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Chip Resistor Market Report

RA05107

Chip Resistor Market by Technology (Thick Film, Thin Film, and Others), End-use (Consumer Electronics, Industrial, Automotive & Transportation, Telecommunication, Aerospace & Defense, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA05107

Pages: 182

Aug 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Chip Resistor Market

Global Chip Resistor Market Analysis

The global chip resistor market is predicted to garner $3,330.3 million in the 20212028 timeframe, growing from $1,932.8 million in 2020, at a healthy CAGR of 6.9%.

Market Synopsis

Increase in demand for consumer electronics with recent innovations such as high definition equipment and eco-friendly electronic products are expected to accelerate the growth of the chip resistor market.

However, volatile price of raw materials of chip resistor tools is anticipated to be a growth-restricting factor for the market.

According to the regional analysis of the market, the Asia-Pacific chip resistor market is anticipated to grow at a CAGR of 7.1%, by generating a revenue of $1,434.1 million during the review period.

Chip Resistor Overview

Chip resistors are integrated circuit (IC) devices that are available in rectangular or square chip packages and are very compact and surface mounted electronic components designed to provide a known resistance to any electrical current flowing through it. They are utilized for operating, protecting, or controlling circuits. They may have a fixed value of resistance or a flexible or adjustable value of chip resistance within a specific range. Chip resistors are also known as surface-mount devices or SMD resistors widely used in automotive & transport, consumer electronics, industrial, and IT & telecommunication applications.

Impact Analysis of COVID-19 on the Global Chip Resistor Market

COVID-19 was declared as a pandemic in 2019 and the effect of the pandemic was felt on various industries along with the global chip resistor market. Owing to COVID-19 pandemic, the decline in the growth of key industries using chip resistors such as industrial electronic equipment and automobile has impeded the growth of market in the last couple of years. Manufacturing activities of chip resistors have been restricted due to lockdown measures implemented in many countries, as well as many production facilities have been completely or partially shut down. Furthermore, ban on export, along with shortage of raw materials have created interferences in the production of chip resistors. The demand from end-use industries such as consumer electronics, industrial, automotive & transportation, IT & telecommunication, and others have been reduced expressively due to hindrance in daily operations. Regular operations are anticipated to begin with full capacity post the lockdown is lifted, and the demand is expected to rise steadily thereafter.

Rising Demand for Electronic Devices to Surge the Market Growth

Growth of the global chip resistor industry is expected to be driven largely by the demand for electronics such as smartphones and the proliferation of applications such as the Internet of Things and cloud computing. Inclusion of emerging technologies such as AI in products and 5G networks as well as rapid growth in automotive and industrial electronics are expected to be some of the market's key driving forces. For instance, in May 2021, Vishay inter technology, a manufacturer of semiconductors and passive electronic components, introduced high precision thin film wraparound chip resistor that delivers tight TCR of ± 2 ppm/°Cover 100 Ω to 3.05 MΩ resistance range used in industrial, medical, military, and aerospace applications.

To know more about global chip resistor market drivers, get in touch with our analysts here.

Volatile Price of Raw Materials to Restrain the Market Growth

Price fluctuations of raw materials are expected to restrain the growth of the global market during the forecast period. Raw materials used in chip resistor, such as ruthenium and palladium continue to demonstrate volatility in prices and are expected to have a continuous impact on the costs to produce chip resistors.

Technological Advancement in the Market to Create Massive Investment Opportunities

The global chip resistor market is growing rapidly owing to developments in emerging technologies such as electric and autonomous vehicles, 5G, and Internet of Things (IoT). Internet of things will be a huge driving force in the ongoing technology evolution. It will bring great opportunities for component manufacturers and suppliers in upcoming year. As per the Global System for Mobile Communications Association (GSMA), there will be around 25.1 billion IoT devices by 2025 across the globe. Moreover, as per automotive industry estimates, around 5.1 million conventional vehicles sold in the U.S. will be replaced by 4.7 million autonomous electric vehicles by 2030. These developments are likely to present favorable opportunities for chip resistor market over the forecast period.

To know more about global chip resistor market opportunities, get in touch with our analysts here.

