP such as corrosion resistance, chemical purity, ductility, water resistance, chemical hardness, which is useful for the protection of automotive and aerospace components. However, the composites segment is estimated to generate the fastest CAGR of 7.3% from 2020 to 2027. This is attributed to the benefits of electroless composites plating for WLCSP such as thermal advantages, electrical conductivity, tensile strength, hardness, durability, and conductivity, which makes it a suitable component for use in electronic components.
Asia-Pacific, Followed By Europe, to Maintain Its Dominant By 2027
Based on region, Asia-Pacific, followed by Europe, accounted for the highest share based on revenue, holding for more than two-thirds of the total share of the global WLCSP electroless plating market in 2019, and is projected to maintain its dominant position throughout the forecast period. In addition, Asia-Pacific is estimated to portray the fastest CAGR of 6.5% from 2020 to 2027. This is attributed to the availability of high-end enhanced technologies, increase in demand for smart electronics, and growth in manufacturing industries across the region.
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