ALBANY, New York, November 18, 2016 /PRNewswire/ -- Transparency Market Research has released a new market report titled "Underfill Material Market (Product - Capillary Underfill Material (CUF), No Flow Underfill Material (NUF), and Molded Underfill Material (MUF); Application - Flip Chips, Ball Grid Array (BGA), and Chip Scale Packaging (CSP)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024". According to the report, the global sales of underfill materials are estimated to amount to US$236.5 mn by the end of 2016 and will reach US$448.3 mn by 2024 at a CAGR of over 8.3% therein. The growth of this market is mainly dependent on the development of the semiconductor industry. Download PDF Sample Brochure forMarket insights athttp://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=16868Capillary Underfill Materials to Exhibit Strong Growth through 2024 On the basis of application, the underfill materials market is segmented into flip chips, ball grid array, and chip scale packaging. Accounting for a 52.6% share in 2016, flip chips are estimated to take the lead throughout the forecast period. Based on product type, the global market for underfill materials is classified into capillary underfill material (CUF), no-flow underfill material (NUF), and molded underfill material (MUF). Among these, capillary underfill materials are projected to exhibit a high growth rate through 2024. From a geographical viewpoint, the global underfill materials market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific is forecast to witness tremendous growth, reporting a CAGR of 9.7% in terms of revenue from 2016 to 2024. The region is also projected to dominate the global market with a revenue share of 64.4% by the end of 2016. Growing Applications of Underfill Materials in Military and Aerospace One of the most significant factors fueling the demand for underfill materials is the substantial demand for portable electronic equipment across most developed countries. "Consumers have been seeking lighter, more compact, and faster components for portable devices with high functionality and this is only achieved through the use of underfill materials," the author of the report states. These materials not only boost the device's thermal cycling resistance, but also provides impact resistance, strength, and improves its overall reliability. With the soaring demand for and usage of tablets and smartphones, the market for underfill materials is set to grow at a rapid pace.