Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $5.7 Billion by the year 2027
Amid the COVID-19 crisis, the global market for Semiconductor Packaging was estimated at US$26.7 Billion in the year 2020. It is projected to reach a revised size of $41.8 Billion by 2027, growing at a CAGR of 6.6 per cent over the analysis period 2020-2027.
“Organic substrates, one of the segments analyzed in the report, is projected to record a 7.4 per cent CAGR and reach $22.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lead frames segment is readjusted to a revised 6.3 per cent CAGR for the next seven year period,” read a report by Research and Markets.
Bonding wires Segment to Record 5.8 per cent CAGR
In the global Bonding wires segment, USA, Canada, Japan, China and Europe will drive the 5.3 per cent CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3 Billion in the year 2020 will reach a projected size of $4.3 Billion by the close of the analysis period.
China, as per the report, will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.7 Billion by the year 2027, while Latin America will expand at a seven per cent CAGR through the analysis period.
The Semiconductor Packaging market in the U.S. is estimated at $7.2 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of $9.1 Billion by the year 2027 trailing a CAGR of 10.2 per cent over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5 per cent and six per cent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.2 per cent CAGR.