Oct 5, 2020 SOURCE: BusinessWire

Worldwide Industry for Solder Materials to 2030 - Continuous R&D Initiatives Presents Opportunities - ResearchAndMarkets.com

The "Solder Materials Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Product, Process" report has been added to ResearchAndMarkets.com's offering.

Increasing demand for solder materials from electronic industry to escalate the global market growth at a CAGR of 4.0%.

According to this report the global market accounted for US$ 1,477.2 million in 2019 and is expected to grow at CAGR of 4.0% during 2020 - 2030, to account for US$ 2,255.3 million by 2030. The report highlights key factors driving the market growth and the prominent players along with their developments in the market.

Soldering is known as a process in which two or more than two items are joined together by melting and then putting a filler metal called solder into the joint. The filler metal used in this process has a lower melting point compared to the adjoining metal. In the past decades, nearly all solders contained lead; however, environmental and health concerns among consumers have increasingly dictated the use of lead-free alloys for electronics and plumbing purposes. Solder is basically used in plumbing, electronics, construction, and metalwork in flashing to jewelry, medical, and musical instruments.

Soldering mainly provides reasonably permanent but reversible connections between copper pipes in plumbing systems along with joints in sheet metal objects such as food cans, rain gutters, roof flashing, and automobile radiators. Electronic solder connects electrical wires to devices and electronic components to printed circuit boards. Inside the solder core, there is a material called flux, which helps improve the electrical contact along with mechanical strength. The commonly used solder type for electronics solder is lead-free rosin core solder. This type of solder is mainly made up of a Tin/Copper alloy.

Rising demand for various smart electronics and the advent of energy-efficient electronics are the major factors expected to drive the growth of solder materials market. Additionally, the rising production of electronic devices or gadgets in developing countries coupled with the presence of a notable electronics aftermarket industry is expected to boost the demand for solder materials during the forecast period. Conventional micrometer solder materials in the paste exhibit several shortcomings, such as high melting temperatures, which may result in undesired stress during the reflow processing, restricted applications, and defects in the joint. This has further led to the introduction of innovative sub-micron and nonparticipating solder materials.

Hence, these advancements in the electronic refurbishing sector are likely to propel the growth of the global solder materials market. There are different types of solder materials used in the electronic industry, such as lead-free solder, solder wire, solder ball, and solder bar. For electrical & electronics work, solder wire is available with a range of thicknesses for hand-solder and with cores containing flux. Plumbers mostly use bars of solder, much thicker than the wire used for electrical applications and then apply flux separately. Moreover, the solder fluxes used for plumbing are too corrosive (or conductive) to be used in electrical or electronic work. For the electronic industry, the soldering can be achieved through different processes such as screen-printing, laser printing, and wave and reflow.

The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread across the globe at a fast pace. As of June 2020, the US, Russia, India, China, Italy, Spain, France, and Germany are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in June 2020, Approximately 7,482,952 confirmed cases and 419,497 deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns. Chemicals and materials is one the world's major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this pandemic.

China is the global manufacturing hub and is the largest raw material supplier for various industries; it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various chemical and materials industries. The overall market break down due to COVID-19 is also affecting the solder materials market growth due to shutting down of factories, obstacle in supply chain, and downturn in world economy.

Market Dynamics

Key Drivers