Chip Resistor Market
By Technology

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Based on technology, the market has been divided into Thick film, thin film, and others sub-segments of which the Thick film sub-segment is projected to generate the maximum revenue and the thin film sub-segment is predicted to show the fastest growth. Get Sample Report

Source: Research Dive Analysis

The thick film chip resistor sub-segment is predicted to have a dominating market share in the global market and is expected to register a revenue of $1,563.0 million during the forecast period. This is due to the growing adoption electronics and electrical devices and surge in the demand for advanced miniature tools in various industries such as consumer electronics and automotive.

For instance, in April 2020, Bourns announced a New AEC-Q200 thick film resistor series designed for general purpose applications including consumer, industrial, telecom and other applications. The company designed this family of devices in five different versions to support specific application requirements: CRxxxxA-AS AEC-Q200 compliant, CR standard, CR-PF ultra-low lead content, CR-AS sulfur resistant, sulfur resistant, and CRxxxxA AEC-Q200 complian.

The thin film chip resistor type is anticipated to have the fastest market growth and generate a revenue of $1,283.9 million by 2028, growing from $727.4 million in 2020. Growth in data center infrastructure as well as use of lead-free components is expected to drive the global thin film chip resistors market growth. For instance, in March 2018, Panasonic Corporation, a leader in the development of diverse electronics technologies, established a 0402 size, high precision thin film chip resistor that helps rise accuracy and decrease electro-static discharges risk in automotive electronic control units (ECU) and industrial robots.

Chip Resistor Market
By End Use

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On the basis of end-user, the market has been sub-segmented into IT Telecom, consumer, industrial, automotive & transportation, aerospace & defense, and others. Among the mentioned sub-segments, the consumer electronics sub-segment is predicted to show the fastest growth, whereas the telecommunication sub-segment is projected to garner a dominant market share.

Source: Research Dive Analysis

The consumer electronic sub-segment of the global chip resistor market is projected to have the fastest growth and surpass $444.7 million by 2028, with an increase from $238.8 million in 2020. This growth in the market can be attributed to the rising demand for chip resistor solutions for consumer electronics due to rise in the number of consumer electronic devices such as smartphone, tablets, and computers.

The telecommunication sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $955.7 million during the analysis timeframe. The rising number of smart devices and smart phones in today’s technologically advanced world as well as necessity of working from home may create huge opportunities for the sub-segment throughout the forecast period.

Chip Resistor Market
By Region

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The Chip Resistor market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Chip Resistor in Asia-Pacific to be the Most Dominant

The Asia-Pacific Chip Resistor market accounted $ 819.0 million in 2020 and is projected to register a revenue of $ 1,434.1 million by 2028. The rising adoption of high-end technology-based devices coupled with the cheap electronics prices is leading to an improvement in the electronic products, thereby allowing the region to dominate in terms of the chip resistor market share.

China grasps the largest share in the global chip resistor market and is projected to witness the highest CAGR in the upcoming years due to the surging presence of local producers such as, Yageo Corporation and Tzaiyuan Enterprise Co., Ltd These players tend towards offering a huge range of products at discounted rates in bulk quantity, helping in the growth of the chip resistor market in China over forecast period.

Competitive Scenario in the Global Chip Resistor Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Chip Resistor Market

Source: Research Dive Analysis

Some of the leading chip resistor market players are Bourns Inc., TE Connectivity, Vishay Intertechnology Inc., Koa Corporation, Tzai Yuan Enterprise Co., International Manufacturing Services, Yageo Corporation, Rohm Semiconductor, AVX Corporation, and Susumu Co. Ltd.

Porter’s Five Forces Analysis for the Global Chip Resistor Market:

  • Bargaining Power of Suppliers: The suppliers in the chip resistor market are moderate in number. For the large semiconductor companies, suppliers have little power - many semiconductor companies have hundreds of suppliers. This diffusion of risk over many companies allows the chip giant to keep the bargaining power of any one supplier to minimum. Thus, there is less threat from the suppliers.   
    Thus, the bargaining power suppliers is moderate.
  • Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of chip resistor services that are offered in low prices. The buyers can hence choose the service that best fits their preference. 
    Thus, the bargaining power of the buyers is high.
  • Threat of New Entrants: Companies entering the chip resistor testing market are adopting technological innovations such as developing resistance range. Similarly, these companies are implementing several effective strategies such as offering discounts and value propositions. 
    Thus, the threat of the new entrants is high.
  • Threat of Substitutes: There is no alternative product for chip resistor. 
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including TE Connectivity and Vishay Intertechnology Inc. These companies are launching their value-added services in the international market and strengthening the footprint worldwide. 
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Technology

  • Thick Film 
  • Thin Film
  • Others

  Segmentation by End-Use

  • Consumer Electronics
  • Industrial
  • Automotive and Transportation
  • Telecommunication
  • Aerospace and Defense
  • Others

  Key Companies Profiled

  • Bourns Inc.,
  • TE Connectivity
  • Vishay Intertechnology Inc.,
  • Koa Corporation
  • Tzai Yuan Enterprise Co.
  • International Manufacturing Services
  • Yageo Corporation
  • Rohm Semiconductor
  • AVX Corporation
  • Susumu Co. Ltd.

