The thin-film encapsulation market is anticipated to be valued at USD 218.8 million in 2021 and is expanded to grow at a significant CAGR of 18.7% over 2022-2028. Demand for microelectronics and consumer electronics products drives the market. The evolution of microelectronics technology, a wide range of applications for various products in the electronics industry, and applications to other sectors are expected to fuel the market. The major changes include a higher level of product integration, better product performance, reliability, and reduced costs expected to drive microelectronics demand. The encapsulation enables the expansion of the lifetime considerably. Good encapsulation relies on good-quality thin films. Widely used deposition methods are PECVD, atomic layer deposition (ALD), and parylene deposition. During the projection period, demand for semiconductor ICs is likely to be fueled by an increase in microelectronics and consumer electronics sales. The rising need for semiconductor integrated circuits is expected to boost semiconductor device manufacturers’ production capacity, which could boost market demand. In 2021, the microsystems segment accounted for a larger revenue share and was projected to grow with a CAGR of 19.2% from 2022 to 2028 to reach USD 254.3 mn by 2028.
Recent Market Developments:
In Mar 2019, Beneq has propelled new ALD coatings anti-erosion application as traditional metal oxide isn’t thin enough to ensure against fluorine. The organization is putting forth a single layer or a multilayer or blended material explicitly for improving anti-corrosive properties.