Solder Flux Market is likely to touch US$367.3 mn by the end of 2024
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These players mostly benefit from their experience as they have gained proficiency in producing solder flux for electrical and electronic equipment. Going forward, they would engage more in mergers, acquisitions, and partnerships, which is likely to curtail the competition within this market a little in the near future, notes the study.
TMR estimates the global market for solder flux offered an opportunity worth US$213.2 mn in 2015. Rising at a CAGR of 6.30% during the period from 2016 to 2024, the value of this market is likely to touch US$367.3 mn by the end of the forecast period. The demand for solder flux has been exceptionally high from ball grid arrays (BGAs) and the scenario is expected to remain same over the forthcoming years.
Rise in Automotive and Consumer Electronics Sectors to Ensure Dominance of Asia Pacific
The research report also presents a geographical assessment of the worldwide market for solder flux, according to which, the global market is spread across Latin America, Europe, Asia Pacific, North America, and the Middle East and Africa. Currently, Asia Pacific holds the topmost position in this market, thanks to the fast developing consumer electronics and automotive industries. Asia Pacific accounted for a share of more than 60% in the global shipment volume of solder flux in 2015.
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With the steady growth of the printed circuit board (PCB) and the semiconductor industries, China has emerged as the key domestic market for solder flux in Asia Pacific and is likely to retain its position over the period of forecast. India is also expected to witness a steady rise in its market for solder flux in the near future, thanks to the increasing number of government initiatives, especially the “Make in India” project. The strengthening economic conditions in China, India, and other Asian countries are projected to support the Asia Pacific solder flux market substantially during the forecast period.
On the flip side, North America and Europe, which collectively, held a prominent share in the global market for solder flux previously, are likely to experience moderate declining due to the maturing state of the North American market and the economic instability in Europe over the next few years, states the research report.
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Rising Demand for Computers and Mobile Phones to Boost Application of Solder Flux in PCBs
“As a widespread range of solder flux products of various grades are employed in printed circuit boards (PCBs), the increasing production of PCBs, boosted by the augmenting demand for computers and mobile phones, will reflect positively on the sales of solder flux across the world over the forecast period,” says the author of this report.
Apart from this, the rise of the automotive and the semiconductor markets in the world, especially in the emerging economies, is also anticipated to boost the growth of this market in the near future. However, the easy availability of PCB design software may create obstacles in the growth trajectory of this market over the years to come, reports the study.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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