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Revolutionizing Chip Packaging: A Global Market Analysis for 2024
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According to The Business Research Company's, The advanced chip packaging market size has grown rapidly in recent years. It will grow from $10.51 billion in 2023 to $12.41 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to the demand for smaller, more powerful consumer electronics, the rise of mobile devices and smartphones, the growth of high-speed data networks, increasing automotive electronics, and the evolution of computing needs.
The advanced chip packaging market size is expected to see rapid growth in the next few years. It will grow to $24.29 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to the proliferation of 5G technology, the growth of the Internet of Things (IoT) devices, the rise of artificial intelligence (AI) and machine learning, the expansion of wearable technology. Major trends in the forecast period include the growing adoption of 3D packaging technologies, advanced thermal management, advancements in high-density interconnect technologies, expansion of fan-out wafer-level packaging technologies, and development of flexible and stretchable packaging technologies.
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Market Drivers and Trends:
The growing demand for consumer electronic devices is expected to propel the growth of the advanced chip packaging market going forward. A consumer electronic device is electronic equipment intended for everyday use, typically in private homes. With the expansion of the internet and wireless networks and the demand for devices such as smartphones, tablets, and laptops, there is a growing demand for consumer electronics. Advanced chip packaging technologies enable the integrating multiple functions into compact designs, crucial for high-performance consumer electronics. These packaging technologies enhance processing power, efficiency, and heat dissipation, supporting the development of feature-rich, compact devices. For instance, in May 2023, according to a report published by Japan Electronics and Information Technology Industries Association, a Japan-based trade association for the electronics and IT industries, consumer electronics production reached $209.50 million in May 2023, marking a 127% increase from the previous year. Therefore, the growing demand for consumer electronic devices is driving the growth of the advanced chip packaging market.
Major companies operating in the advanced chip packaging market are developing advanced chip-scale package technology to enhance semiconductor device performance, miniaturization, and reliability. Chip scale package (CSP) technology is an integrated circuit (IC) packaging technology where the package is almost the same size as the semiconductor chip itself. For instance, in September 2022, Bridgelux Inc., a US-based LED innovative company, launched Chip scale package (CSP) LEDs ranging from 1800K to 6500K, CRI 70 to CRI 95, and RGB color to full spectrum. It uses flip-chip technology with a phosphor coating, eliminating the need for bond wires and plastic molds. This leads to improved heat management and increased luminous flux production. The CSP2727 model delivers an industry-leading efficacy of 209 lm/W at 350 mA and 190 lm/W at 700 mA, making it ideal for commercial lighting applications. The CSP LEDs provide smooth and flexible board assembly, allowing for the construction of customer-specific Chip-on-Board (COB) modules for commercial, entertainment, industrial, and outdoor lighting.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Advanced Micro Devices Inc., Advanced Semiconductor Engineering Inc, Henkel Group, Texas Instruments Incorporated, Lam Research Corporation, NXP Semiconductors, Onsemi, Amkor Technology, Nordson Corporation, Siliconware Precision Industries Co. Ltd., Kulicke and Soffa Industries Inc., ChipMOS Technologies Inc., SUSS MicroTec SE, EV Group, Indium Corporation, Palomar Technologies, Brewer Science Inc., MacDermid Alpha Electronics Solutions, Universal Instruments Corporation, CHIPBOND Technology Corporation
Advanced Chip Packaging Market 2024 Key Insights:
• The advanced chip packaging market size is expected to see rapid growth in the next few years. It will grow to $24.29 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%.
• Rising Demand For Consumer Electronics Fuels Growth In Advanced Chip Packaging Market
• Innovations In Chip Scale Package Technology Enhance Semiconductor Device Performance And Reliability
• Asia-Pacific was the largest region in the advanced chip packaging market in 2023
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