Report Code: A06910 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Hermetic Packaging Market
Request Now !Hermetic packaging is a process of wrapping products in such a way that there is no space for chemicals, oxygen, and air to interfere with the product. Hermetic packaging is used for numerous applications such as architectural structures, aeronautics, and food & beverages. Hermetic packaging is a form of package, wrapping or sealing that makes an object airtight, thus preventing the interference of chemicals, harmful gases, oxygen, and air with packaged products. Initially, however, only airtight glass was used to seal the container, however, with the evolution of technology, various products have been launched that can be used in specific industries. Hermetic seals are essential for safe and correct functionality of many healthcare and electronic products. Increase in need for protecting highly sensitive electronic components such as aeronautics, automotive, electronics, and healthcare from extraneous particles such as soil/grime, moisture, and atmospheric pressure is the major factor responsible for the growth of the market.
The key factors that fuel the expansion of the global hermetic packaging market are increase in demand for energy and hermetically packaged products, particularly the electronic components. Rise in application of hermetic packaging across various industries such as automobile components, aeronautics, and electronics fuel the global market growth. In addition, the development of the aerospace & defense industry fuels the growth of the hermetic packaging industry. Owing to low fuel prices, cheaper and affordable airways have encouraged flyers globally and are contributing to the rise in flying frequency, thereby boosting the market growth.
The development of the aeronautics and space industries escalate the demand for hermetic packaging, which boosts the growth of the global market. Moreover, rise in investment in space exploration by both private companies and government agencies is anticipated to propel the demand for hermetic packaging. Surge in R&D activities and testing associated with hermetic packaging is anticipated to provide remunerative opportunity for the market expansion during the forecast period. In addition, the development of the automotive industry in emerging regions of Asia-Pacific region provides attractive prospects to manufacturing companies. However, due to the high cost of hermetic packaging, the market growth is expected to be hampered during the projected timeframe. In addition, availability of alternatives such as epoxy resin packaging is likely to create obstacles for the market players over the following years.
Owing to the outbreak of the COVID-19 pandemic, the global hermetic packaging market is expected to witness a slowdown during the next couple of years. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output of various sectors, from aeronautical to healthcare. In addition, recent decline in the growth of the automotive industry are one of the key factors that is likely to negatively impact the growth of hermetic packaging market. Moreover, companies are dealing with missing sales and disrupted supply chains as production activities are shutdown.Â
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Hermetic Packaging Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | AMETEK Inc., SCHOTT AG, Texas Instruments Incorporated, Teledyne Microelectronics, Amkor Technology, Micross Components Inc., Materion Corporation, Legacy Technologies Inc., Willow Technologies, and KYOCERA Corporation |
Other Key Market Players | Palomar Technologies (US), CeramTec (Germany), Aptiv PLC - Winchester Interconnect (Ireland). |
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