According to our latest study on "Soldering in Electronics Assembly Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product," the market is expected to grow from US$ 2,001.96 million in 2023 to US$ 2,624.71 million by 2028; it is estimated to register a CAGR of 5.6% from 2023 to 2028.
The miniaturization of electronic components plays an important role in the electronic industry. It helps save space so that additional parts or technology can be integrated, or the overall size of consumer electronics, medical devices, automobiles, and more can be reduced. For instance, the reduced size of batteries helps with computer miniaturization. Moreover, miniaturization helps save the cost of the overall material used. For the miniature components, less material is used for the soldering, which helps to save the cost on the material used compared to normal-size components or devices. Such benefits of miniaturization are fueling the demand for this technique in the electronics market. Moreover, the demand for solder pastes with smaller metal particle sizes for miniaturization propels the soldering in electronics assembly market size. France-based INVENTEC provides Ecorel Free JP32 and Ecorel Free HT 235-16LVD solder paste, which can be used in miniaturization for ultra-fine pitch electronics manufacturing applications. The company is developing more solder paste products due to the growing demand for miniaturization. Thus, an increase in miniaturization in the electronic industry is expected to provide growth opportunities for the soldering in electronics assembly market.
There is a growing use of lead-free soldering products in electronics assembly products which is contributing to soldering in electronics assembly market growth. Lead-free soldering in electronic assembly is an alternative to traditional lead solders, which have been widely used since the inception of the soldering process. Lead-free solders have better electric connectivity than lead products; they are not harmful to the environment; and the lack of toxic components provides lead-free soldering an edge over the alternative soldering assembly. Lead-free solders have a higher melting point due to the addition of copper, tin, and silver; therefore, they are more difficult to melt and handle. Its health and environmental safety factors over lead solder increases its demand in the market. Companies such as Premier Industries, Jufeng Solder International Private Limited, and GENMA Europe GmbH provide lead-free solder products in soldering in electronics assembly market.
Based on country, the Asia Pacific soldering in electronics assembly market is segmented into Australia, China, India, Japan, South Korea, and the Rest of ASIA PACIFIC. Over the years, China, India, and Taiwan have become major electronics manufacturing countries across the globe. The wide presence of electronics manufacturers across the region is driving the soldering in electronics assembly market. The key electronics manufacturers in the region include Samsung Electronics; Integrated Micro-Electronics, Inc.; Venture Corporation Limited; and Fabrinet Company Limited. The constant innovations by these companies, coupled with expansion plans to increase their market share, boost the demand for soldering, thereby contributing to the ASIA PACIFIC soldering in electronics assembly market growth.
In terms of revenue, China dominated the ASIA PACIFIC soldering in electronics assembly market share in 2022. China has become the manufacturing hub of the globe, especially for electronics. The major electronics manufacturers in the country include BYD Electronics; Foxconn Technology Group; MOKO Technology; DBG Technology; 3CEMS Group; and Shenzhen Kaifa Technology Co., Ltd. Government initiatives, such as Made in China 2025, to promote local manufacturing across the country are further contributing to the growth of the market. Additionally, the presence of several PCB manufacturers in the country is further expected to contribute to the market's growth. Some of them are NectPCB, JLCPCB, and Senyan Circuit Co., Ltd., among others. Moreover, several soldering in electronic assembly market players is present in the country. The increase in strategic initiatives taken by these companies is further contributing to the growth of the market.
India has experienced significant growth in its manufacturing industry over the years. Government initiatives, such as Made in India, to promote local manufacturing across the country are further contributing to the growth of the Indian manufacturing industry. The country homes several electronics manufacturers. Some of them are Bajaj Electricals Ltd., Bharat Electronics Limited (BEL), Godrej & Boyce Manufacturing Co. Ltd., Havells India Ltd., Intex Technologies (India) Ltd., and Tata Electronics Private Limited, among others. In 2022, the country showcased an increase of 24%, producing 5,456,857 vehicles. The rise in vehicle production is further contributing to the growing demand for automotive electronics, thereby fueling the India soldering in electronics assembly market growth.
The soldering in electronics assembly market is categorized based on type. Based on type, the soldering in electronics assembly market is divided into wire, paste, flux, bar, and others.
Key Findings of Market Study:
There is a rise in automotive and medical device manufacturing industries. The presence of several automotive and medical device manufacturers is driving the demand for various electronic components such as PCBs, switches, and circuits. The manufacturing of these products requires soldering for the effective bonding of smaller components. Additionally, the development of new production plants across globe by automotive and electronics manufacturers is further expected to contribute to the soldering in electronics assembly market growth over the forecast period.
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