Frequently Asked Questions
 

A. The size of the global chip resistor market was over $ 1,932.8 million in 2020 and is projected to reach $ 3,330.3 million by 2028.

A. Vishay Intertechnology Inc., Panasonic Corporation, and Rohm Semiconductor are some of the key players in the global chip resistor market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Asia-Pacific chip resistor market is anticipated to grow at 7.1% CAGR during the forecast period.

A. Technological development and partnerships are the key strategies opted by the operating companies in this market.

A. Vishay Intertechnology Inc., Panasonic Corporation, and Yageo Corporation are investing more on R&D activities for developing new products and technologies.

A. Chip resistor are components that oppose the flow of electrical current. They can be used to operate, protect, or control circuits.

A. SMD chip resistor is an electronic component with the properties of both obstruction as well as resistance.

A. The first two numbers indicate the significant digits for the resistance. 2. The third number will be a multiplier that must be multiplied by the first two numbers or will indicate how many zeros should be added to the first two numbers. 3.We may see the letter “R”, which calls out a decimal point. For example, 1.1 ohms = 1R1 ohm. 4. Resistance values below 10 ohms do not have a multiplier.

A. Hold the resistor with the gold or silver band to the right and read the color codes from the left to the right. 2.Choose the color codes from the bands on the resistor. 3.Read the colors from left to right. 4. The resistance value based on the color code provided is now displayed.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By Chip Resistor trends
2.3.By application Chip Resistor trends
2.4.By function Chip Resistor trends 
2.5.By end-user trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview

3.8.1.By type
3.8.2.By end use

3.9.Strategic overview

4.Chip Resistor Market, by platform

4.1.Thick Film

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Thin Film

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.Others

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

5.Chip Resistor Market, by end use

5.1.Consumer Electronics

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Industrial

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Automotive and Transportation

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

5.4.Telecommunication

5.4.1.Market size and forecast, by region, 2020-2028
5.4.2.Comparative market share analysis, 2020 & 2028

5.5.Aerospace and Defense

5.5.1.Market size and forecast, by region, 2020-2028
5.5.2.Comparative market share analysis, 2020 & 2028

5.6.Others

5.6.1.Market size and forecast, by region, 2020-2028
5.6.2.Comparative market share analysis, 2020 & 2028

6.Chip Resistor Market, by Region

6.1.North America

6.1.1.Market size and forecast, by platform, 2020-2028
6.1.2.Market size and forecast, by mobility, 2020-2028
6.1.3.Market size and forecast, by country, 2020-2028
6.1.4.Comparative market share analysis, 2020 & 2028
6.1.5.U.S.

6.1.5.1.Market size and forecast, by platform, 2020-2028
6.1.5.2.Market size and forecast, by mobility, 2020-2028
6.1.5.3.Market size and forecast, by country, 2020-2028
6.1.5.4.Comparative market share analysis, 2020 & 2028

6.1.6.Canada

6.1.6.1.Market size and forecast, by platform, 2020-2028
6.1.6.2.Market size and forecast, by mobility, 2020-2028
6.1.6.3.Market size and forecast, by country, 2020-2028
6.1.6.4.Comparative market share analysis, 2020 & 2028

6.1.7.Mexico

6.1.7.1.Market size and forecast, by platform, 2020-2028
6.1.7.2.Market size and forecast, by mobility, 2020-2028
6.1.7.3.Market size and forecast, by country, 2020-2028
6.1.7.4.Comparative market share analysis, 2020 & 2028

6.2.Europe

6.2.1.Market size and forecast, by platform, 2020-2028
6.2.2.Market size and forecast, by mobility, 2020-2028
6.2.3.Market size and forecast, by country, 2020-2028
6.2.4.Comparative market share analysis, 2020 & 2028
6.2.5.Germany 

