Chip packaging material market to be worth US$20.8 billion in 2024

Semiconductor packaging materials market will grow to be worth US$20.8 billion in 2024, according to SEMI and TechSearch International.

The market was worth US$17.6 billion in 2019, but this will grow by an annual average of 3.4% going forward, they said.

Laminate substrate will show the strong growth with an annual average rate of 5% from demand in System-in-Package. Dielectric material used in wafer-level-package will grow by 9% on average per year. Lead frame market will decline however due to packages becoming smaller. Encapsulant will also decline, the pair noted.

5G, artificial intelligence and big data will continue to spur growth in the semiconductor industry, the research firms added.