The chip resistor market accounted for USD 1,050.3 million in 2021 and is estimated to reach USD 1,661.4 million by 2030, registering a CAGR of 5.9% from 2022 to 2030. Chip resistors limit DC or AC current. They control the current flow in a device or system and drop the voltage or maintain the current at a certain level. They are used in various applications such as industrial automotive, consumer electronics devices, and others. They can be used to operate, protect, or control circuits. Chip resistors can enhance and even replace existing technology solutions within enterprise supply chains and change the structure of the work environment. Companies manufacture chip resistors are demonstrating use cases that increase workplace efficiency, compliance, and productivity which is estimated to be profitable when the technology matures.
A surge in trends and technology in consumer electronics and automotive applications is expected to generate opportunities for the chip resistors market in the future. New electronic and electrical devices such as automotive logging devices, smart TVs, high-end laptops RGB lighting, and others, and their use in day-to-day life is expected to increase the demand for chip resistors.
The increase in use in consumer electronic devices and the rise in digitalization for chip resistors are the major factors that drive the growth of the global chip resistor market. However, the high manufacturing cost associated with chip resistors is expected to pose major threats for the chip resistor market. Additionally, technological advancements in the healthcare industry and increased applications in the automotive & transportation sector are expected to offer profitable opportunities for the global chip resistor market.
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COVID-19 Impact on the Global Chip Resistor Market
The COVID-19 crisis is causing uncertainty in the stock market, immense supply chain slowing, decreased business confidence and increased panic among the customer segments. The impact of the pandemic is impacting the production process of several manufacturing industries, including chip resistors and many more. Trade barriers are constraining the demand and supply outlook. The production process is adversely affected as the government of different countries have already announced total lockdown and temporarily shutdown of industries.
The COVID-19 pandemic has severely impacted the consumer electronics, automotive & transportation, and industrial sector globally. Demand for various end-use products such as smartphones, tablets, medical devices, industrial applications has been impacted globally, owing to lockdown in several countries. COVID-19 has also disrupted the global supply chain of major key players operating in the market. However, at the start of 2021, the chip resistor market is expected to experience growth due to the resumption of various operations in the supply chain.
Global Chip Resistor Market Dynamics
Drivers: Surge in digitalization
New trends and technology advancements such as smart TVs, smartphones, luxury cars, and others boost the growth of the chip resistor market. Developments in sensors, connectivity, computing power, and others allow organizations to improve materials that enhance production and services efficiency. These advanced systems employ chip resistors due to their increasing usage for efficient operation of the system or devices. Hence, the rise in the level of digitization boosts the growth of the chip resistor market. Yageo Corporation, in 2018, announced the launch of a new resistor called SR High-power Series, a high-power, anti-surge chip resistor.
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Restraints: High cost of raw material
The cost of raw materials such as copper, nickel, aluminum, zinc, and others used in chip resistors is high. Also, the new developments in electronic devices to make them environment friendly are increasing the cost of chip resistors. The cost of raw materials required to produce chip resistors is expensive, leading to an increase in the overall manufacturing cost. Thus, the high cost of raw materials limits the growth of the chip resistor market.
Opportunities: Technological advancements in the healthcare industry
Technological progress and advancements in the healthcare sector, such as the emergence of new mobile health technologies called mHealth, wearable and wireless devices for patient identification, ECG devices, monitors for detection, which has chip resistor in them for limiting the current flow and maintaining the frequency boost the growth of the chip resistor market. Robots have made medical procedures for day-to-day activities like spraying disinfectants and performing diagnoses safer. Thus, technological improvement and advancement in the healthcare sector foster the growth of the chip resistor market.
Scope of the Chip Resistor
The study categorizes the chip resistor market based on type and end-use at the regional and global levels.
By Type Outlook (Revenue, USD Million, 2017-2030)
- Thick Film
- Thin Film
- Others
By End-Use Outlook (Revenue, USD Million, 2017-2030)
- Consumer Electronics
- Industrial
- Medical & Healthcare
- Telecommunication
- Aerospace & Defense
- Others
By Region Outlook (Revenue, USD Million, 2017-2030)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The thick-film segment is projected to account for the largest market share, by type
By type, the chip resistor market is divided into thick film, thin-film, and others. In 2021, the thick film segment was the highest contributor to the market, with 56.0% of the market share. Thick film chip resistors consist of a resistive layer of a ceramic base, which is produced by firing a special paste onto the substrate. The most prolific part used in electrical and electronic devices is thick film resistors that offer accuracy, good performance, and efficiency at affordable cost.
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The advancement of technologies in various sectors and an increase in focus in smart city projects significantly boost the thick film resistors market's growth. The surge in demand for electronic circuits in passenger cars and commercial vehicles, increase in adoption of 4G and 5G networks, and rise in telecommunication products are the key factors that drive the growth of the thick film chip resistors market.
Asia Pacific accounts for the highest CAGR during the forecast period
Region-wise segmentation of the chip resistor market is as follows: North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is projected to be the fastest-growing region with a CAGR of 6.7% during the forecast period. Asia-Pacific occupies a considerable market share in the global chip resistor market. This is attributed to the increase in technological advancements in developing countries like India, China, and Japan. The increase in urbanization in developing countries of the Asia-Pacific region surges the demand for smart electronic devices and products, which boosts the growth of the chip resistors market.
The rise in technology adoption in electronic devices used in healthcare, digital manufacturing, and defense is the primary factor that fuels the growth of the Asia-Pacific chip resistor market. Several markets in Asia-Pacific adopt new technology extensively, specifically smartphones, which are remarkable growth factors in the Asia-Pacific market. The upcoming smart city projects in Asian countries require electrical products such as smart meters, industrial machines, and others, which boosts the growth of the chip resistor market in this region.
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Key Market Players
The chip resistor market is mildly concentrated in nature with few numbers of global players operating in the market such as Yageo Corporation, Vishay Intertechnology Inc, Panasonic Corporation, Rohm Semiconductor, CTS Corporation, TE Connectivity, Samsung Electro-Mechanics Co Ltd, Bourns Inc, AVX Corporation, and SUSUMU Co Ltd.
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