The global hermetic packaging market accounted for US$ 3.51 Bn in 2018 and is expected to grow at a CAGR of 6.6% over the forecast period 2019-2027, to account for US$ 6.19 Bn in 2027. The robust demand for hermetically packaged electronic components from the automotive, medical and telecommunications industries is anticipated to fuel the future growth of hermetic packaging market worldwide. In addition, aerospace and defense industry is expected to drive the demand for hermetic packaging worldwide. However, alternative and low-cost non-hermetic packaging methods could hinder the hermetic packaging market growth. Despite these limitations, the increasing demand for consumer electronic devices worldwide is projected to offer ample growth opportunities for the players operating in the hermetic packaging market during the forecast period. Some of the leading players in hermetic packaging market are highly focusing on strategic market initiatives to enrich their product capabilities as well as to expand their geographical presence across the globe. This, in turn, is contributing to the growth of the hermetic packaging market.
The global hermetic packaging market is segmented on the basis of product, application, industry vertical, and geography. The product segment is bifurcated into passivation glass, transponder glass, reed glass, glass-to-metal sealing (GTMS), and ceramic-to-metal sealing (CerTMS). The application areas of hermetic packaging are lasers, photo diodes, airbag Ignitors, MEMS, transistors, sensors, and others. The industry vertical segment consists of aerospace, medical, telecommunications, consumer electronics, military and defense, automotive, and others. Geographically, the hermetic packaging market is categorized as North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific held the major share of the hermetic packaging market in 2018, and it is expected to continue its dominance during the forecast period of 2019-2027. Asia Pacific has contributed approximately 40% to the overall revenue of hermetic packaging market in the year 2018. North America and Europe held the second and third position in the global hermetic packaging market in 2018 with market shares of >30% and >20%, respectively. The market in APAC is anticipated to grow at the highest CAGR from 2019 to 2027. Other developing regions such as the Middle East and Africa, and South America are also anticipated to offer ample growth opportunities to the hermetic packaging market players during 2019-2027.
The overall hermetic packaging market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the hermetic packaging market. It also provides the overview and forecast for the global hermetic packaging market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the hermetic packaging market. Some of the players present in hermetic packaging market are Ametek, Inc., Egide SA, Kyocera Corporation, Legacy Technologies Inc., Materion Corporation, Micross Components, Renesas Electronics Corporation, Schott AG, Teledyne Technologies Incorporated, and Texas Instruments Inc. among others.