Solder Flux Market to Reach a Valuation of US$ 367.3 mn by 2024
The global market for solder flux is heavily influenced by the sturdy rise in the manufacturing of printed circuit board (PCB), fueled by the increasing production of computers and mobile phones across the world. The significant growth in the automotive and the semiconductor industries is also having a positive impact on the sales of solder flux, reflecting positively on this market.
On the other hand, the easy availability of PCB design software and the disparity in the tariffs for different regions may restrict this market from growing smoothly in the near future. However, the decrement in tariff from solder flux is anticipated to boost the demand for them, globally, over the years to come. The opportunity in the global market for solder flux, which was valued at US$213.2 mn in 2015, is estimated to reach US$367.3 mn by 2024, swelling at a CAGR of 6.30% between 2016 and 2024.
Solder flux finds a widespread application in ball grid arrays (BGAs) and several other equipment such as flip chip and surface mounted devices (SMD). BGAs have been the key consumers of solder flux and are likely to remain so over the forthcoming years. In 2015, a share of more than 63% in the overall demand for solder flux was held by BGAs. As BGA is utilized in printed circuit boards of electronics and semiconductor products, the increasing demand for electronics all over the world is expected to boost their consumption in the years to come, eventually leading to raised demand for solder flux.
Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa are the prime regional markets for solder flux across the world. While North America and Europe, together, held the global market for solder flux in 2015, the maturing state of the North American market and the economic instability in Europe have turned the tables on Asia Pacific, which already is the most prominent individual market for solder flux. With the fast developing automotive and consumer electronics industries, specifically in China, Asia Pacific is likely to retain its position in this market over the coming years.