The circuit materials are used in the printed circuit boards. These printed circuit boards are the building blocks for every electronic device available in the market. These electronic devices find applications in manufacturing, automotive, defense, aerospace, and consumer goods sectors. The technological advancement and high demand for electronics in these applications are expected to drive the demand for circuit materials to enhance their performance.
The circuit materials market is projected to reach USD 36.85 billion by 2023, at a CAGR of 3.8% between 2018 and 2023.
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The circuit materials market in the APAC region is projected to register the highest CAGR, in terms of value, during the forecast period. This growth is attributed to the increasing demand for circuit materials from the communications, industrial electronics, and automotive applications in this region.
Based on the material type, the fiberglass-epoxy substrate segment of the circuit materials market accounted for and the largest market share, in terms of value. The fiberglass-epoxy substrate when used in the circuit materials provides enhanced strength to a printed circuit board. It also offers resistance to fire when used in various applications of the electronics industry. The property of fiberglass-epoxy substrate to ensure high performance has led to its increasing use in the circuit materials market.
Based on conducting material, the copper segment of the circuit materials market is projected to register the highest CAGR, in terms of value, during the forecast period. The growth of the copper segment can be attributed to the enhanced conductivity, cost effectivity, and durability offered by this material.
Based on the outer layer, the liquid ink photoimageable solder mask segment of the circuit materials market is projected to register the highest CAGR, in terms of value, between 2018 and 2023. The liquid ink photoimageable solder mask segment is leading as it protects the printed circuit boards against external environmental factors and avoids the formation of solder bridges on the board.
Based on applications, the communications segment holds the largest market share, in terms of value, due to the large consumption of these materials in various communication devices. However, the automotive segment of the circuit materials market is projected to register the highest CAGR, in terms of value, during the forecast period. The automotive segment is leading due to the increasing demand for electronic devices in vehicles sensors, rear LED lights, and running lights. These electronic devices are also used in vehicle processors of car cockpit, car transmission controls units, and comfort control units.
