Wire Bonding Market Is Projected To Advance At A CAGR Of 2.9% During The Forecast Period

Amid the COVID-19 pandemic and its impact on almost every industry, the global wire bonding market is creating potential revenue opportunities by adopting new strategies and development skills to recover from the losses. The market players are now trying to find sustainable solutions to increase chances of business growth. Bonding wire are widely used in electronics devices, semiconductor industries, and microelectronics to connect transistors, resistors, and other electronic components in an Integrated Circuit (IC).

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The increasing demand and production of electronic devices during the pandemic creates profitable business opportunities for the key players in the wire bonding market. The rising competition between semiconductor manufacturing companies in developing regions such as India and China ensures business continuity amid COVID-19.

Potential Opportunities Due to Increasing Demand in Micro-Electro-Mechanical Systems (MEMs)

The wire bonding market is projected to advance at a CAGR of 2.9% during the forecast period. The wire bonding market is expected to cross US$ 16.24 Bn by 2031. Owing to the surging demand from the semiconductor packaging industry, microelectronics, and micro-electro-mechanical (MEMs) systems, wire bonding market is expected to witness potential revenue opportunities during the forecast period. The increasing demand from MEMs packaging, IC devices packaging, and miniaturization in the semiconductor industry drives the adoption of bonding wires as a major part of electronic assemblies. Bonding wires of gold, copper, and palladium can be widely used in the process. Market stakeholders need to be stay updated as per the advancement in the technology used in wire bonding for benefit. The proliferation of the electronics sector is translating into value-grab opportunities for the companies in the wire bonding market.

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Increasing Adoption of Wire Bonding in Different End-use Industries

Wire bonding is a method of creating electrical interconnections between ICs, semiconductors, and silicon chips. Bonding wires are made from gold, copper, and aluminum. Brands such as Zhaojin Mining Industry, Airproducts, and The Prince & Izant are gaining popularity due to increasing applications in electronics and semiconductor packaging industries. With the increasing usage of bonding wires in semiconductor packaging, electronic component packaging, and high-power applications, many small-scale manufacturing companies are taking advantage by establishing their businesses. Digitalization and technological growth boost the demand for electronic devices. Moreover, the surge in adoption of ICs in mobiles, tablets, etc. further drives the market. Apart from consumer electronics, wire bonding can be used in automobile and defense & aerospace industries.

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Market Players Overcoming Challenges through Strategic Approach

Increasing competition between manufacturers, technological advancements, and growth of electronics sector, and expansion of the semiconductor industry are some of the major factors contributing to the growth of the wire bonding market. Even though there are lucrative opportunities for the manufacturers operating in developing countries such as India and China, some challenges can hinder the global market growth such as the expensive manufacturing and operational costs of the semiconductor bonding equipment. Increasing challenges related to the reliability of copper bonding wires are also expected to hamper market growth.

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