6.2.5.1.Market size and forecast, by platform, 2020-2028
6.2.5.2.Market size and forecast, by mobility, 2020-2028
6.2.5.3.Market size and forecast, by country, 2020-2028
6.2.5.4.Comparative market share analysis, 2020 & 2028

6.2.6.UK

6.2.6.1.Market size and forecast, by platform, 2020-2028
6.2.6.2.Market size and forecast, by mobility, 2020-2028
6.2.6.3.Market size and forecast, by country, 2020-2028
6.2.6.4.Comparative market share analysis, 2020 & 2028

6.2.7.France

6.2.7.1.Market size and forecast, by platform, 2020-2028
6.2.7.2.Market size and forecast, by mobility, 2020-2028
6.2.7.3.Market size and forecast, by country, 2020-2028
6.2.7.4.Comparative market share analysis, 2020 & 2028

6.2.8.Spain

6.2.8.1.Market size and forecast, by platform, 2020-2028
6.2.8.2.Market size and forecast, by mobility, 2020-2028
6.2.8.3.Market size and forecast, by country, 2020-2028
6.2.8.4.Comparative market share analysis, 2020 & 2028

6.2.9.Italy 

6.2.9.1.Market size and forecast, by platform, 2020-2028
6.2.9.2.Market size and forecast, by mobility, 2020-2028
6.2.9.3.Market size and forecast, by country, 2020-2028
6.2.9.4.Comparative market share analysis, 2020 & 2028

6.2.10.Rest of Europe

6.2.10.1.Market size and forecast, by platform, 2020-2028
6.2.10.2.Market size and forecast, by mobility, 2020-2028
6.2.10.3.Market size and forecast, by country, 2020-2028
6.2.10.4.Comparative market share analysis, 2020 & 2028

6.3.Asia-Pacific

6.3.1.Market size and forecast, by platform, 2020-2028
6.3.2.Market size and forecast, by mobility, 2020-2028
6.3.3.Market size and forecast, by country, 2020-2028
6.3.4.Comparative market share analysis, 2020 & 2028
6.3.5.China

6.3.5.1.Market size and forecast, by platform, 2020-2028
6.3.5.2.Market size and forecast, by mobility, 2020-2028
6.3.5.3.Market size and forecast, by country, 2020-2028
6.3.5.4.Comparative market share analysis, 2020 & 2028

6.3.6.Japan 

6.3.6.1.Market size and forecast, by platform, 2020-2028
6.3.6.2.Market size and forecast, by mobility, 2020-2028
6.3.6.3.Market size and forecast, by country, 2020-2028
6.3.6.4.Comparative market share analysis, 2020 & 2028

6.3.7.India 

6.3.7.1.Market size and forecast, by platform, 2020-2028
6.3.7.2.Market size and forecast, by mobility, 2020-2028
6.3.7.3.Market size and forecast, by country, 2020-2028
6.3.7.4.Comparative market share analysis, 2020 & 2028

6.3.8.Australia 

6.3.8.1.Market size and forecast, by platform, 2020-2028
6.3.8.2.Market size and forecast, by mobility, 2020-2028
6.3.8.3.Market size and forecast, by country, 2020-2028
6.3.8.4.Comparative market share analysis, 2020 & 2028

6.3.9.South Korea 

6.3.9.1.Market size and forecast, by platform, 2020-2028
6.3.9.2.Market size and forecast, by mobility, 2020-2028
6.3.9.3.Market size and forecast, by country, 2020-2028
6.3.9.4.Comparative market share analysis, 2020 & 2028

6.3.10.Rest of Asia Pacific

6.3.10.1.Market size and forecast, by platform, 2020-2028
6.3.10.2.Market size and forecast, by mobility, 2020-2028
6.3.10.3.Market size and forecast, by country, 2020-2028
6.3.10.4.Comparative market share analysis, 2020 & 2028

6.4.LAMEA

6.4.1.Market size and forecast, by platform, 2020-2028
6.4.2.Market size and forecast, by mobility, 2020-2028
6.4.3.Market size and forecast, by country, 2020-2028
6.4.4.Comparative market share analysis, 2020 & 2028
6.4.5.Latin America  

6.4.5.1.Market size and forecast, by platform, 2020-2028
6.4.5.2.Market size and forecast, by mobility, 2020-2028
6.4.5.3.Market size and forecast, by country, 2020-2028
6.4.5.4.Comparative market share analysis, 2020 & 2028

