The global hermetic packaging market size is projected to reach USD 5.02 billion by 2025, growing at a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Hermetic packaging market is expected to witness high penetration in military & defense applications over the forecast period. Growing defense expenditure and active research in military applications are anticipated to drive the demand for the product.
Hermetic packaging is also likely to
witness high penetration in aeronautics & space application. High-capital
projects and steady innovation & research in aeronautics & space
sectors are expected to create a positive scope for market development over the
forecast period. Growing use of optical fiber devices in telecommunications is
expected to further augment the demand for hermetic packages.
Hermetic packaging helps in protecting
optical fibers from harmful gases, extreme temperatures, etc., which is likely
to boost their demand. Growing requirement of medical implants is expected to
augment demand over the coming years.
For sample report please visit @:- https://www.grandviewresearch.com/industry-analysis/hermetic-packaging-market
Growing demand for better healthcare
services and equipment is expected to increase the utilization of hermetic
packages in medical devices. Similarly, technological advancements, resulting
in increased use of smart devices in developing economies, are expected to
augment the demand for hermetic packaging over the forecast period.
Ceramic to metal emerged as the largest
product segment in the industry with a market share of 54.6% in 2018. Growing
utilization of the product in applications such as aeronautics & space and
military & defense due to its reliability at extreme temperatures is
anticipated to drive the demand for ceramic to metal seals. The high mechanical
strength of ceramics when welded with metals is likely to drive market
development over the forecast period.
Military & Defense was the largest
application segment in 2018. Rising defense and military budgets, rising
security threats, falling crude oil prices, and stable growth in the global
gross domestic product are expected to propel investment in the defense sector,
which would ultimately lead to an increase in demand for hermetic packaging
over the forecast period. Technological advancements, coupled with huge
investments in defense weapons, are expected to propel the market demand.
Asia Pacific is expected to grow at the
fastest CAGR over the forecast period. Increasing automotive production coupled
with high demand for technologically advanced passenger cars and automobiles is
expected to promote the utilization of hermetic packaging over the forecast
period. Extensive R&D activities are expected to promote the utilization of
the product in automobile electronic devices, thus propelling market growth.
Further key findings
from the report suggest:
·
In terms of product, transponder glass is
expected to witness significant growth and is likely to grow at a CAGR of 6.7%
over the forecast period
·
Aluminum is among the typically employed
materials to produce hermetic packages. The beneficial properties of aluminum
including reusability, recyclability, versatility, ease of molding, and high
protection level against harsh environmental conditions, such as extreme
temperature and pressure, have led to its large-scale utilization in various
applications
·
In terms of application, aeronautics &
space is expected to grow at the fastest CAGR of 7.5% over the forecast period.
Asian markets, most notably India are being considered as lucrative
destinations for the expansion of hermetic packaging products given the
popularity of foreign direct investments (FDIs) in these markets
·
Asia Pacific is expected to retain its pole
position in the industry throughout the forecast period. The presence of
electronic hubs in countries such as China and Japan has been encouraging
prominent market participants to expand their operations in this region
·
Research & development activities are
likely to surface in the industry over the forecast period with prominent
market players keen on global expansion
·
The competitive landscape of the industry
represents intense rivalry among domestic and international players. Product
differentiation is expected to remain one of the key strategies among these
players over the forecast period
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inquiry please visit @:- https://www.grandviewresearch.com/inquiry/4153/ibb
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