Dublin, April 13, 2021 (GLOBE NEWSWIRE) -- The "Hermetic Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The hermetic packaging market was valued at USD 3,415.6 million in 2020 and is expected to reach USD 5,319.9 million by 2026, at a CAGR of 8% over the forecast period 2021 - 2026. In order to make the package impervious to entry from external environmental conditions hermetic packaging creates a tight seal.
The increasing need to protect the sensitive components from the aggressive external environments as wells from any negative effects of the substance contained in the package is expected to boost the demand for the hermetic packaging over the forecast period.
With the increasing trend of miniaturizing the housing of a component has given rise to look for housing that could support such miniaturized components. The hermetic packaging and sealing technology supports the housings which are not much larger than the head of a pin (1.2 millimeters) which could easily suffice the above needs thereby fueling the growth for the market throughout the forecast period.
The increase in government expenditure in the fields of aerospace and defense is expected to drive the market over the forecast period. As this sector involves the usage of critical components in the extreme condition, it becomes imperative for the manufacturers to provide them with the equipment that could easily withstand such conditions.
For instance, in 2017, the United States military expenditure amounted to 3.15% of the total gross domestic product. The demand for consumer electronics has been increasing coupled with the technological advancements in the fields of smart consumer devices is expected to boost the demand for the hermetic packaging throughout the forecast period.
Key Market Trends
Reed Glass is Expected to Hold Significant Share
Reed Glasses provide Highly reliable encapsulation of reed switches over millions of switching cycles.
The numerous electronic applications involve the usage of the Glass tubes where some discrete electronic components demand protection, isolation or being sealed. However the function of this glass many a time is to electrically insulate passive components or it functions as a hermetic seal.
Reed glass has found its applications in the centralized locking systems of automobiles, as switches in hot water boilers or as belt sensors. the reed switches without any mechanical influence from the outside open and closes the electrical circuits.
Contact is established when a weak magnetic field presses two metal contact blades together inside a thin glass tube. A reed switch when in resting state does not require power which makes this important for the devices consuming very less power.
As they possess no mechanical control, without any wear reed switches can handle millions of make-and-break cycles.
The metal blades should be free of dust and hermetically sealed inside the glass tubes with inert gas with high tolerances to ensure the functionality.
North America is Expected to Hold the Largest Share
The increased government spending on the aerospace and defense sector by the government in the region is expected to boost the hermetic packaging market over the forecast period.
For instance, in 2017, the United States military expenditure amounted to 3.15% of the total gross domestic product.
The increased consumer spending in the fields of consumer electronics coupled with increased penetration of smart communication devices like smartphones is expected to fuel the demand for the hermetic packaging over the forecast period.
For instance, according to the Consumer Technology Association, the consumer electronics industry is expected to grow by 3.9% in size from 2018 to 2019 thereby reaching a total retail revenue value of USD 398 billion.
Hermetic packaging has widespread applications in the healthcare sector as well and with the increased spending on health care in the region, the hermetic packaging market is expected to witness growth over the forecast period.
For instance, according to the Centers for Medicare and Medicaid Services, the healthcare spending in the region grew by 3.9% in 2017 reaching 3.5 trillion or USD 10,739 per person. Health spending accounted for 17.9% as a share of nation's Gross Domestic Product.
The competitive rivalry in the hermetic packaging market is quite high owing to the presence of some key players such as Schott AG, SGA technologies, Kyocera and many more. Their ability to continually innovate their products and services has allowed them to gain a competitive advantage over other players. Through strategic partnerships, mergers & acquisitions and research and development activities the players are able to attain a strong foothold in the market.
March 2019 - Windjammer Capital Investors LLC announced the purchase of Hermetic Solutions Group LLC a leading global provider of mission-critical, highly engineered component and protection solutions.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
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Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Need to Protect Highly Sensitive Electronic Components
4.4 Market Restraints
4.4.1 Strict Rules and Regulations Regarding Packaging Materials
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Technology Snapshot
4.6.1 Glass to Metal Sealing (GTMS)
4.6.2 Ceramics to Metal Sealing (CERTMS)
4.6.3 Glass Micro Bonding
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Passivation Glass
5.1.2 Reed Glass
5.1.3 Transponder Glass
5.2 By End-user Industry
5.2.2 Aerospace and Defense
5.2.3 Automotive Industry
5.2.5 Consumer Electronics
5.2.6 Other End-user Industry
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Latin America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Schott AG
6.1.2 Ametek Inc.
6.1.3 Kyocera Corporation
6.1.4 Micross Components Inc.
6.1.5 Willow Technologies Ltd.
6.1.6 SGA Technologies limited
6.1.8 Special Hermetics products Inc.
6.1.9 Materion Corporation
6.1.10 Teledyne Technologies Incorporated
6.1.11 Egide SA
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/mszfnf
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