Allied Market Research published a report, titled, “Solder Materials Market by Product (Bar, Wire, Paste, and Others), Process (Wave/Reflow, Screen Printing, Robotic, and Others), and End-use (Automotive, Consumer Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “solder materials market” was valued at $4.6 billion in 2022, and is estimated to reach $7.1 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
Prime determinants of growth
The solder materials market is expected to show promising growth potential in the foreseeable future, driven primarily by the increase in demand for electronic devices and advancements in the electronics industry. Despite the challenges posed by the volatility in raw material prices and environmental concerns associated with lead-based solder materials, the solder materials market is poised for significant growth due to the increasing demand for electronic devices and the expansion of the renewable energy sector.
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Automotive to be the second-largest segment during the forecast period.
Soldering materials are used for armatures, radiators, wire harnesses, car electrical systems and other parts required in the automotive industry. Strong alloys are commonly used in this industry.
Soldering materials are not only used in new vehicle assembly but are also used in the repair and rework of damaged electronic components in vehicles.
Europe to be the second-largest market for solder materials
Emerging Europe is the second-largest market for solder materials, accounting for a share of 16.8%, in terms of value, in 2021. Henkel (Germany) is the leader of solder materials in the European region, as well as globally. The European automotive sector is proposing a plan comprising 25 actions to support a strong recovery of the sector and the economy of the region. As part of the action plan, the sector calls for coordinated vehicle-renewal schemes for all vehicle types and categories across the EU. This action is intended to boost private and business demand, support economic recovery across the board as well as accelerate the rejuvenation of the vehicle fleet on Europe’s roads.
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The automotive segment to maintain its lead position during the forecast period
By end-use, the consumer electronics segment accounted for the largest share in 2022, contributing to more than two-thirds of the global solder materials market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 4.4% from 2023 to 2032. Consumer electronics includes a wide range of electronic devices used by individuals in their daily lives, including smartphones, laptops, tablets, televisions, gaming consoles, wearables, and home appliances. Soldering is a crucial process in the manufacturing of consumer electronics, as it is used to assemble and connect the electronic components on printed circuit boards (PCBs).
Asia-Pacific to maintain its dominance by 2032
By region, in 2022, Asia-Pacific held the highest market share in terms of revenue accounting for more than half of the global solder materials market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 4.7% from 2023 to 2032. The solder materials market in the Asia-Pacific region is witnessing significant growth due to the strong electronics manufacturing industry, technological advancements, government initiatives, and increasing demand for consumer electronics, automotive electronics, and advanced electronic devices. Despite the challenges posed by the volatility in raw material prices and environmental concerns associated with lead-based solder materials, the market offers lucrative opportunities for manufacturers, suppliers, and distributors in the region to capitalize on the growing demand and expand their presence in the fast-growing and dynamic electronics manufacturing industry in the Asia-Pacific region.
Leading Market Players: –
Indium Corporation
Alpha Assembly Solutions
Kester
Senju Metal Industry Co., Ltd.
AIM Solder
Weller Tools GmbH
Nihon Superior Co., Ltd.
MG Chemicals
Balver Zinn
Qualitek International, Inc.
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The report provides a detailed analysis of these key players in the global solder materials market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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