Hermetic Packaging Market Analysis :
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.
Key drivers of global hermetic packaging 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.
Market scenario: opportunities and challenges
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.
COVID-19 scenario analysis
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.
Key benefits of the report
- This study presents the analytical depiction of the global hermetic packaging industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global hermetic packaging market share.
- The current market is quantitatively analyzed to highlight the global hermetic packaging market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global hermetic packaging market research report
- Which are the leading market players active in the global hermetic packaging market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Hermetic Packaging Market Report Highlights
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).