6.4.6.Middle East 

6.4.6.1.Market size and forecast, by platform, 2020-2028
6.4.6.2.Market size and forecast, by mobility, 2020-2028
6.4.6.3.Market size and forecast, by country, 2020-2028
6.4.6.4.Comparative market share analysis, 2020 & 2028

6.4.7.Africa

6.4.7.1.Market size and forecast, by platform, 2020-2028
6.4.7.2.Market size and forecast, by mobility, 2020-2028
6.4.7.3.Market size and forecast, by country, 2020-2028
6.4.7.4.Comparative market share analysis, 2020 & 2028

7.Company profiles

7.1.Bourns Inc.

7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis

7.2.TE Connectivity

7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis

7.3.Vishay Intertechnology Inc.

7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis

7.4.Koa Corporation

7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis

7.5.Tzai Yuan Enterprise Co.

7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis

7.6.International Manufacturing Services

7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis

7.7.Yageo Corporation

7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis

7.8.Rohm Semiconductor

7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis

7.9.AVX Corporation

7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis

7.10.Susumu Co. Ltd.

7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis

Chip resistors are integrated circuit devices that are used to restrict or oppose the flow of electrical current. They are extremely compact and are manufactured in rectangular or square chip packages. They are significantly used for controlling and protecting the circuit. Due to the exemplary resistance provided by chip resistors, they are extensively used in various industries like consumer electronics, automotive, industrial, IT & telecommunication, and many more.

Forecast Analysis of the Global Chip Resistor Market

The global chip market is expected to witness an augmented growth, owing to the surging demand for electronic devices like smartphones, laptop, television, and others. In addition, exponential growth in the automotive, IT and industrial sectors, and their rising adoption of chip resistors are further expected to drive the growth of the market during the forecast period (2021-2028). But, high cost and persistent fluctuations in the prices of raw materials required to produce a chip resistor is expected to restrain the growth of the market during the forecast period. However, rising adoption and advancements in the electric vehicles, 5G testing infrastructure, and IOT are anticipated to create vital opportunities for the growth of the market during the forecast period.

According to report published by Research Dive, the global chip resistor market is predicted to generate a revenue of $3,330.3 million during the forecast period. The key players of the global chip resistor market include TE Connectivity, Yageo Corporation, Susumu Co. Ltd, Bourns Inc., Vishay Intertechnology Inc., Tzai Yuan Enterprise Co., Yageo Corporation, AVX Corporation, Koa Corporation, AVX Corporation, International Manufacturing Services, and others.

Recent Trends & Key Developments in the Market

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global chip resistor market to grow exponentially.

In May 2018, Vishay Intertechnology Inc., a leading manufacturer of discrete semiconductors (diodes, rectifiers, transistors, and optoelectronics), acquired GEKA GmbH, a global manufacturer of brushes, applicators, and of complete packaging systems for the cosmetics industry, so as to increase its share and presence in the chip resistor market.

In May 2020, Yageo, a Taiwan-based leading electronic component manufacturer, acquired KEMET Corporation, a Florida-based electronic component manufacturer, for about $1.8 billion. This acquisition will allow Yageo to focus, innovate and expand its offering on Multilayer Ceramic Chip Capacitors (MLCC) and also diversify its footprint in the American market.

In May 2021, Vishay Intertechnologies Inc., introduced a chip resistor called “The Vishay Sfernice P2TC” which is a modern high-precision slim-film wraparound chip resistor which can be used for various applications requiring reduced noise and maximum stability. This product further extends the product categories of the company in the chip resistor market. 

Most Profitable Region

The Asia-Pacific region is expected to have the highest market share and hence dominate the global chip resistor market. The Asia-Pacific chip resistor market is predicted to generate a revenue of $1,434.1 million during the forecast period, due to the availability of advanced technologies and cheap labor in the region. Moreover, increasing usage and adoption of electronic devices in the region are further expected to drive the growth of the Asia Pacific market during the forecast period.

COVID-19 Impact on the Market

The outbreak of novel virus has had an adverse impact on the global chip resistor market, owing to the nation-wide lockdowns that were prevalent in various countries around the globe. The lockdowns led to the closure of production and manufacturing facilities of various industries, leading to a consequent downfall in the demand for chip resistors. Moreover, stringent governmental regulations on the import and export of raw materials further impeded the growth of the global chip resistor market.

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