According to a new market research report "Circuit Materials Market by Material Class (Substrate, Conducting Material, Outer Layer), Substrate (Fiberglass Epoxy, Paper-Phenolic), Conducting Material (Copper), Outer Layer (LIPSM, Dry Film Photoimageable), Application, Region - Global Forecast 2023", published by MarketsandMarkets™, the Circuit Materials Market is projected to grow from an estimated USD 30.58 billion in 2018 to USD 36.85 billion by 2023, at a CAGR of 3.8% between 2018 and 2023.
The increasing use of circuit materials due to technological advancements in the electronics sector is one of the most significant factors projected to drive the Circuit Materials Market.
Based on the substrate, the fiberglass-epoxy segment of the Circuit Materials Market is projected to register the highest CAGR, in terms of value, during the forecast period
Circuit materials, manufactured using the fiberglass-epoxy material, have superior mechanical and chemical properties. This raw material can provide a high strength-to-weight ratio. It also can withstand moisture and offers high resistance to fire. This factor is projected to drive the fiberglass-epoxy segment of the Circuit Materials Market.
The communications application segment is projected to account for the largest share, in terms of value, in the Circuit Materials Market during the forecast period
Circuit materials are increasingly being used in the communications application. In this application, the use of circuit materials is significant in various devices such as mobiles, telephones, and smart tablets. The communications application is projected to account for the largest share of the market between 2018 and 2023, in terms of value. The use of circuit materials has increased in the communications application, owing to the ability to provide enhanced conductivity on compact printed circuit boards of the various communication devices.
APAC is estimated to be the largest market for circuit materials in 2018, in terms of value.
APAC is estimated to be the largest market for circuit materials in 2018. The growth of the APAC Circuit Materials Market can be attributed to the growing demand from the communications, industrial electronics, and automotive applications in the region. The growth is also attributed to the presence of well-established circuit materials manufacturers, such as Shengyi Technology (China), Kingboard Laminates (Hong Kong), and ITEQ Corporation (Taiwan) in the region.
Key players operating in the Circuit Materials Market include Shengyi Technology (China), Kingboard Laminates (Hong Kong), ITEQ Corporation (Taiwan), DowDuPont (US), Jinan Guoji Technology (China), Eternal Materials (Taiwan), Rogers Corporation (US), Taiflex Scientific (Taiwan), Isola Group (US), and Nikkan Industries (Japan).
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